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03/23/2012

Dallas lender barred from FHA program

AmericaHomeKey Inc., a Dallas-based mortgage lender, has permanently lost its approval to originate and underwrite new mortgages insured by the Federal Housing Administration, the U.S. Department of Housing and Urban Development's Mortgagee Review Board said today. The Review Board also imposed $268,000 in penalties "for repeated and serious violations of FHA requirements." It said AmericaHomeKey failed to adequately document borrowers' source of  down payments, the amount and stability of their income, and eligibility for FHA loans of either the borrower or the property. It said the lender also charged unallowable fees and did not comply with HUD requirements government property flipping, with one case involving a home purchased for  $14,100 and resold three months later for $125,000.

AmericaHomeKey officials could not be immediately reached for comment. 

-- Jim Fuquay

 

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