Search
 

HUD Mortgage Review Board Rebukes Seven Lenders

WASHINGTON, DC-The MRB has issued sanctions against seven lenders, resulting in losses of approval authority from three to five years for each of these institutions and fines from $100,000 to $220,000.

By Diane Cook | Updated on November 26, 2000

WASHINGTON, DC-In the most serious sanctions taken against lenders in three months, US Housing and Urban Development Secretary Andrew Cuomo says HUD fined seven lending institutions $486,000 and restricted their dealings with the Federal Housing Administration up to five years for violating federal lending policies. In the past two years, the MRB has taken action against 98 lenders.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.