Jim Hodge is back in the mortgage business
Nearly two years ago, ProPublica published an article about Houston-based Allied Home Mortgage.
The publication seemed irked that the CEO of Allied, Jim Hodge, was in business.
"The firm has left behind a trail of alleged misconduct and piecemeal government sanctions spanning at least 18 states and seven years," states the article. "Yet Allied chugs along unimpeded, aided by access to the government-backed Federal Housing Administration loan program."
Since then, the FHA banned Hodge from using its backing for mortgage originations — an enjoinment still in force. And that wasn't the only threat to Hodge.
In November 2011, Preet Bharara, a U.S. attorney in Manhattan filed $834 million lawsuit against Allied Home Mortgage and Hodge. Bharara said officials continue to investigate Allied and did not rule out future criminal charges.
"Today, Allied's business as usual comes to an end," Bharara said.
But, HousingWire learned that Hodge is back in business, originating mortgages without FHA-backing. His new company is called AllQuest Home Mortgage Corp., and, according to sources, he's pleased to be able to stay in the business.
"He is excited about turning his name around," the source said, adding that after the FHA ban, Hodge "fired half his staff, relaunched a correspondent divison and already funded $25 million."
AllQuest confirms that it is in business and originating mortgages. Hodge said he'd love to have a chat, but he is currently traveling.