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"We strongly disagree with the Department's decision on the NOVA Financial & Investment Corporation audit," said HUD Inspector General David Montoya.
BY Brian Collins
The Inspector General for the Department of Housing and Urban Development Inspector General is not backing down on his concerns about premium pricing associated with the down payment assistance programs by the Federal Housing Administration.
The CFPB alleges that David Eghbali, a loan officer for a Wells Fargo branch in Beverly Hills, Calif., developed a scheme to manipulate escrow fees in order to close more mortgages and boost his bonus. Eghbali says he was forced to sign a settlement because he couldn't afford to fight the CFPB in court.  more »
The bank's new low-down-payment mortgage, an alternative to FHA loans, dispenses with the complex qualification requirements that have hampered recent efforts with low down payments by Fannie and Freddie.  more »
New Jersey Community Capital, a nonprofit community development financial institution, made the winning bid for Fannie Mae's third "community impact pool" of nonperforming loans.  more »
The Federal Housing Administration's loan sales are drawing more attention after a recent critical report said it was resulting in vulnerable borrowers losing their homes.  more »
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Staying on top of credit underwriting rules is essential for Rosalie Rains of Capital Financial Advisors, and when things get slow she can always turn to the two-color flier she made when she first started originating loans.
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