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

NationalMortgageProfessional.com
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.”

Published
Oct 04, 2016
Markets Anxious As Fed Opens 2-Day Meeting

Investors, mortgage brokers & bankers await latest policy statement on fighting inflation

Regulation and Compliance
Jan 25, 2022
Ginnie Mae Streamlines FHA Advanced Loan Modification program

Documentation changes eliminate requirements for recordation and title insurance.

Regulation and Compliance
Jan 24, 2022
'A Long Road To Normal'

Nominated again to lead The Fed, Powell tells Senate committee to expect three rate hikes, but 'if we have to raise interest rates more over time, we will.'

Regulation and Compliance
Jan 11, 2022
CFPB: Complaint Response Worsens At Big 3 Credit Bureaus

Report claims Equifax, Experian, and TransUnion routinely failed to fully respond to consumers with errors.

Regulation and Compliance
Jan 10, 2022
The Fed Names Chairs, Deputy Chairs For 12 Reserve Banks

In recent years, the Federal Reserve System has worked to increase the overall diversity of the Reserve Bank and branch boards of directors and continues to build on those efforts.

Regulation and Compliance
Jan 06, 2022
The Fed: Rate Hike Likely Coming in June

Federal Open Market Committee's December minutes reveal discussion of first hike in federal funds rate in 2Q of 2022, as well as of ending asset purchases by March.

Regulation and Compliance
Jan 05, 2022