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10 Aug 09 Mortgage Brokers Ailing from TBW Wholesale Closing

The impact on Taylor Bean and Whitaker closing their wholesale division has been traumatic for mortgage brokers across the country.  Many mortgage companies used TBW for all their FHA home loans and this will hurt them.  The loss of Taylor, Bean and Whitaker as a wholesale lender is a major blow to U.S. mortgage brokers who say it means loan applicants who were in process at the wholesaler will need to purchase new appraisals and potentially sit through new waiting periods. Taylor Bean disclosed Tuesday that it lost its FHA approval and that its Ginnie Mae servicing portfolio was seized. Read the original article posted on Lenders Nationwide>

Taylor Bean and Whitaker Closing Hurts Mortgage Brokers. 

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13 Apr 09 HUD Warns FHA Lenders in Mortgagee Letter

The Dept. of Housing and Urban Development recently released an important FHA Mortgagee Letter that is important for all mortgage brokers, lenders and finance companies that would like to continue originating FHA loans in their future.  In an effort to protect the public trust and the FHA Insurance Fund, HUD has vowed to ensure that mortgagees are accountable for their home loan origination practices. FHA expects each mortgagee to exercise the same level of care in originating, underwriting and servicing an insured FHA mortgage as it would for a loan in which the mortgagee would be entirely dependent on the property as security to protect its investment.   

When a mortgagee fails to comply with HUD’s policies and procedures, HUD will take the appropriate action.  For example, FHA mortgage brokers or lending companies that materially violate FHA program statutes, regulations and handbook requirements may be referred to the Mortgagee Review Board for appropriate sanctions, which may include termination of mortgagee approval.  For a mortgage broker in 2009, losing a FHA license would be like a barber have their scissors revoked.  It seems that brokers may start following the rules.

Read the original finance article from Jason Cardiff tips online > HUD Updates FHA Mortgage Letter and Cracks Down on Lenders. For more questions, you can go online to HUD.gov or for additional FHA resources, please call 1-800-CALL-FHA.

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