We further reduce costs by utilizing automated underwriting systems and other technologies, and by lending throughout the country from a single location in San Diego, California. Our system eliminates the mortgage broker and highly commissioned loan officer, the highest cost components of the mortgage process. The company was founded by Vince Kasperick who continues to serve as president.
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All business decisions are made in a manner consistent with our Core Values and Code of Ethics. Two-thirds of our business comes from repeat customers and their referrals and we are thankful for the thousands of positive Customer Reviews posted on our website.ĪimLoan is a values-based company.
“The truth is that too many FHA approved mortgage loan servicers have not been honest and transparent about the FHA’s protections for borrowers.Since then we have funded over $23 billion in mortgages to over 90,000 homeowners throughout the country. “The purpose of the federal program is to reduce the displacement of families from their homes, and, as a result, thwart homelessness during the pandemic,” said Racine. In a statement, Racine called the mortgage servicers’ misdeeds “illegal, unacceptable, and dangerous.” He added that they discriminate against low-income borrowers and borrowers of color, groups the FHA disproportionately serves. “HAF should be a fund of last resort and should not replace servicers’ obligations to evaluate homeowners for all loss mitigation options,” the attorneys general write. The state attorneys general also raised concerns that servicers adequately evaluate borrowers for loss-mitigation, even as they await the $10 billion in federal aid from the Homeowners Assistance Fund. They also asked FHA to require its lenders to demonstrate their loan servicers are taking affirmative steps to implement the program. The state attorneys general demanded the FHA take “immediate action” to ensure mortgage servicers adhere to the loan modification program. But the program can only be effective if lenders implement it, the letter notes, highlighting a challenge of designing government relief programs that rely on the private sector to carry them out. Attorney General’s Office said “several mortgage loan servicers employed and approved by FHA” had not adhered to the program.įHA’s loan modification plan was envisioned to especially help low-income households, first-time homeowners, and households of color that have been disproportionately impacted by the pandemic. In a press statement accompanying the letter, the Washington, D.C. But according to the attorneys general, they spanned more than one mortgage servicer. It’s unclear how widespread the alleged misdeeds are. “No homeowner with an FHA-insured mortgage who is struggling financially because of the pandemic should be unnecessarily hindered by their mortgage servicer from receiving the assistance for which they are eligible.” “FHA is committed to assisting homeowners struggling because of the pandemic to keep their homes if at all possible, and expects servicers of FHA-insured mortgages to take all necessary steps to work with borrowers, based on their individual situations, to identify the best FHA loss-mitigation home retention option available to them,” a HUD spokesperson said. Servicers also told borrowers that the loan modification option did not exist, the attorneys general claim.Ī spokesperson for the Department of Housing and Urban Development said the agency takes the concerns raised in the letter very seriously. 21, 2021.īut rather than adhering to the program, some mortgage servicers of FHA-insured loans allegedly sent borrowers notices that fail to mention the relief options, requiring paperwork and imposing qualifications that are not necessary under the FHA’s guidelines. FHA required mortgage servicers to implement the program by Oct. The loan modification options allowed eligible borrowers to reduce their principal and interest payments by 25%. 21 letter that a number of mortgage servicers employed by FHA-approved lenders failed to adequately implement loan modification options the FHA introduced in July. Attorney General Karl Racine and 20 other state attorneys general. Some Federal Housing Administration-approved mortgage servicers have routinely flouted the agency’s loan modification program, according to Washington, D.C.
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