FHA Lenders Brace for Strict Enforcement as HUD Uses Default Rates As Red Flags, Many Servicers in Danger Zone
January 28, 2010
The FHA sharpened the focus on its speeding cameras late last week, announcing a more rigorous system for assessing whether a company’s serious default rate is excessive for the markets in which it operates. The Department of Housing and Urban Development announced in Mortgagee Letter 2010-03 that it will systematically review all direct-endorsement lenders’ 90+ day... [Includes one chart]