DALLAS-American Investment Mortgage Inc. in Dallas is one of seven lending institutions being penalized by HUD for violations of Federal lending practices.

American Investment Mortgage’s FHA approval authority has been suspended for five years for operating branch offices under an improper branch network and allowing a branch office to submit loans before being approved to originate FHA loans.

Other sanctioned operations are American SkyCorp Inc., Timonium, MD; Assurety Mortgage Group Inc., Decatur, GA; DMR Financial Services Inc., Farmington Hills, MI; National Charter Mortgage Corp., Gardena, CA; SMN Mortgage Corp., Rio Piedras, PR and Twins Inc., Columbia, SC.

The most severe levy has been placed against the MD-based American SkyCorp., which is being fined $220,000 and facing a five-year FHA revocation. According to HUD, the operation has failed to ensure that borrowers qualify for FHA-insured mortgages.

The sanctions represent the most serious that have been meted out by HUD’s Mortgage Review Board in the past three months, with fines totaling $486,000. In the past two years, the HUD review board has sanctioned 98 lenders, resulting in a $22.5-million savings through penalties and indemnified loans.

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