The FHA’S Mortgage Review Board announced this week it is taking action against FHA-approved lenders who failed to meet its requirements. The Board sanctions against lenders include reprimands, probations, suspensions, withdrawals of approval, and civil money penalties.
FHA’s Mortgagee Review Board sanctions FHA-approved lenders for violations of the agency’s program requirements. For serious violations, the Board can withdraw a lender’s FHA approval so that the lender cannot participate in FHA programs. In less serious cases, the Board enters into settlement agreements with lenders to bring them into compliance. The Board also can impose civil money penalties, probation, suspension, and issue letters of reprimand.
Los Angeles CA Real Estate & Community Info 