Corporately abused and Exploited
Dunedin,#2Author of original report
Sat, April 16, 2011
Paramount Bond and Mortgage Co., Inc.
Paramount Bond and Mortgage Co., Inc. (Paramount) agreed to pay a civil penalty to HUD in the amount of $68,500 and indemnify HUD for any losses which have been or may be incurred with respect to seven FHA-insured mortgages. HUD and the St. Louis-based mortgage lender also agreed that the company repay FHA $146,397 in insurance claims already paid on two loans.
Todays actions are part of a broader enforcement effort by FHA against mortgage lenders for violating its requirements.
Source: HUD
Corporately abused and Exploited
Dunedin,#3Author of original report
Sat, April 16, 2011
Paramount Bond and Mortgage Co., Inc.
Paramount Bond and Mortgage Co., Inc. (Paramount) agreed to pay a civil penalty to HUD in the amount of $68,500 and indemnify HUD for any losses which have been or may be incurred with respect to seven FHA-insured mortgages. HUD and the St. Louis-based mortgage lender also agreed that the company repay FHA $146,397 in insurance claims already paid on two loans.
Todays actions are part of a broader enforcement effort by FHA against mortgage lenders for violating its requirements. Within the past year alone, FHA has suspended several high-volume FHA-approved lenders, including Taylor, Bean and Whitaker and withdrawn FHA-approval for 354 others, including Lend America and Financial Mortgage USA. That is a significant increase over
2008, when only 28 lenders lost their FHA-approval.
Source: HUD