"We want to understand what processes are in place," FHA commissioner David Stevens said in an interview with NMN.
Allegations concerning "robo-signings" and other improper foreclosure practices have become a national issue for the mortgage industry, prompting the Obama Administration to take action.
"We have zero tolerance for any servicer that tries to cut corners or break the law," the FHA commissioner said.
FHA servicing teams have recently reviewed the loss mitigation practices and operations at several mortgage firms, the agency confirmed, without identifying the companies.
"To protect the FHA portfolio, we are going back to look specifically at how they handle the foreclosure process," Stevens said.
