Credit Cards For Less Than Perfect Credit

FHA-approved lenders may face penalties for noncompliance with the Mortgage Review Board

In an effort to further protect homeowners from abusive or unfair lending practices, the Federal Housing Administration’s Mortgage Review Board announced a large number of administrative actions that would be taken against FHA-approved lenders for noncompliance with the organization’s rules.

To date, 1,500 actions have been taken against such lenders including reprimands, probations, suspensions, withdrawal of approval and civil penalties, the FHA said in a statement.

“Lenders should know by now that FHA will not tolerate fraudulent or predatory lending practices,” said FHA Commissioner David Stevens. Read the full post