Items Tagged with 'HUD auction'


  • HUD Takes the Axe to FHA Direct Endorsements

    The US Department of Housing and Urban Development (HUD) on Thursday cut off 102 Federal Housing Administration (FHA)-approved lenders from participation in the government program, which insures lenders against default-related losses on qualifying mortgages. The termination of these lenders' direct endorsements came as part of HUD's actions taken against 120 lenders for violating FHA requirements.
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  • National City Settles HUD Case for $4.6 Million

    National City Corp.'s [stock NCC][/stock] mortgage banking unit will pay the United States $4.6 million to settle allegations that it had improperly submitted 58 late endorsement loans for insurance coverage, the U.S. Department of Justice said late Thursday.
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  • Did HUD Violate RESPA? Some Brokers Think So

    The U.S. Department of Housing and Urban Development is fighting accusations Thursday from some in the mortgage banking industry that claim it engaged in "illegal kickbacks" to brokers as part of an incentive program designed to boost FHA origination volume. The now-defunct pilot program paid brokers $500 dollars to steer HUD-eligible buyers into FHA-insured loans, a paid incentive that the Michigan Mortgage Brokers Association said Thursday violated the Real Estate Settlement and Procedures Act.
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