The U.S. Department of Housing and Urban Development (HUD) has “revoked” the Federal Housing Administration (FHA) loan approval authority of Equity Prime Mortgage (EPM) and Residential Acceptance Corporation (RAC), in several markets, as outlined in Wednesday’s Federal Register.

The action is part of HUD’s Credit Watch Termination Initiative, which monitors mortgage lenders’ performance.

In the notice, HUD said Equity Prime is losing its ability to independently approve FHA loans in HUD office jurisdictions Atlanta, Columbia, S.C., Dallas and Houston, while RAC, a Florida-based lender, is losing the ability to do so in Tampa.

The “terminations,” which details ⇒

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