HUD TERMINATES FHA APPROVAL OF 15 LENDERRS

HUD announced this week that it has terminated the Origination Approval Agreements of 15 mortgage lenders due to poor performance and high default rates. In addition, the federal agency terminated eight lenders' Direct Endorsement (DE) approval. Lenders with Direct Endorsement agreements are authorized to both originate and underwrite an FHA loan. HUD's regulations permit the agency to terminate its agreement with any mortgagee whose default and claim rate exceeds a certain threshold based on their geographic area.


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