John A. Courson, President and CEO of the Mortgage Bankers Association (MBA) in response to the FHA audit results (see yesterday post titled "FHA Releases Audit Results") today issued the following statement, "Today’s announcement is a major wakeup call for FHA and the lending community, but no reason to panic."
Mr. Courson went on the say, "We are encouraged by the corrective actions FHA has already announced… the elimination of seller-funded down payments and the recent program changes to help it better manage its risk…"
The Mortgage Bankers Association represents companies and individuals in the mortgage lending field.
You can read the complete statement here.
Don Grafues
Resource: Mortgage Bankers Asociation
Resource: Mortgage Bankers Asociation
