The Federal Housing Administration’s (FHA) Mortgagee Review Board has announced sanctions against 240 FHA-approved lenders Friday. The federal agency says these lenders failed to meet its underwriting requirements for home loans, which are designed to minimize the risk of default. Actions taken against the 240 lenders include reprimands, probations, suspensions, and civil money penalties. In addition, some lenders will have their FHA-approval revoked.
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