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Prospect Mortgage fined $4.16 million for crisis-era FHA lending violations

Prospect Mortgage fined $4.16 million for crisis-era FHA lending violations

As with many of the other lenders, during the time period referenced, Prospect acted as a “direct endorsement lender” in the FHA insurance program. As a direct endorsement lender, the lender has the authority to originate, underwrite and endorse mortgages for FHA insurance without prior approval from the FHA.

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