描述
AAMG has “Direct Endorsement” authority from the U.S. Department of Housing and Urban Development (HUD), meaning it has delegated authority to underwrite FHA loans on behalf of HUD and to submit them to HUD for insurance endorsement. (2) In general, such FHA loans may only be submitted, under HUD requirements, after Direct Endorsement (DE) underwriters (i.e., those authorized to underwrite FHA loans) make certain certifications (including those related to due diligence) on each such loan. AAMG certifies to HUD when it submits these loans that they meet the agency’s underwriting requirements. (3) During the period January 2000 to April 2003, such certifications were being falsely or improperly made, potentially affecting 28,097 FHA loans.
