Mortgage Industry Presses HUD Over Defect Taxonomy
National Mortgage News, Apr. 27, 2016–Collins, Brian
Large lenders are pushing the Federal Housing Administration to revamp its loan defect taxonomy to provide more certainty about potential errors and mistakes that could lead to enforcement actions. “We are trying to get to a place where you don’t have minor errors creating treble damages risk under false claims,” said Pete Mills, a senior vice president at the Mortgage Bankers Association.
