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Volume 11 - Number 15

July 27, 2018

HUD IG Lauds Mortgagee Review Board for Continued Improvement

The Mortgagee Review Boardís improvement of its processes and use of administrative actions has greatly eased its backlog of lender recertification cases, according to the Department of Housing and Urban Developmentís internal watchdog. An audit by HUDís inspector general found a vastly improved enforcement of MRB mandates and application of penalties to lenders compared to previous findings. An analysis of the boardís FY 2016 activities found, among other things, that 19 lenders with the same violation received the same penalty. The report attributed the change to the boardís decision to assign staff to implement recommendations in the IGís evaluation report in May 2009. The 2009 audit raised concerns about the speed of the MRB process, the number of cases on which the board rules, and the magnitude of penalties it levies. The MRB rules on cases against FHA lenders where there ...

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Poll

With mortgage production down noticeably this year from 2017, how many lenders might disappear via M&A or failure during the next 12 months?

10% or less. It’s not that bad out there.

17%

11% to 25%. It’s a challenging market.

48%

25% to 40%. It’s going to be very ugly.

24%

No opinion.

11%