Millions of dollars in recent settlements were disclosed with several firms for not meeting Federal Housing Administration mortgagee requirements. Over a hundred firms were penalized for late recertification reports.
Settlements were reached with several FHA mortgagees for a variety of reasons including allegedly falsely certifying loans and failing to perform quality control reviews on defaulted loans.
Other alleged violations included not reporting acquisitions of other companies, failing to notify the Department of Housing and Urban Development when the companies or employees were sanctioned by states or entered consent orders, and failing to show correct branch identification numbers on loans.
Source: Mortgage Daily