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Volume 7 - Number 2

January 17, 2014

MRB Punishes 86 Lenders for Various Violations

The Department of Housing and Urban Development’s Mortgagee Review Board sanctioned 57 lenders in FY 2013 and withdrew the authority of 29 others to originate, underwrite and service FHA-insured loans due to various offenses. The MRB meted out civil fines of more than $2.5 million and imposed sanctions from Oct. 1, 2012, through Sept. 30, 2013, according to an agency report. Additionally, the FHA reached 21 settlement agreements with various lenders in FY 2013, and entered into indemnification agreements with 10 more lenders during the period. The agreements covered 187 FHA-insured mortgage loans. Cases heard by the MRB from ...

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