For the second time in five years, a Massachusetts mortgage banker has agreed to settle allegations that it didn’t follow Federal Housing Administration guidelines.
Back in 2011, the Department of Housing and Urban Development announced that it had reached a $72,500 settlement with First American Mortgage Trust.
At issue was First American’s failure to “fully verify whether borrowers could sustain their mortgage payments prior to refinancing their loans,” according to HUD.
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From:: Financing