The Department of Housing and Urban Development fined North Texas lender WR Starkey Mortgage $223,000 for violating HUD/Federal Housing Administration lending guidelines, according to the Federal Register published Monday. HUD originally voted to fine the financial institution in May after finding violations with regard to 32 mortgages, according to the Federal Register. WR Starkey had numerous loan origination and underwriting deficiencies, failed to remit upfront mortgage insurance premiums in a timely manner, allowed a terminated third-party branch to originate loans, and violated property flipping guidelines. HUD said Plano, Texas-based WR Starkey to reimburse the agency for 11 of the 32 mortgages in violation. The claims total more than $756,000. Several other lenders will pay HUD for lending violations. Here are a few reported in Monday’s Federal Register:
United Wholesale Mortgage launched KEEP, which uses artificial intelligence to send pre-validated refinance opportunities to consumers.
