On July 2, 2009, Mortgage Compliance Advisors was mentioned in the national publication American Banker, in the article FHA Enforces Fine Print as Its Volume Swells. The article discusses how FHA is more strictly enforcing regulations, because of its rapid growth.
“The Department of Housing and Urban Development, which runs FHA, has stepped up …enforcement actions in the last year. And with FHA now guaranteeing roughly 30% of all originations, raising the agency’s public profile and its risk, many in the industry expect a further, and dramatic, increase.”
The article cites specific examples of FHA enforcement actions, and quotes MCA’s principals Bob Warnock and Craig Christensen regarding FHA quality control and a few necessary actions to comply with FHA.