Over 900 FHA Mortgage Lenders Lose Certification

HUD continues to make significant effort to clean up FHA mortgage lending. With FHA rates reporting all-time lows and flexible FHA guidelines, now is not a good time for a mortgage company to lose their ability to origination FHA mortgage loans. Recently, the FHA Mortgage Review Board pulled its approval stamp from 905 national FHA mortgage lenders for 12 months.   That means those FHA lenders cannot sell low-interest, FHA-approved mortgages to home buyers over the next 12 months or until their FHA certification has been restored.  “Lenders should know by now that FHA will not tolerate fraudulent or predatory lending practices,” said David Stevens, FHA commissioner.  “Any approved FHA lender that does business with us must follow our standards. If we determine that our partners are not playing by the rules, we will take action – it’s that simple.”

According to DSNews.com, So far this year the MRB has taken action against nearly1,500 approved FHA mortgage loan companies who failed to meet FHA loan requirements.  A notice was published in the Federal Register with cited actions that included reprimands, probations, suspensions, withdrawals of approval, and civil money penalties.  The board said it voted to immediately withdraw its approval because the 905 lenders were not in compliance with the department’s annual recertification requirements.

An additional 147 FHA lenders were said to have failed to timely meet requirements for annual recertification of HUD/FHA approval, but are now in compliance.  The board voted to give these FHA lenders an opportunity to settle the matter by paying a $3,500 civil money penalty without admitting fault or liability.

The HUD Reform Act of 1989 established the MRB. The board’s primary purpose is to monitor approved FHA mortgage lenders for violations of the agency’s program requirements.  The question is — Will the lenders survive for a year without the ability to originate FHA home mortgage loans?

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