Here are the 14 most outrageously expensive neighborhoods for renters

Here are the 14 most outrageously expensive neighborhoods for renters

Markets where you'll spend more than half your income on living

HousingWire reveals the 50 fastest-growing companies in housing economy

Inaugural 2014 HW Fast50 ranks companies on revenue growth

Judge throws out Fannie and Freddie investors’ lawsuit

Decision favors Federal government
W S
Lending

HUD bans lender from originating FHA loans

The U.S. Department of Housing and Urban Development’s mortgagee review board banned AmericaHomeKey Inc. from originating and underwriting new mortgages insured by the Federal Housing Administration.

The ban takes effect immediately. HUD also fined the Dallas-based lender $268,000 for what it called repeated and serious violations of FHA requirements.

“When we begin to see a pattern of failure to apply our standards, we will act to protect FHA’s financial health as well as consumers,” said Acting FHA Commissioner Carol Galante, in a statement. “We expect lenders to meet our requirements, not just to protect the safety of our insurance fund but to make certain they don’t set up borrowers to fail by putting them into mortgages they ultimately can’t sustain.”

HUD said AmericaHomeKey violated more than a dozen FHA standards. Among them, AmericaHomeKey failed to adequately document the source or adequacy of borrowers’ funds used for closing and failed to correctly calculate or adequately document borrowers’ income.

HUD said the lender also failed to comply with the agency's property flipping requirements, including a case involving a property purchased for $14,100 that was resold approximately three months later for $125,000.

The lender also charged borrowers unallowable fees, the agency said.

Ginnie Mae also terminated AHK as an approved issuer, though AHK was not an active participant in the Ginnie Mae program.

America Home Key CEO Lane Terrell couldn't immediately be reached for comment.

kcurry@housingwire.com

@communicatorKLC

 

 

Recent Articles by HousingWire Staff

Comments powered by Disqus