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What is the penalty that HUD may take if an approved mortgagee does not have post closing loan file reviews done?

April 26, 2017Approved closing file HUD loan mortgagee penalty Reviews

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What is the penalty that HUD may take if an approved mortgagee does not have post closing loan file reviews done?

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HUD may make a “finding” against the approved mortgagee which could result in referral to the Mortgagee Review Board in Washington, DC. The MRB can take sanctions against the approved mortgagee including monetary penalties and disciplinary action up to suspension and loss of authority to originate FHA loans.