first_imgFHA Clarifies Bank Liability For Mortgage Errors Share Federal Housing Administration HUD Lenders Originators 2016-03-16 Staff Writer The Federal Housing Administration (FHA) Head and Principal Deputy Assistant for Housing, Ed Golding, announced the latest loan-level and annual lender-level certifications on Wednesday.The FHA hopes this added clarity will appease banks and large lenders that have pulled out of the FHA loan program or implemented harsher credit standards fearing lawsuits and penalties over troubled loans.”These certifications are key tools that help to ensure lenders comply with our policies, including those that are designed to protect borrowers and ensure quality lending practices,” Golding said. “We recognize the important role these particular certifications play for the industry, and believe we have achieved the clarity that we and the industry sought while maintaining accountability.”Ed GoldingAnnually, lenders are required to submit certification that it and its officers are qualified to originate FHA-backed loans. In addition, they must also certify that the loan meets FHA standards, according to the Scotsman Guide. Now, lenders are speaking up to say that the wording in these certifications is “overly vague and exposes them to buyback demands and other penalties if the loans default.”Golding noted in his release that the FHA identifies what lenders will be held accountable for only those mistakes that would have altered the decision to approve the loan. Minor mistakes that do not affect the loan decision will not be the focus of their compliance efforts.The new language reinforces FHA’s longstanding position that lenders should not be penalized for minor mistakes. “Clarifying that we are interested only in errors that would have altered a decision to approve the loan should put to rest any confusion regarding FHA compliance policy,” Golding said.Golding also pointed out two additional changes to the certifications:Changes that clarify the lender is certifying to what they know to be true to the best of their knowledge. The certification is not intended to hold lenders responsible for mistakes or fraud committed by a third party that the lender did not or could not have had reason to know of. Our goal is to make sure that lenders make every effort to obtain accurate information and to validate that information but also recognize that due to the complexity of putting a home loan together, minor errors in information may occur from time to time.Additionally, we have removed references to the pre-endorsement review requirement and have made the certification consistent with the policies in our updated FHA Handbook.”Revising the lender-level certification in this manner responds to concerns that changes made to the loan-level certification had the unintended impact of weakening HUD’s enforcement authority,” Golding explained. :That is not, nor has it ever been, our intention. None of the changes to either of the certifications hinders or undermines our ability to take action against any bad actors in the industry.”He continued, “Overall, these certifications increase clarity and protect FHA, taxpayers and lenders. We also believe that improved clarity makes compliance easier for lenders and strengthens our ability to hold them accountable. We are confident that the proposed revisions to the loan-level and lender-level certifications reflect a significant step forward for the FHA program and responsiveness to industry concern.”Hear more about government policies from Ed Golding at the 2016 Five Star Government Forum on March 31, 2016 in Washington, D.C.center_img in Daily Dose, Featured, Government, News, Origination March 16, 2016 798 Views last_img

Related Posts

first_imgEmail WhatsApp Walk in Covid testing available in Limerick from Saturday 10th April No vaccines in Limerick yet Linkedin RELATED ARTICLESMORE FROM AUTHOR News#WARNING Graphic Content – Limerick man claimed he accidentally stabbed his attacker in the faceBy Staff Reporter – December 17, 2015 915 Advertisement TAGSfeatured Facebookcenter_img Surgeries and clinic cancellations extended Limerick District CourtAndrew [email protected] up for the weekly Limerick Post newsletter Sign Up A LIMERICK man who claimed he “accidentally” stabbed another man in the face during a row outside an off licence, is studying physiology and anatomy in prison, a court has heard.Craig McMahon (25) was in supported living with Focus Ireland on March 16, 2014 when he went to Fine Wines off licence on Parnell Street in the city to buy alcohol with a friend.Encountering two other men outside, McMahon along with his friend became involved in violent altercation.Giving evidence, Detective Garda Brian O’Connor told the court that while all the parties were known to each other, tensions wouldn’t have been “the best”.One of the men tried to pull McMahon to the ground and hit him with a bag of beer cans he had just bought inside.The two parties separated briefly but reengaged again after beer cans were thrown and the fight kicked off again.Craig McMahon then pulled a knife from inside his jacket and stabbed one of the men in the face as he emerged from the off licence.Sitting at Limerick Circuit Criminal Court, Judge Tom O’Donnell was shown pictures of the man and his injuries and he described them as being “utterly shocking and frightening”.Craig McMahon, together with the three other men involved in the violent incident, were all arrested three weeks after the incident and charged with violent disorder.The court was told however that the victim of the stabbing would not cooperate with the investigation nor would he make a complaint to gardai about the knife attack.Accepting that the pictures were “not pretty”, defence counsel Mark Nicholas said that his client was in fear of his life at the time and believed that he was under threat from serious criminals who wanted him dead.However Det Gda O’Connor said that there was no note of this with gardai and confirmed that no letter was sent to Craig McMahon from An Garda Siochana warning him of any serious threat as they didn’t believe there to be one.Mr Nicholas told the court that the since his arrest and detention in Castlerea Prison, Craig McMahon had engaged in certain activities in custody including embarking on a course on physiology and anatomy as well as an anger management course.Judge O’Donnell remarked that the irony of that was not lost on him.Addressing the court, McMahon said he “truly apologised” for his actions as his defence barrister handed in a hand written letter from the 25-year-old outlining his remorse.In it he said that he is in a relationship with “the light of his life” and has moved away from crime and at the time he felt his life was under threat and “accidentally stabbed him”.Judge O’Donnell said that he would adjourn the sentencing hearing to consider “all that has been said, the letter and the evidence in the case. But this picture is utterly shocking and absolutely frightening – the picture doesn’t lie”, he said, adding that it is “not the whole story”.Craig McMahon was remanded in custody until January 18 next for sentence. Print Twitter First Irish death from Coronavirus Shannondoc operating but only by appointment Proceedures and appointments cancelled again at UHL Previous articleYoung man saved from entering River ShannonNext article#WATCH Irish company leads 100-year breakthrough in microbiology testing for dairy industry Staff Reporter last_img

first_img Foolproof Roasted Pork TenderloinUpside Down Blueberry Pie CheesecakeTexas Fried ChickenPowered By 10 Sec Mama’s Deviled Eggs NextStay ECISD undergoing ‘equity audit’ Volunteer signup.Special Olympics Texas.Special Olympics Texas Facebook page. WhatsApp The Special Olympics Texas Spring Games will be held in Ratliff Stadium on Saturday. Local News SOTX Spring Games set for Saturday at Ratliff Pinterest WhatsApp Twitter Nearly 200 area Special Olympics Texas athletes are set to compete in the organization’s area track and field Spring Games on Saturday at Ratliff Stadium.The event brings together participants from Odessa, Midland, the surrounding Permian Basin area and the Big Bend area, all as part of Special Olympics Texas’ Area 18.The event’s opening ceremonies are scheduled for 9 a.m.Special Olympics Texas runs several events in the area throughout the year, but in track-crazed West Texas, the track and field Spring Games is this area’s most popular event, said Special Olympics Texas director of field services Norm Arias.“For Area 18, it is the largest event,” Arias said over the phone this week. “We’ll have roughly 190-plus athletes that will be in attendance and competing.”Children and adults with intellectual disabilities eight years old and up will compete, with competitors 12 years old and up participating to qualify for the statewide Summer Games set for May in Arlington.Traditional track and field events are set to be part of the action, as well as modified events, such as assisted walks, wheelchair races and ball throw events.“We want the community to come on out and cheer our athletes on,” Arias said. “At the same time, our athletes have trained hard for the last eight weeks in preparation for the track and field events. We basically we want to show the community that our athletes are athletes.“They go out there, they compete, they train, and they’re all very competitive and they all want to try to get the gold.”Admission is free.“Come on out,” Arias said. “It’s all free. Check it out. Maybe you’ll want to get involved and volunteer somehow. It’s a community-based organization where we’re always trying to get the community involved.”Organizers are still searching for volunteers to help with the event. Those interested in volunteering can sign up on the games’ Eventbrite page by following — or by checking with the volunteer registration table at the stadium on the day of the games.Arias noted volunteers may be especially needed in the afternoon after a busy morning. Events are set to open at 9:30 a.m., and then continue after a break for lunch from around 11 a.m. to noon.Those interested can learn more at, or through the organizations Facebook page at Information 2021 SCHOOL HONORS: Permian High School Facebook Previous articleCassatt Quartet performances coming upNext articleCHAREN: The meaning of Paul Ryan’s departure admin RELATED ARTICLESMORE FROM AUTHOR Facebook Pinterest OC employee of the year always learning Twitter By admin – April 19, 2018 Home Local News SOTX Spring Games set for Saturday at Ratlifflast_img

first_imgwilliam87/iStockBy JULIA JACOBO, ABC News(NEW YORK) — A man who used a tree branch in an assault spree throughout downtown Manhattan has been arrested.The chaos began Sunday evening when New Jersey resident Bryan Thompson, 43, allegedly struck three people over the head on the subway platform for the 1 train on Canal Street just after 6:30 p.m., ABC New York station WABC reported.Thompson then allegedly left the station and struck a fourth victim in her head on Varick and Canal Streets before approaching a car and attacking the driver, police said.When the driver of that car fled, Thompson allegedly took the vehicle, sped off and then crashed into two parked cars, according to authorities.After crashing, Thompson allegedly smashed the side window of another vehicle, police said, but the female driver of that car did not get out.Thompson then allegedly attacked a man and woman on the street nearby with the tree branch before approaching a third vehicle and hitting it with the branch.When the driver of that vehicle got out, Thompson got behind the wheel and drove away, police said. The car was spotted on West 24th Street and 12th Avenue at about 7 p.m.Thompson reportedly lost control of the car, crashed into an NYPD radio vehicle and hit a center median before coming to a stop on the West Side Highway near Chelsea Piers, according to police.When Thompson refused commands by police officers to exit the vehicle, they broke the driver’s side window and deployed a stun gun on him.Thompson was taken to the hospital for a psychiatric evaluation and was charged with several counts of assault and robbery, according to police.The first four victims suffered lacerations to their head, while the man attacked on the street sustained a broken arm, police said. The woman on the street suffered lacerations and bruising to her leg.Copyright © 2021, ABC Audio. All rights reserved.last_img

Leave a Reply

Your email address will not be published. Required fields are marked *