Exit from the FHA Market Likely to Have Little Impact on FHA Volumes
December 11, 2015
Quicken Loans’ chief executive officer reiterated threats by company owner Dan Gilbert to exit the FHA business amid concerns about a forthcoming lender-certification rule and an ongoing court battle with the Department of Justice. A report by Reuters quoted Gilbert earlier this week as saying he is considering pulling Quicken Loans out of the FHA market. In an interview with IMFnews, Quicken CEO Bill Emerson said top management would be remiss if it did not think about exiting the business. Quicken will decide whether to stay or go after the FHA releases its revised rule on lender certification later this month, he said. The revised proposal restores a provision initially removed from the original proposal, which would require lenders to certify that neither the firm nor its officers have been suspended, debarred or excluded from participation in any federal agency transactions. In addition, the revised proposed rule requires ...