Home Equity Loans Refinancing

U.S. Bank has agreed to pay $1.2 million to settle allegations that it failed to comply with Federal Housing Administration underwriting standards in connection with 27 mortgage loans that resulted in documented losses of $465,000.

The U.S. Department of Housing and Urban Development (HUD) announced the settlement Friday in Washington. The Minneapolis-based bank, which is FHA’s eighth-largest mortgage lender, did not admit any liability.

“FHA’s underwriting and endorsement standards exist to protect its insurance fund and every family hoping to sustain homeownership,” said Helen Kanovsky, HUD’s general counsel, in a prepared statement. “We expect our lenders to uphold those standards and we will hold them accountable when they don’t.”

Learn Real Estate Development From Billion Dollar Developer and Coach With CB Sales In 106 Countries Page 1 Google, Yahoo, Msn. Only E-books In The World On These Subjects.

Billion Dollar Developer Breaks Ranks and Reveals All The Inside Secrets In His Courses To Give You A Chance For Wealth, Status and Freedom. Read More: Visit Publisher Site

HUD’s Office of Inspector General conducted an audit in 2006 that found that U.S. Bank failed to meet FHA underwriting standards in connection with mortgage loans originated in 2003 and 2004.

HUD noted in its statement Friday that the FHA generally prohibits the inclusion of overdue principal, interest and late charges in refinanced loans; however, the audit found that in some cases, U.S. Bank had refinanced loans that included such prohibited amounts, among other underwriting violations.

The U.S. attorney’s office in Minnesota handled the settlement negotiations with the bank on HUD’s behalf.

Dan Browning 612-673-4493

Click here to view rest of article from original site

View the original article here

Thursday, July 14, 2011

Fha Mortgage | Embrace Home Loans Ranked Among Scotsman Guide’s Top Originators

Browse > Home / Mortgage / Fha Mortgage | Embrace Home Loans Ranked Among Scotsman Guide’s Top Originators

May 21, 2011 by
Filed under Mortgage

ROCKVILLE, M.D.–( BUSINESS WIRE )– Embrace Home Loans , a prominent leader in the mortgage industry and a direct lender for Fannie Mae and Freddie Mac, approved by FHA and VA, and an issuer for Ginnie Mae, today announced Scotsman Guide has recognized two of Embrace Home Loans’ leading loan officers as Top Originators in 2010.

“Our loan officers consistently excel in providing customers with the highest level of service and support”

Mehdi Pirzadeh was ranked #34 nationally in Top Dollar Volume with approximately $124 million (280 loans) in addition to his ranking at #100 in Most Loans Closed. Doug Benner was ranked #139 in Top Dollar Volume with approximately $65 million (177 loans).

Pirzadeh and Benner were ranked among national entries from nearly 700 mortgage professionals.To be eligible for initial consideration in Scotsman Guide ‘s Top Originators rankings, originators must have had at least $30 million in loan volume or 100 closed home loans for the 2010 calendar year.

Introducing A New Mortgage Loophole That Will Quickly
Build Your Home Equity and Effectively Reduce Your Mortgage: Mortgage Cycling Revealed . Read More: Visit Publisher Site

Scotsman Guide , a resource for mortgage originators, released its second annual Top Originators rankings on April 1. The list, which ranks the nation’s top mortgage brokers, originators and bankers, appears in Scotsman Guide ‘s April 2011 residential edition.

“Our loan officers consistently excel in providing customers with the highest level of service and support,” said Cary Reines, division head for Embrace Home Loans. “Mehdi and Doug are among the many we are very proud of at Embrace Home Loans. Their consistent recognition as Top Originators speaks volumes to their level of dedication and commitment in finding the right loans for each borrower. This is an outstanding achievement for each of them and we are fortunate to have them on our team.”

About Embrace Home Loans

Founded in 1983, Embrace Home Loans is a direct lender for Fannie Mae and Freddie Mac and, approved by HUD to make FHA insured loans, approved for VA, and an issuer for Ginnie Mae. Embrace Home Loans has remained a prominent leader in the industry, having helped hundreds of thousands of individuals and their families purchase new homes, lower their monthly payments and consolidate high-interest debt since its inception. For more information, visit the company’s website at www.embracehomeloans.com or follow them on Twitter and Facebook .

Click here to view rest of article from original site

View the original article here