Credit Watch Termination Initiative, 20929-20930 [E5-1885]

Download as PDF 20929 Federal Register / Vol. 70, No. 77 / Friday, April 22, 2005 / Notices Dated: April 14, 2005. Mark R. Johnston, Director, Office of Special Needs Assistance Programs. [FR Doc. 05–7834 Filed 4–21–05; 8:45 am] BILLING CODE 4210–29–M DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR–4513-N–20] Credit Watch Termination Initiative Office of the Assistant Secretary for Housing-Federal Housing Commissioner, HUD. ACTION: Notice. AGENCY: SUMMARY: This notice advises of the cause and effect of termination of Origination Approval Agreements taken by HUD’s Federal Housing Administration (FHA) against HUDapproved mortgagees through the FHA Credit Watch Termination Initiative. This notice includes a list of mortgagees which have had their Origination Approval Agreements terminated. FOR FURTHER INFORMATION CONTACT: The Quality Assurance Division, Office of Housing, Department of Housing and Urban Development, 451 Seventh Street, SW., Room B133–P3214, Washington, DC 20410–8000; telephone (202) 708– 2830 (this is not a toll free number). Persons with hearing or speech impairments may access that number through TTY by calling the Federal Information Relay Service at (800) 877– 8339. SUPPLEMENTARY INFORMATION: HUD has the authority to address deficiencies in the performance of lenders’ loans as provided in HUD’s mortgagee approval regulations at 24 CFR 202.3. On May 17, 1999 (64 FR 26769), HUD published a notice on its procedures for terminating Origination Approval Agreements with FHA lenders and placement of FHA lenders on Credit Watch status (an evaluation period). In the May 17, 1999, notice, HUD advised that it would publish in the Federal Register a list of mortgagees, which have had their Origination Approval Agreements terminated. Termination of Origination Approval Agreement: Approval of a mortgagee by HUD/FHA to participate in FHA mortgage insurance programs includes an Origination Approval Agreement (Agreement) between HUD and the mortgagee. Under the Agreement, the mortgagee is authorized to originate single family mortgage loans and submit them to FHA for insurance endorsement. The Agreement may be terminated on the basis of poor performance of FHA-insured mortgage loans originated by the mortgagee. The termination of a mortgagee’s Agreement is separate and apart from any action taken by HUD’s Mortgagee Review Board under HUD’s regulations at 24 CFR part 25. Cause: HUD’s regulations permit HUD to terminate the Agreement with any mortgagee having a default and claim rate for loans endorsed within the preceding 24 months that exceeds 200 percent of the default and claim rate within the geographic area served by a HUD field office, and also exceeds the national default and claim rate. For the 22nd review period, HUD is terminating the Agreement of mortgagees whose default and claim rate exceeds both the national rate and 200 percent of the field office rate. Effect: Termination of the Agreement precludes that branch(s) of the mortgagee from originating FHA-insured single family mortgages within the area of the HUD field office(s) listed in this notice. Mortgagees authorized to purchase, hold, or service FHA insured mortgages may continue to do so. Loans that closed or were approved before the termination became effective may be submitted for insurance endorsement. Approved loans are (1) those already underwritten and approved by a Direct Endorsement (DE) underwriter employed by an unconditionally approved DE lender and (2) cases covered by a firm commitment issued by HUD. Cases at earlier stages of processing cannot be submitted for insurance by the terminated branch; however, they may be transferred for completion of processing and underwriting to another mortgagee or branch authorized to originate FHA insured mortgages in that area. Mortgagees are obligated to continue to pay existing insurance premiums and meet all other obligations associated with insured mortgages. A terminated mortgagee may apply for a new Origination Approval Agreement if the mortgagee continues to be an approved mortgagee meeting the requirements of 24 CFR 202.5, 202.6, 202.7, 202.8 or 202.10 and 202.12, if there has been no Origination Approval Agreement for at least six months, and if the Secretary determines that the underlying causes for termination have been remedied. To enable the Secretary to ascertain whether the underlying causes for termination have been remedied, a mortgagee applying for a new Origination Approval Agreement must obtain an independent review of the terminated office’s operations as well as its mortgage production, specifically including the FHA-insured mortgages cited in its termination notice. This independent analysis shall identify the underlying cause for the mortgagee’s high default and claim rate. The review must be conducted and issued by an independent Certified Public Accountant (CPA) qualified to perform audits under Government Auditing Standards as provided by the General Accounting Office. The mortgagee must also submit a written corrective action plan to address each of the issues identified in the CPA’s report, along with evidence that the plan has been implemented. The application for a new Agreement should be in the form of a letter, accompanied by the CPA’s report and corrective action plan. The request should be sent to the Director, Office of Lender Activities and Program Compliance, 451 Seventh Street, SW., Room B133-P3214, Washington, DC 20410–8000 or by courier to 490 L’Enfant Plaza, East, SW., Suite 3214, Washington, DC 20024. The following mortgagees have had their Agreements terminated by HUD: Home ownership centers Mortgagee name Mortgagee branch address HUD office jurisdictions Termination effective date Alliance Mortgage Capital, Inc ......... 6500 S Quebec Street, Ste 210, Englewood, CO 80111. 105 S Wheeler Street, Ste 200, Plant City, FL 33563. 105 S Wheeler Street, Ste 200, Plant City, FL 33563. 6116 Shallowford Rd, Ste 119, Chattanooga, TN 37421. 1395 Iris Drive, Ste 201, Conyers, GA 30013 Denver, CO ............... 3/24/2005 Denver. Jacksonville, FL ......... 3/24/2005 Atlanta. Tampa, FL ................. 3/24/2005 Atlanta Knoxville, TN ............. 3/24/2005 Atlanta. Atlanta, GA ................ 3/24/2005 Atlanta. Benchmark Lending, Inc ................... Benchmark Lending, Inc ................... Compass Mortgage, Inc ................... Georgia State Mortgage, Inc ............ VerDate jul<14>2003 15:27 Apr 21, 2005 Jkt 205001 PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 E:\FR\FM\22APN1.SGM 22APN1 20930 Federal Register / Vol. 70, No. 77 / Friday, April 22, 2005 / Notices Home ownership centers Mortgagee name Mortgagee branch address HUD office jurisdictions Termination effective date Mortgage Matters, Inc ...................... RBC Mortgage Company ................. Southern Home Lending Corp ......... 695 N Jeff Davis Dr, Fayetteville, GA 30214 4960 E State St, Rockford, IL 61108 ............. 8833 Perimeter Pk Blvd, Ste 904, Jacksonville, FL 32256. 2250 Lucien Way, Ste 140, Maitland, FL 32751. 191 NC Hwy 42 North, Ste J, Asheboro, NC 27203. Atlanta, GA ................ Chicago, IL ................ Jacksonville, FL ......... 3/24/2005 2/12/2005 3/24/2005 Atlanta. Atlanta. Atlanta. Jacksonville, FL ......... 3/24/2005 Atlanta. Greensboro, NC ........ 2/12/2005 Atlanta. Stockon Turner, LLC ........................ Synergy Mortgage Corp ................... Dated: April 14, 2005. John C. Weicher, Assistant Secretary for Housing-Federal Housing Commissioner. [FR Doc. E5–1885 Filed 4–21–05; 8:45 am] BILLING CODE 4210–27–P DEPARTMENT OF THE INTERIOR Geological Survey Request for Public Comments on Information Collection To Be Submitted to the Office of Management and Budget for Review Under the Paperwork Reduction Act A request extending the collection of information listed below will be submitted to the Office of Management and Budget for approval under the provisions of the Paperwork Reduction Act (44 U.S.C. Chapter 35). Copies of the proposed collection of information and related forms may be obtained by contacting the USGS Clearance Officer at the phone number listed below. Comments and suggestion on the requirement should be made within 60 days directly to the USGS Clearance Officer, U.S. Geological Survey, 807 National Center, Reston, VA 20192. As required by OMB regulations at CFR 1320.8(d)(1), the U.S. Geological Survey solicits specific public comments regarding the proposed information collection as to: 1. Whether the collection of information is necessary for the proper performance of the functions of the USGS, including whether the information will have practical utility; 2. The accuracy of the USGS estimate of the burden of the collection of information, including the validity of the methodology and assumptions used; 3. The utility, quality, and clarity of the information to be collected; and 4. How to minimize the burden of the collection of information on those who are to respond, including the use of appropriate automated electronic, mechanical, or other forms of information technology. Title: Nonferrous Metals Surveys. VerDate jul<14>2003 15:27 Apr 21, 2005 Jkt 205001 Current OMB approval number: 1028– 0053. Abstract: Respondents supply the U.S. Geological Survey with domestic production and consumption data on nonferrous and related metals, some of which are considered strategic and critical. This information will be published as chapters in Minerals Yearbooks, monthly/quarterly Mineral Industry Surveys, annual Mineral Commodity Summaries, and special publications, for use by Government agencies, industry, education programs, and the general public. Bureau Form number: Various (32 forms). Frequency: Monthly, Quarterly, and Annually. Description of respondents: Producers and Consumers of nonferrous and related metals. Annual Responses: 5,466. Annual burden hours: 3,968. Bureau clearance officer: John E. Cordyack, Jr., 703–648–7313. John H. DeYoung, Jr., Chief Scientist, Minerals Information Team. [FR Doc. 05–8082 Filed 4–21–05; 8:45 am] BILLING CODE 4310–47–M DEPARTMENT OF THE INTERIOR Bureau of Land Management [NV–020–5101–ER–F347; N–78567, N– 78568, N–78989] Notice of Intent To Prepare an Environmental Impact Statement and To Initiate the Public Scoping Process for a Proposed Coal-Fired Power Plant Bureau of Land Management, Interior. ACTION: Notice of intent. AGENCY: SUMMARY: Pursuant to section 102(2)(c) of the National Environmental Policy Act of 1969, and the Federal Land Policy and Management Act of 1976, notice is hereby given that the Winnemucca Field Office (WFO) of the Bureau of Land Management (BLM) is initiating the preparation of an PO 00000 Frm 00076 Fmt 4703 Sfmt 4703 Environmental Impact Statement (EIS) for a proposed coal-fired power plant. DATES: The public scoping comment period will commence with the publication of this Notice, and will end on June 21, 2005. Public meetings will be announced through the local news media, and a BLM Web site at least 15 days prior to the event. Comments should be received on or before the end of the scoping period at the address listed below. ADDRESSES: Written comments should be sent to the Winnemucca Field Office, Bureau of Land Management, 5100 East Winnemucca Boulevard, Winnemucca, Nevada 89445, via fax at (775) 623–1503 or online at: https://www.nv.blm.gov/ winnemucca. Comments, including names and addresses of respondents will be available for public review at the BLM WFO, during regular hours 7:30 a.m.–4:30 p.m., Monday–Friday, except holidays. Individual respondents may request confidentiality. If you wish to withhold your name or street address from public review or from disclosure under the Freedom of Information Act, you must state this prominently at the beginning of your written comment. Such requests will be honored to the extent of the law. All submissions from organizations and businesses, and from individuals identifying themselves as representatives or officials of organizations or businesses, will be available for public inspection in their entirety. FOR FURTHER INFORMATION CONTACT: For further information and/or to have your name added to our mailing list, contact Fred Holzel, Planning and Environmental Coordinator, Telephone (775) 623–1500. SUPPLEMENTARY INFORMATION: The EIS will analyze a 1,450 megawatt coal-fired power plant, which is proposed by Granite-Fox Power LLC (GFP), to be located in rural northwest Nevada near the town of Gerlach, in Washoe County. Features in the area include the Smoke Creek Desert, the Black Rock-Desert High Rock Canyon Emigrant Trails National Conservation Area and associated wilderness areas, and five (5) E:\FR\FM\22APN1.SGM 22APN1

Agencies

[Federal Register Volume 70, Number 77 (Friday, April 22, 2005)]
[Notices]
[Pages 20929-20930]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-1885]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4513-N-20]


Credit Watch Termination Initiative

AGENCY: Office of the Assistant Secretary for Housing-Federal Housing 
Commissioner, HUD.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: This notice advises of the cause and effect of termination of 
Origination Approval Agreements taken by HUD's Federal Housing 
Administration (FHA) against HUD-approved mortgagees through the FHA 
Credit Watch Termination Initiative. This notice includes a list of 
mortgagees which have had their Origination Approval Agreements 
terminated.

FOR FURTHER INFORMATION CONTACT: The Quality Assurance Division, Office 
of Housing, Department of Housing and Urban Development, 451 Seventh 
Street, SW., Room B133-P3214, Washington, DC 20410-8000; telephone 
(202) 708-2830 (this is not a toll free number). Persons with hearing 
or speech impairments may access that number through TTY by calling the 
Federal Information Relay Service at (800) 877-8339.

SUPPLEMENTARY INFORMATION: HUD has the authority to address 
deficiencies in the performance of lenders' loans as provided in HUD's 
mortgagee approval regulations at 24 CFR 202.3. On May 17, 1999 (64 FR 
26769), HUD published a notice on its procedures for terminating 
Origination Approval Agreements with FHA lenders and placement of FHA 
lenders on Credit Watch status (an evaluation period). In the May 17, 
1999, notice, HUD advised that it would publish in the Federal Register 
a list of mortgagees, which have had their Origination Approval 
Agreements terminated.
    Termination of Origination Approval Agreement: Approval of a 
mortgagee by HUD/FHA to participate in FHA mortgage insurance programs 
includes an Origination Approval Agreement (Agreement) between HUD and 
the mortgagee. Under the Agreement, the mortgagee is authorized to 
originate single family mortgage loans and submit them to FHA for 
insurance endorsement. The Agreement may be terminated on the basis of 
poor performance of FHA-insured mortgage loans originated by the 
mortgagee. The termination of a mortgagee's Agreement is separate and 
apart from any action taken by HUD's Mortgagee Review Board under HUD's 
regulations at 24 CFR part 25.
    Cause: HUD's regulations permit HUD to terminate the Agreement with 
any mortgagee having a default and claim rate for loans endorsed within 
the preceding 24 months that exceeds 200 percent of the default and 
claim rate within the geographic area served by a HUD field office, and 
also exceeds the national default and claim rate. For the 22nd review 
period, HUD is terminating the Agreement of mortgagees whose default 
and claim rate exceeds both the national rate and 200 percent of the 
field office rate.
    Effect: Termination of the Agreement precludes that branch(s) of 
the mortgagee from originating FHA-insured single family mortgages 
within the area of the HUD field office(s) listed in this notice. 
Mortgagees authorized to purchase, hold, or service FHA insured 
mortgages may continue to do so.
    Loans that closed or were approved before the termination became 
effective may be submitted for insurance endorsement. Approved loans 
are (1) those already underwritten and approved by a Direct Endorsement 
(DE) underwriter employed by an unconditionally approved DE lender and 
(2) cases covered by a firm commitment issued by HUD. Cases at earlier 
stages of processing cannot be submitted for insurance by the 
terminated branch; however, they may be transferred for completion of 
processing and underwriting to another mortgagee or branch authorized 
to originate FHA insured mortgages in that area. Mortgagees are 
obligated to continue to pay existing insurance premiums and meet all 
other obligations associated with insured mortgages.
    A terminated mortgagee may apply for a new Origination Approval 
Agreement if the mortgagee continues to be an approved mortgagee 
meeting the requirements of 24 CFR 202.5, 202.6, 202.7, 202.8 or 202.10 
and 202.12, if there has been no Origination Approval Agreement for at 
least six months, and if the Secretary determines that the underlying 
causes for termination have been remedied. To enable the Secretary to 
ascertain whether the underlying causes for termination have been 
remedied, a mortgagee applying for a new Origination Approval Agreement 
must obtain an independent review of the terminated office's operations 
as well as its mortgage production, specifically including the FHA-
insured mortgages cited in its termination notice. This independent 
analysis shall identify the underlying cause for the mortgagee's high 
default and claim rate. The review must be conducted and issued by an 
independent Certified Public Accountant (CPA) qualified to perform 
audits under Government Auditing Standards as provided by the General 
Accounting Office. The mortgagee must also submit a written corrective 
action plan to address each of the issues identified in the CPA's 
report, along with evidence that the plan has been implemented. The 
application for a new Agreement should be in the form of a letter, 
accompanied by the CPA's report and corrective action plan. The request 
should be sent to the Director, Office of Lender Activities and Program 
Compliance, 451 Seventh Street, SW., Room B133-P3214, Washington, DC 
20410-8000 or by courier to 490 L'Enfant Plaza, East, SW., Suite 3214, 
Washington, DC 20024.
     The following mortgagees have had their Agreements terminated by 
HUD:

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                 Termination         Home  ownership
           Mortgagee name                  Mortgagee branch address           HUD office  jurisdictions        effective date            centers
--------------------------------------------------------------------------------------------------------------------------------------------------------
Alliance Mortgage Capital, Inc......  6500 S Quebec Street, Ste 210,     Denver, CO........................          3/24/2005   Denver.
                                       Englewood, CO 80111.
Benchmark Lending, Inc..............  105 S Wheeler Street, Ste 200,     Jacksonville, FL..................          3/24/2005   Atlanta.
                                       Plant City, FL 33563.
Benchmark Lending, Inc..............  105 S Wheeler Street, Ste 200,     Tampa, FL.........................          3/24/2005   Atlanta
                                       Plant City, FL 33563.
Compass Mortgage, Inc...............  6116 Shallowford Rd, Ste 119,      Knoxville, TN.....................          3/24/2005   Atlanta.
                                       Chattanooga, TN 37421.
Georgia State Mortgage, Inc.........  1395 Iris Drive, Ste 201,          Atlanta, GA.......................          3/24/2005   Atlanta.
                                       Conyers, GA 30013.

[[Page 20930]]

 
Mortgage Matters, Inc...............  695 N Jeff Davis Dr,               Atlanta, GA.......................          3/24/2005   Atlanta.
                                       Fayetteville, GA 30214.
RBC Mortgage Company................  4960 E State St, Rockford, IL      Chicago, IL.......................          2/12/2005   Atlanta.
                                       61108.
Southern Home Lending Corp..........  8833 Perimeter Pk Blvd, Ste 904,   Jacksonville, FL..................          3/24/2005   Atlanta.
                                       Jacksonville, FL 32256.
Stockon Turner, LLC.................  2250 Lucien Way, Ste 140,          Jacksonville, FL..................          3/24/2005   Atlanta.
                                       Maitland, FL 32751.
Synergy Mortgage Corp...............  191 NC Hwy 42 North, Ste J,        Greensboro, NC....................          2/12/2005   Atlanta.
                                       Asheboro, NC 27203.
--------------------------------------------------------------------------------------------------------------------------------------------------------


    Dated: April 14, 2005.
John C. Weicher,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. E5-1885 Filed 4-21-05; 8:45 am]
BILLING CODE 4210-27-P
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