The Department of Housing and Urban Development is reminding lenders that they are accountable, along with appraisers, for the quality of appraisals on Federal Housing Administration-insured loans.Lenders that submit appraisals that do not meet FHA requirements are subject to the "imposition of sanctions by the HUD Mortgagee Review Board," according to mortgagee letter 2005-06. Last summer, HUD issued a final rule that establishes lenders' accountability for appraisals in cases where they knew or should have known that an appraisal is inaccurate or deficient. The rule went into effect Aug. 19. In a separate mortgagee letter, HUD notified lenders that inherited properties are now exempt from its anti-flipping rule. The flipping rule prohibits lenders from using FHA loans to finance property sales where the seller has owned the property for less than 90 days.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 -
The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
March 27 -
Equity is entitled to a little over $70,000 worth of damages.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27