January 28, 2010 — The Federal Housing Administration’s Mortgagee Review Board (MRB) announced earlier this week it has “immediately and permanently” withdrawn the FHA approval of a Claremore mortgage lender.
HUD spokesperson Brian Sullivan said the Claremore firm, ProMortgage Inc., will no longer be allowed do business with the Federal Housing Administration.
“FHA takes its oversight role very seriously and will move swiftly and decisively to protect borrowers from unscrupulous lenders,” said FHA Commissioner David Stevens. “Any lender who refuses to comply with FHA requirements will simply no longer enjoy the privilege of participating in FHA programs.”
According to a news release, the withdrawal action will permanently prevent ProMortgage from originating FHA insured mortgages.
The news release further said ProMortgage “failed to adopt and maintain a Quality Control Plan, failed to perform Quality Control reviews of loans that went into default within six months after closing, engaged in a prohibited branch arrangement, made false certifications on the HUD/VA Addendum to the Uniform Residential Loan Application (URLA), failed to comply with home office operation requirements, and failed to report employee compensation on the appropriate form.”
Further, the Company allowed borrowers to provide verification of employment directly to the lender which creates an “opportunity for manipulation or falsification of documents submitted,” the news release said.
The FHA says verification of employment must be submitted directly to the lender by the employer.
The MRB also voted to seek a monetary penalty from ProMortgage in the amount of $124,000.
When contacted, a ProMortgage Inc. loan officer/spokesperson declined comment on news of the announcement.
ProMortgage may appeal the Board sanctions by submitting a written request for a hearing before an Administrative Law Judge within 30 days.
In addition to ProMortgage Inc., Strategic, based in Oklahoma City and Americare, based in Arlington, Texas, also were announced as being withdrawn from Federal Housing Administration approval for similar reasons.
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