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2 Mortgage Companies You MAY Want to Steer Clear Of
(via dallasnews.com) Federal investigators probing two North Texas mortgage firmsThe inspector general of the U.S. Department of Housing and Urban Development announced today that it has subpoenaed records from 15 mortgage companies whose FHA-insured loans have “significant” failure rates. The group includes two companies based in North Texas: Alacrity Financial Services of Southlake and Americare Investment Group of Arlington. The probe will examine why the companies have originated so many bad loans and whether they are responsible for any wrongdoing. The HUD review was announced after an audit found that its insurance fund may require a federal bailout in 2010. You may recall that the Federal Housing Administration has insured more loans to make up for the demise of the subprime market. FHA, which is funded by fees paid by borrowers, has seen its reserves depleted as many of its loans fail. According to a press release, the inspector general’s audit will examine why certain companies “have high default rates, especially at this unprecedented time when the FHA mortgage insurance program represents such a significant percentage of mortgages currently in force in our country.” All of the companies under investigation have originated at least 1,000 FHA mortgages. Tags: default, fha, fraud | Category: Mortgage Insights | |
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Tommy (NMLS #220122) is an active loan officer with AmCap Mortgage. You can also find Tommy on Twitter laying down the law in mortgages and other things that makes the wheels turn. |
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