The MRB levied the sanctions against American Investment Mortgage Inc.,Dallas, TX; American SkyCorp Inc., Timonium, MD; Assurety MortgageGroup Inc., Decatur, GA; DMR Financial Services Inc., Farmington Hills, MI;National Charter Mortgage Corp., Gardena, CA; SMN Mortgage Corp., Rio Piedras,PR; and Twins Inc., Columbia, SC.
American Investment Mortgage lost its FHA approval authority for five years for operating branch offices under an improper branch network and allowing a branch office to submit loans before being approved to originate FHA loans.
American SkyCorp Inc. lost FHA approval authority for five years and was penalized $220,000 and for using falsified documents in originating loans and obtaining mortgage insurance, for approving loans with ratios that exceeded HUD established guidelines and for not ensuring that borrowers qualified for FHA-insured mortgages.
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