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    Date Issued
    New England Regional Mortgage Corporation, Salem, NH, Generally Complied With HUD Requirements for Loan Origination but Did Not Properly Underwrite One Loan
    We audited New England Regional Mortgage Corporation (Corporation), a Federal Housing Administration (FHA) lender approved to underwrite and close mortgage loans without prior FHA review or approval. We selected the Corporation because its early payment default rate for insured single-family loans originated between January 1, 2008, and December 31, 2009, was significantly higher than the default rate in the local area in which it does business…
    August 03, 2010
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    #2010-BO-1007