August 1, 2011
Elsewhere in this blog, we’ve written about the emphasis FHA/HUD places on consumer protection, the importance of the Fair Housing Act, and the FHA’s approach when it comes to protecting the customer.
While it’s true that sometimes the customer is the first line of defense against discriminatory and otherwise illegal practices, the FHA doesn’t simply wait for consumers to lodge complaints.
A good example of this is the August 1, 2011 press release issued by the FHA about its actions against 240 FHA-approved lenders. The FHA has something called the Mortgagee Review Board which scrutinizes FHA lenders; the most recent outcome of that scrutiny includes “hundreds of administrative actions against FHA-approved lenders who failed to meet its requirements” according to the press release.
The Mortgagee Review Board, or MRB for short, is a way for the FHA to monitor the industry and insure compliance with FHA requirements.
According to the FHA official site, “FHA
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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