Credit Watch Termination Initiative, 40144-40145 [E6-11118]

Download as PDF 40144 Federal Register / Vol. 71, No. 135 / Friday, July 14, 2006 / Notices Grand Lake Co: Grand CO 80447– Landholding Agency: Interior Property Number: 61200620006 Status: Unutilized Reason: Extensive deterioration Bldgs. 835, 865 Rocky Mountain Natl Park Grand Lake Co: Grand CO 90447– Landholding Agency: Interior Property Number: 61200620007 Status: Unutilized Reason: Extensive deterioration Bldg. 889 Rocky Mountain Natl Park Grand Lake Co: Grand CO 80447– Landholding Agency: Interior Property Number: 61200620008 Status: Unutilized Reason: Extensive deterioration Bldgs. 911, 912, 913 Rocky Mountain Natl Park Grand Lake Co: Grand CO 80447– Landholding Agency: Interior Property Number: 61200620009 Status: Unutilized Reason: Extensive deterioration Bldg. 918 Rocky Mountain Natl Park Grand Lake Co: Grand CO 80447– Landholding Agency: Interior Property Number: 61200620010 Status: Unutilized Reason: Extensive deterioration Bldg. Green Mountain Power Plant Silverthorne Co: Summit CO 80498– Landholding Agency: Interior Property Number: 61200620011 Status: Excess Reason: Extensive deterioration Status: Unutilized Reason: Secured Area Bldg. 4473 Marine Corps Air Station Cherry Point Co: NC Landholding Agency: Navy Property Number: 77200620040 Status: Unutilized Reason: Secured Area Bldg. 4523 Marine Corps Air Station Cherry Point Co: NC Landholding Agency: Navy Property Number: 77200620041 Status: Unutilized Reason: Secured Area Guam AGENCY: Bldgs. 151, 152, 153 Naval Forces Marianas Santa Rita Co: Apra Harbor GU Landholding Agency: Navy Property Number: 77200630001 Status: Unutilized Reason: Extensive deterioration jlentini on PROD1PC65 with NOTICES North Carolina Preston Clark USARC 1301 N. Memorial Dr. Greenville Co: Pitt NC 27834– Landholding Agency: COE Property Number: 31200620032 Status: Unutilized Reason: Extensive deterioration Bldg. 499 Marine Corps Air Station Cherry Point Co: NC Landholding Agency: Navy Property Number: 77200620038 Status: Unutilized Reason: Secured Area Bldgs. 3177, 3885 Marine Corps Air Station Cherry Point Co: NC Landholding Agency: Navy Property Number: 77200620039 VerDate Aug<31>2005 17:44 Jul 13, 2006 Jkt 208001 Texas Helium Plant 10001 Interchange 552 Amarillo Co: Potter TX 79106– Landholding Agency: GSA Property Number: 54200620020 Status: Surplus Reason: Extensive deterioration GSA Number: 7–I–TX–0772–1 Virginia Bldg. 011 Integrated Support Center Portsmouth Co: Norfolk VA 43703– Landholding Agency: Coast Guard Property Number: 88200620002 Status: Excess Reason: Secured Area [FR Doc. E6–10849 Filed 7–13–06; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR–4513–N–25] Credit Watch Termination Initiative 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 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. PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 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 27th 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 SUPPLEMENTARY INFORMATION: E:\FR\FM\14JYN1.SGM 14JYN1 40145 Federal Register / Vol. 71, No. 135 / Friday, July 14, 2006 / Notices 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 20024–8000. Action: The following mortgagees have had their Agreements terminated by HUD: Mortgagee name Mortgagee branch address HUD office jurisdictions Lifetime Financial Services ............. 613 N W Loop 410, STE 650, San Antonio, TX 78216. 142 Heritage Park Drive, Murfreesboro, TN 37129. 3350 Commission CT, Woodbridge, VA 22192. San Antonio, TX ............................. 06/14/2006 Denver. Nashville, TN .................................. 6/14/2006 Atlanta. Richmond, VA ................................ 6/14/2006 Philadelphia. Peoples Home Equity ..................... Weststar Mortgage Corp. Inc .......... Dated: July 5, 2006. Brian D. Montgomery, Assistant Secretary for Housing—Federal Housing Commissioner. [FR Doc. E6–11118 Filed 7–13–06; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF THE INTERIOR Fish and Wildlife Service Notice of Availability of a Draft Environmental Impact Report/ Environmental Impact Statement and Receipt of an Application for an Incidental Take Permit for the Orange County Southern Subregion Habitat Conservation Plan, Orange County, CA Fish and Wildlife Service, Interior. ACTION: Notice of availability and receipt of application. jlentini on PROD1PC65 with NOTICES AGENCY: SUMMARY: The County of Orange, Rancho Mission Viejo, and Santa Margarita Water District (Applicants) have applied to the U.S. Fish and Wildlife Service (Service) for an incidental take permit pursuant to section 10(a)(1)(B) of the Endangered Species Act of 1973, as amended (Act). The Service is requesting public comment on the Draft Orange County Southern Subregion Habitat Conservation Plan (HCP), Draft Implementing Agreement, and Draft Environmental Impact Report/ VerDate Aug<31>2005 17:44 Jul 13, 2006 Jkt 208001 Environmental Impact Statement (EIR/ EIS). The Applicants seek a permit to incidentally take 25 animal species and assurances for 7 plant species, including 25 unlisted species should any of them become listed under the Act during the term of the proposed 75-year permit. The permit is needed to authorize take of listed animal species (including harm and injury) for Covered Activities, including development and associated infrastructure in Rancho Mission Viejo, expansion of the Prima Deshecha Landfill, and the extension of La Pata Road in the approximately 132,000-acre Plan Area in southern Orange County, California. A Draft Environmental Impact Statement, which is the Federal portion of the Draft EIR/EIS, has been prepared jointly by the Service and the County of Orange to analyze the impacts of the HCP and is also available for public review. The analyses provided in the Draft EIR/EIS are intended to inform the public of the proposed action, alternatives, and associated impacts; address public comments received during the scoping period for the Draft EIR/EIS; disclose the direct, indirect, and cumulative environmental effects of the proposed action and each of the alternatives; and indicate any irreversible commitment of resources that would result from implementation of the proposed action. PO 00000 Frm 00085 Fmt 4703 Sfmt 4703 Termination effective date Homeownership centers Written comments should be received on or before September 12, 2006. ADDRESSES: Comments should be sent to Mr. Jim Bartel, Field Supervisor, U.S. Fish and Wildlife Service, Carlsbad Fish and Wildlife Office, 6010 Hidden Valley Road, Carlsbad, California 92011. You may also submit comments by facsimile to 760–918–0638. Information, comments, and/or questions related to the EIR and the California Environmental Quality Act should be submitted to Mr. Tim Neely at the County of Orange, 300 North Flower Street, Santa Ana, California 92702; telephone 714–834–2552; facsimile 714–834–2771. To get copies of the documents, see ‘‘Availability of Documents’’ under SUPPLEMENTARY INFORMATION. FOR FURTHER INFORMATION CONTACT: Ms. Karen Goebel, Assistant Field Supervisor, at the Carlsbad Fish and Wildlife Office (see ADDRESSES); telephone 760–431–9440. SUPPLEMENTARY INFORMATION: DATES: Availability of Documents Documents available for public review include the permit applications, the Public Review Draft HCP and Appendixes A–E, the Map Book (bound separately), the accompanying Draft Implementing Agreement, and the Draft EIR/EIS. Individuals wishing copies of the documents should contact the Service E:\FR\FM\14JYN1.SGM 14JYN1

Agencies

[Federal Register Volume 71, Number 135 (Friday, July 14, 2006)]
[Notices]
[Pages 40144-40145]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-11118]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4513-N-25]


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 27th 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

[[Page 40145]]

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 20024-8000.
    Action: The following mortgagees have had their Agreements 
terminated by HUD:

----------------------------------------------------------------------------------------------------------------
                                    Mortgagee branch        HUD office        Termination       Homeownership
         Mortgagee name                 address           jurisdictions     effective date         centers
----------------------------------------------------------------------------------------------------------------
Lifetime Financial Services.....  613 N W Loop 410,    San Antonio, TX....      06/14/2006  Denver.
                                   STE 650, San
                                   Antonio, TX 78216.
Peoples Home Equity.............  142 Heritage Park    Nashville, TN......       6/14/2006  Atlanta.
                                   Drive,
                                   Murfreesboro, TN
                                   37129.
Weststar Mortgage Corp. Inc.....  3350 Commission CT,  Richmond, VA.......       6/14/2006  Philadelphia.
                                   Woodbridge, VA
                                   22192.
----------------------------------------------------------------------------------------------------------------


    Dated: July 5, 2006.
Brian D. Montgomery,
Assistant Secretary for Housing--Federal Housing Commissioner.
 [FR Doc. E6-11118 Filed 7-13-06; 8:45 am]
BILLING CODE 4210-67-P
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