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- 1.HUD takes action against reverse mortgage lender in Hawaii
- Publish Date
- 07 Nov 2009
- Organisation
- U.S. Department of Housing and Urban Development
- Summary
WASHINGTON - The U.S. Department of Housing and Urban Development today announced that its Mortgagee Review Board (MRB) is proposing to permanently withdraw the HUD/FHA approval of Financial Mortgage USA, Inc., a Home Equity Conversion Mortgage (HECM or reverse mortgage) lender based in Honolulu, Hawaii. HUD's MRB alleges the Company failed to implement an FHA-required quality control plan; separate its lending operations from those of its affiliated insurance company; conform to prudent lending practices; and properly provide borrowers with housing counseling services.
- Jurisdictions
-
- United States
- Sectors
-
- Real Estate
- Planning and Development
- Banking & Finance
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