Correction: It was 5 not 4 lenders, I corrected headline and text below
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It gets curiouser and curiouser.....
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It gets curiouser and curiouser.....
Table HERE I prepared shows the 5 lenders that originated ALL 150 HOPE for Homeowner loans in the FHA databases, and includes the average interest rate for each lender.
Lender with 47% of H4H Loans Thrown Out of FHA Lending, But Endorsements Continue.
I noticed that the 1st Alliance LLC made ALL of their loans at a 7.25% interest rate, much higher than the average rate for other FHA lenders. I did some additional checking and found that this lender had been thrown out of the FHA lending program back in April (Housing Wire story HERE).
Appears to me that sanctions against this lender only applied to loan applications taken after a specific date, because 49 (69%) of endorsements for this lender occurred in May or later of 2010 and 100% of loans appear in database as endorsed in April or later.
1st Alliance Lending LLC is an East Hartford, CT lender and doing Hope for Homeowners loans. They have nothing to do with the 1st Alliance Mortgage in Houston that apparently lost it's FHA license.
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