Operation Watchdog Entangles 15 FHA Lenders

Fifteen direct-endorsement lenders that failed to underwrite loans to Federal Housing Administration (FHA) standards could face more than $23 million in civil enforcement actions following a recommendation by the U.S. [read more]

http://www.mortgageorb.com/e107_plugins/content/content.php?content.7974
 
http://www.hud.gov/offices/oig/reports/files/ig11cf1801.pdf
 
The 15 lenders at the heart of Operation Watchdog included the following:




Lombard, Ill.-based 1st Advantage Mortgage;

West Bloomfield, Mich.-based Birmingham Bancorp Mortgage Corp.;

Flint, Mich.-based Mac-Clair Mortgage Corp.;

Southlake, Texas-based Alacrity Lending Co.;

Millersville, Md.-based Dell Franklin Financial;

Farmington Hills, Mich.-based D&R Mortgage Corp.;

Englewood, Colo.-based Assurity Financial Services LLC;

Arlington, Texas-based Americare Investment Group;

Sugar Creek, Mo.-based American Sterling Bank;

Cheshire, Conn.-based Webster Bank;

Lakeway, Texas-based Alethes LLC;

Edison, N.J.-based Security Atlantic Mortgage Co. Inc.;

Memphis, Tenn.-based First Tennessee Bank NA;

Atlanta-based Pine State Mortgage Corp.; and

Great Neck, N.Y.-based Sterling National Mortgage Co. Inc