Buying a home is a massive task, whether it’s your first or tenth house. When deciding where to settle down, you’re not only making a major lifestyle choice, but also a significant financial one. US house sales are expected to rise in 2023 despite the increase in interest rates of 5.8 percent in recent years. The process of qualifying for…
FHA
As lenders scrambled to ready their businesses for the implementation of TRID, the U.S. government was taking a stand against alleged fraud. The government filed a lawsuit at the end of September, pursuing five mortgage lenders along with their principals. The claim? That these lenders defrauded the government with false FHA claims. After an investigation to determine the existence of…
The Federal Housing Administration has handed down new taxonomy for loan defects. The goal is to give lenders more information and improved clarity about the quality assurance provided for FHA loans, but lenders should be aware that it is not a shield free from potential piercing. In fact, this taxonomy does not offer unlimited protection against enforcement actions taken by…