After a two-year review, Allied Home Mortgage Capital Corporation (www.alliedhome.com), the nation's largest privately held mortgage banker and broker, has reached an agreement with the US Department of Housing and Urban Development (HUD) relating to alleged billing discrepancies for its branch offices.
Allegations claimed Allied Home Mortgage Capital Corporation had not paid all of the operating costs for its branch offices. HUD's initial findings on the matter stated Allied Home Mortgage Capital Corporation had failed to pay almost 400 bills during a 27 month period.
Allied Home Mortgage Capital Corporation disagreed with these findings, and following a comprehensive review of the supporting documentation - including examination and validation of the actual bills and receipts - only a small number of accounting records for five branch locations could not be located to support payment of the bills.
As a result, Allied has agreed to pay a Civil Money Penalty of $38,000.
"We are pleased to put this issue to rest," said Jim Hodge, CEO of Allied Home Mortgage Capital Corporation. "HUD allowed us to present documentation to prove we had indeed paid these operating expenses for our branch offices. Unfortunately we had incomplete accounting records for five locations, and we have agreed to pay a penalty as a result. We believe this is an equitable settlement and any problems have been remedied to prevent this from reoccurring in the future."
About Allied Home Mortgage Capital Corporation
Allied Home Mortgage Capital Corporation is the nation's largest privately held mortgage banker and broker with more than 200 branches throughout the US and the US Virgin Islands. Allied Home Mortgage is based in Houston, Texas and has been providing residential mortgages to its customers since 1991. Part of Allied Home Mortgage's strength is in its ability to adapt to local market conditions and provide services that can be individualized to each customer. Allied Home Mortgage Capital Corporation is a HUD-approved lender (US Department of Housing and Urban Development).
For more information, please visit www.alliedhome.com or call 713-353-0400.
Contacts:
Allied Home Mortgage Capital Corporation
Jerry Rose, APR,
480-540-4966