Clarksville, TN Online: News, Opinion, Arts & Entertainment.


Topic: U.S. Attorney’s Office for the Eastern District of New York

FHA and Ginnie Mae take action against Lend America

 

FHA-approved lender faulted for poor underwriting and false certifications

hudlogoWASHINGTON – The Federal Housing Administration (FHA) today withdrew the FHA approval of Ideal Mortgage Bankers, doing business as Lend America and Lending Key (“Ideal”). The action is effective immediately and prevents Ideal from originating and underwriting new FHA-insured mortgages or from participating in the FHA single family insurance program. In addition, the Government National Mortgage Association (Ginnie Mae) defaulted Lend America. Effective immediately, Lend America will no longer be able to issue Ginnie Mae securities.

FHA also imposed civil money penalties against Ideal in the amount of $512,500. The U.S. Department of Housing and Urban Development’s Mortgagee Review Board (MRB) took the action based upon two notices of violation issued to the Company last month. The MRB cited Ideal for numerous violations of FHA origination and underwriting requirements, including failing to document borrowers’ income and creditworthiness, and for submitting false certifications to the Department.

«Read the rest of this article»

Sections: Business | No Comments
 



  • Visit Us On FacebookVisit Us On TwitterVisit Us On PinterestVisit Us On YoutubeCheck Our FeedVisit Us On Instagram
  • Personal Controls

    Archives

      December 2020
      S M T W T F S
       12345
      6789101112
      13141516171819
      20212223242526
      2728293031