Lennar Corp. subsidiary Eagle Home Mortgage had high FHA delinquency rate before Department of Justice subpoena – South Florida Business Journal

Lennar mortgage arm had high delinquency rate with FHA before DOJ subpoena. However, most of the lenders with higher rates than eagle home mortgage were relatively small, with less than 500 loans made over two years. Only one other lender with a higher delinquency rate than the Lennar subsidiary made more than 5,000 loans: paramount residential mortgage group, with a rate of 6.69 percent.

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Senior Reporter, South Florida Business Journal. Jan 26, 2018, 2:51pm EST. The U.S. Department of Justice has issued a subpoena to Lennar Corp.. Its Eagle Home Mortgage subsidiary, which provides loans mostly to buyers of. These loans are originated by private lenders, but backed by the FHA with low down.

Eagle Home Mortgage, the mortgage lending subsidiary of Lennar, could find itself on a list that includes Wells Fargo, Walter Investment, United shore financial services, PHH, and many other lenders that were sanctioned by the government for underwriting mortgages that did not meet federal housing administration standards.

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These loans are originated by private lenders, but backed by the FHA with low down payments and mortgage insurance. Shares of Lennar fell $2.35, or 3.3 percent, to $68.47 on Thursday. The company.

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The HUD-OIG looked at affidavits of indebtedness, FHA insurance claims, personnel files, policies and procedures, loan files and internal emails. Federal Housing Administration (FHA). In the Summer of 2010, prior to the robo-signing controversy, HUD initiated a large-scale review of FHA’s 10 largest servicers.

At the end of the fiscal year, FHA had 7,710,746 active mortgages insured, with an amortized (outstanding) balance of $1,083.3 billion. On September 30, loan servicers reported 738,991 mortgages in serious delinquency, for a default rate of 9.6 percent — just slightly higher than the August rate of 9.5%.

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