Items Tagged with 'FHA insurance'

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  • Sierra Pacific Mortgage fined $3.67 million for FHA lending violations

    Accused of knowingly submitting loans for FHA insurance that didn’t qualify
    Sierra Pacific Mortgage will pay a fine of $3.67 million to settle allegations that the company knowingly violated FHA lending standards more than a decade ago. According to the U.S. Attorney’s Office, Sierra Pacific was accused of violating the False Claims Act by falsely certifying that it complied with FHA mortgage insurance requirements in connection with certain loans made between 2007 and 2009.
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  • Appraising: Safe, Sound and Secure

    Q: I have a reverse mortgage borrower who has been advised her home will be sold in a sheriff's sale due to nonpayment of real estate taxes. She has no mortgage on a $400,000 house that needs extensive repair work, probably including a new roof. She is also a hoarder and the home is totally filled with her things. Are there any special provisions or circumstances in an FHA appraisal that would allow her home to “pass” the appraisal and qualify for a reverse mortgage?A: With very little exception, FHA appraisals completed for reverse mortgages are no different than an
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  • Underwriting: Flood Zone or FEMA Disaster Area?

    Late spring is a memorable time for most. Green grass, budding trees and spring flowers brought about by warmer temperatures ushering in summer. Unfortunately, spring memories for many include the remnants of northern melting snows and those “April Showers.” In a year-to-date already filled with significant weather advisories and hazards, the Northeast and the upper and lower Midwest are now experiencing flood issues. Weather related events coupled with an already economically impacted housing market will no doubt also affect the ability for many seniors to remain in their homes as we move into summer. Particular attention is needed when considering
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