First Tennessee Bank will end up paying $212.5 million to settle allegations that they originated and delivered FHA insured loans that did not meet FHA eligibility (Fined). The settlement was brought about by an action by HUD and DOJ against First Tennessee under the False Claims Act. Interestingly, First Tennessee admitted that they had knowingly certified loans for the FHA…
Tag: Loan Quality Control
HUD/FHA QC Changes-Are You Prepared?
The policy & procedural changes being implemented by HUD/FHA are scheduled to be effective as of June 15, 2015 – which is now only 2 months from now. The good news – upon implementation of the new HUD Handbook in June 2015, the requirement for mortgagees to conduct annual on-site reviews of their Branch Offices (including nontraditional Branch and direct…