FHA Urging It's Servicers Conduct A Full Review Of Their Foreclosure Documentation Processes.
George Souto always has up-to-date information and I'd like to share this to make sure as many as possilbe have had the opportunity to read this.
FHA Commissioner David H. Stevens has issued an alert urging all FHA-approved servicers to conduct a full review of their servicing procedures. This announcement is a result of recent news reports of widespread deficiencies in foreclosure documentation processes.
Major Lenders like Bank of America have been ordered recently to put a stop to their foreclosures because of their procedures. As many of you have read and know that they were approving foreclosures without even reading the documents. FHA is concerned that some of their servicers might be guilty of the same thing. Normally I would try to summarize what the Commissioner is requiring FHA servicers to do, but this is so important that I think the whole FHA Newsletter needs to be read in its entirety.
Time will tell whether we have just scratched the surface on this issue or not. My gut feeling is that this is a problem that is more wide spread than initially thought.
Here is the link to Commissioner Stevens Newletter. Link
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Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308, gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.
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