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United Shore to pay $48M for endorsing ineligible loans for FHA insurance

United Shore Financial Services LLC has agreed to pay $48 million to settle charges that it improperly originated mortgages that did not meet the Federal Housing Administration's underwriting and quality control requirements.

The company endorsed ineligible loans for FHA mortgage insurance, causing significant losses of public funds, the U.S. Department of Justice said in a statement.

From Jan. 1, 2006, to Dec. 31, 2011, United Shore Financial pressured underwriters to approve FHA mortgages and tied underwriter compensation to the percentage of loans approved by the underwriter and closed by the company. In addition, the company falsely certified that direct endorsement underwriters reviewed appraisal reports prior to its approval and endorsement of mortgages for FHA insurance.