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  • Recommendation Number: 2017-LA-1801-001-E
  • Status: Closed
  • Date Issued: September 20, 2017
Closed Date:
June 01, 2018

Determine legal sufficiency and if legally sufficient, pursue civil and administrative remedies, civil money penalties, or both against Venta, its principals, or both for incorrectly certifying to the eligibility for FHA mortgage insurance or that due diligence was exercised during the origination of FHA loans.

Publication Report

2017-LA-1801 | September 20, 2017

Venta Financial Group, Inc., Las Vegas, NV, Improperly Originated FHA-Insured Loans With Restrictive Covenants

We audited Venta Financial Group’s Federal Housing Administration (FHA) loan origination because it was one of the top lenders that originated FHA-insured loans with downpayment assistance from the City of Las Vegas.  A previous U.S. Department of… more

Related Recommendations

Housing

  •   2017-LA-1801-001-A
    $423,759.00

    Closed on March 06, 2019

    Work with HUD to nullify the restrictions on conveyance that violate HUD policy or indemnify HUD. This action will protect HUD against future losses of $418,277 for the eight loans.

  •   2017-LA-1801-001-B
    $5,482.00

    Closed on January 03, 2018

    Repay HUD $5,482 for partial claims paid on two FHA loans that contained prohibited restrictive covenants.

  •   2017-LA-1801-001-C

    Closed on February 27, 2019

    Develop and implement policies and procedures to identify prohibited restrictions on conveyance to ensure that it does not originate FHA loans with prohibited restrictive covenants.

  •   2017-LA-1801-001-D

    Closed on February 27, 2019

    Provide training to its employees regarding HUD’s requirements related to prohibited restrictions on conveyance.