PRMI Reaches Agreement With the DOJ Over FHA-Insured Loans – NMP Skip to main content

PRMI Reaches Agreement With the DOJ Over FHA-Insured Loans
Oct 04, 2016
Bank of America has conditionally fulfilled 97 percent of its obligation to provide $7 billion worth of consumer relief under its August 2014 settlement with the U.S. Department of Justice (DOJ) and six states

Primary Residential Mortgage Inc. (PRMI) has announced that it has reached an agreement with the U.S. Department of Justice (DOJ) on behalf of the U.S. Department of Housing & Urban Development (HUD) to resolve HUD’s inquiry related to residential mortgage loan origination and underwriting for loans insured by the Federal Housing Administration (FHA). PRMI does not admit liability in its agreement with the DOJ.

PRMI fully cooperated with the inquiry and has agreed to a $5 million settlement, in order to avoid the expense, uncertainty and inconvenience of litigation. This settlement does not affect PRMI’s HUD-approved mortgage status. PRMI will continue to offer FHA-insured loans, consistent with its goals to help expand homeownership opportunities for communities across the nation.

“We are pleased to reach a resolution of this matter and believe it permits us to move forward with our business confidently,” said David Zitting, CEO and president of PRMI. “We recognize the important role our government plays in strengthening real estate finance, protecting consumers and making homeownership opportunities available to Americans.”

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