- Report: #861916
Complaint Review: Residential Home Funding - Internet Internet
Reported By:
Spyderweb -
Port Chester, New York, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Residential Home Funding
Internet, Internet, United States of America
Phone:
Web:
www.rhfunding.com
Categories:
Business Rating:
(0)
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Residential Home Funding Residential Home Funding Defrauds Department of Housing and Urban Developement Internet, Internet
Office of Inspector General Audit Report #2010 PH-1004 issued January 21st 2010.
Residential Home Funding in Gaithersburg, Maryland was selected for an audit because their default rate was significantly higher than the average default rate in the State of Maryland. For the five loans reviewed RHF failed to adequately verify the borrower's income. As a result the FHA insurance fund was exposed to an unnecessarily increased risk.
As a result of these finding RHF's principals and underwriting staff where referred to HUD's Mortgagee Review Board for administrative sanctions and the company was forced to indemnify more than $1.6 million in deficient loans.
Here is a link to the full report:
http://www.hud.gov/offices/oig/reports/files/ig1031004.pdf
Although rebutted by a RHF representative, RHF does have a branch in Gaithersburg, MD and there is only one mortgage company doing business in the State of Maryland under the name of Residential Home Funding.
Do not do business with this company. The principals of this company have no regard for the law or banking regulations. They have been sanctioned on numerous occasions in multiple states for running illegal/unlicensed branches and now they have been caught defrauded HUD by issuing government guaranteed loans to unqualified borrowers. Companies like this cost tax payers money.
Residential Home Funding in Gaithersburg, Maryland was selected for an audit because their default rate was significantly higher than the average default rate in the State of Maryland. For the five loans reviewed RHF failed to adequately verify the borrower's income. As a result the FHA insurance fund was exposed to an unnecessarily increased risk.
As a result of these finding RHF's principals and underwriting staff where referred to HUD's Mortgagee Review Board for administrative sanctions and the company was forced to indemnify more than $1.6 million in deficient loans.
Here is a link to the full report:
http://www.hud.gov/offices/oig/reports/files/ig1031004.pdf
Although rebutted by a RHF representative, RHF does have a branch in Gaithersburg, MD and there is only one mortgage company doing business in the State of Maryland under the name of Residential Home Funding.
Do not do business with this company. The principals of this company have no regard for the law or banking regulations. They have been sanctioned on numerous occasions in multiple states for running illegal/unlicensed branches and now they have been caught defrauded HUD by issuing government guaranteed loans to unqualified borrowers. Companies like this cost tax payers money.
1 Updates & Rebuttals
Mortgage Lady
BaBY,Alabama,
MISINFORMATION
#2UPDATE EX-employee responds
Fri, February 07, 2014
Although Residential Home Funding has a branch located in Gaithersburg, MD at the time, in this particular state this company uses a DBA for business, as there is in fact Residential Home Funding operating in MD, it is not related in anyway to Residential Home Funding Corp, headquartered in NJ.
Please be sure to have your facts straight before reporting a company.
