Wilbur Ross quits Ocwen Financial

Wilbur Ross quits Ocwen Financial

Distressed asset investor bringing his magic to Bank of Cyprus

Dustin Johnson levels blockbuster claims at title attorneys

Is Nat Hardwick the fall guy?

CFPB proposes 7 big changes to foreclosure process for mortgage servicers

Adds guidance on extended borrower protections

WR Starkey to pay HUD more than $1 million for lending violations

/ Print / Reprints /
| Share More
/ Text Size+
The Department of Housing and Urban Development fined North Texas lender WR Starkey Mortgage $223,000 for violating HUD/Federal Housing Administration lending guidelines, according to the Federal Register published Monday. HUD originally voted to fine the financial institution in May after finding violations with regard to 32 mortgages, according to the Federal Register. WR Starkey had numerous loan origination and underwriting deficiencies, failed to remit upfront mortgage insurance premiums in a timely manner, allowed a terminated third-party branch to originate loans, and violated property flipping guidelines. HUD said Plano, Texas-based WR Starkey to reimburse the agency for 11 of the 32 mortgages in violation. The claims total more than $756,000. Several other lenders will pay HUD for lending violations. Here are a few reported in Monday's Federal Register:
  • Viewpoint Bank of Plano, Texas, is to pay HUD a $505,400 administrative payment for numerous origination and underwriting deficiencies, including failure to ensure that it its employees worked for Viewpoint exclusively.
  • 1st Alliance Mortgage of Houston is to pay HUD $150,000 for engaging in prohibited branch arrangements, making false certifications on HUD loan applications, and failing to disclose certain employee compensations, among other violations.
  • Birmingham Bancorp Mortgage Corp. of West Bloomfield, Mich., is to pay HUD $815,913 in a settlement for violating the terms of six indemnification agreements after the bank failed to remit payment.
Write to Christine Ricciardi.

Recent Articles by Christine Ricciardi

Comments powered by Disqus