The Department of Housing and Urban Development has received its share of a $14.5 million settlement agreed to by Gateway Funding Diversified Mortgage Services to resolve allegations of failing to comply with FHA rules.
Freedom Mortgage, one of the largest non-bank lender/servicers in the nation and a top FHA/VA lender, is ready to issue $250 million worth of debt at a stunning cost of 10.75%. Now the question is: what will it do with the cash?