69. Seminar Financing Inc., Sacramento, Ca [Docket No. 20-2161-MR]
Action: With the , the fresh new Board voted to get in toward money agreement having Southwestern Funding LP (“Southwestern Capital”) you to provided a civil money penalty away from $220,703. Brand new settlement don’t compose a pass regarding liability otherwise fault.
Cause: The latest Board got this step based on the adopting the alleged abuses away from FHA criteria: Southwest Capital (a) didn’t cooperate which have FHA bank overseeing critiques from inside the 2017 and you will 2018; (b) observed a quality Manage Package (QC) one omitted required facets; (c) failed to ensure its QC manufacturers made perfect mortgage test exposure assessments; (d) don’t worry about-report topic results to have four financing; (e) failed to over timely ratings of their early fee defaults inside accordance which have FHA requirements; and you will (f) failed to make certain that the education formula complied that have FHA standards. (more…)