HUD bars two more lenders from FHA program

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Description: The HUD announced on April 1 that it was permanently stripping the authority of two lenders to participate in the Federal Housing Administration program. Atlanta-based RSA Financial Inc and Houston-based 1st Alliance Mortgage LLC were the focus of the new enforcement actions. In terms of the RSA Financial case, HUD found the lender's application to FHA contained false and/or materially misleading information in connection with the company's failure to obtain proper licensing in Georgia. In taking action against 1st Alliance, HUD's Mortgage Review Board alleged the lender used independent contractors to originate 708 loans from branch offices that were not true branches of the company.
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