The article provides that previously the mortgage industry was riddled with unprofessional business practices like processing of leans by unlicensed operators who still charged commission and fees for consultation while the wring market was being targeted with the incoore4ct type of mortgage products. The new loans that are being provided by the lenders and the mortgage brokers in the industry are now required to only provide loans that are legally insured and protected by the FHA.
The FHA is a the housing administration set up by the federal government in order to regularize the business practices of the lenders and avoid loans being made to the sub prime market. The role of the FHA is also to supervise and review the contract of the mortgage professionals in order to restrain abuse of the customer at the hands of unprofessional lenders. The FHA has also mandates that the mortgage lenders have to get approval for their operation in advance for each application that they process. The article also provided that those who have already been convicted and accused of being involved in fraudulent activities cannot reinstate their bossiness in the mortgage industry under the FHA.
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