Credit Watch Termination Initiative, 35061-35062 [E7-12291]

Download as PDF Federal Register / Vol. 72, No. 122 / Tuesday, June 26, 2007 / Notices to discuss various issues relating to Pilotage on the Great Lakes. The meeting will be open to the public. DATES: GLPAC will meet on Tuesday, July 24, 2007, from 8 a.m. to 2 p.m. The meeting may close early if all business is finished. Written material and requests to make oral presentations should reach the Coast Guard on or before July 9, 2007. Requests to have a copy of your material distributed to each member of the committee should reach the Coast Guard on or before July 9, 2007. ADDRESSES: GLPAC will meet at Coast Guard Headquarters, 2100 2nd Street, SW., Washington, DC 20593–0001, Room 6303. Send written material and requests to make oral presentations to Mr. John Bobb, Commandant (CG– 3PWM–1), U.S. Coast Guard Headquarters, 2100 Second Street, SW., Washington, DC 20593–0001. This notice is available on the Internet at https://dms.dot.gov. FOR FURTHER INFORMATION CONTACT: Mr. John Bobb, Executive Secretary of GLPAC, telephone 202–372–1532, fax 202–372–1929 or e-mail at john.k.bobb@uscg.mil. Notice of the meeting is given under the Federal Advisory Committee Act, 5 U.S.C. App. 2. SUPPLEMENTARY INFORMATION: Agenda of Meeting The agenda includes the following: (1) KleinPilot—Pilot Dispatch and Billing Software. (2) Rate Making Process. (3) 7th Member. (4) Report from the Director of Great Lakes Pilotage. Procedural jlentini on PROD1PC65 with NOTICES The meeting is open to the public. Please note that the meeting may close early if all business is finished. At the Chair’s discretion, members of the public may make oral presentations during the meeting. If you would like to make an oral presentation at the meeting, please notify the Executive Secretary no later than July 9, 2007. Written material for distribution at the meeting should reach the Coast Guard no later than July 9, 2007. If you would like a copy of your material distributed to each member of the committee in advance of the meeting, please submit 15 copies to the Executive Secretary no later than July 9, 2007. Information on Services for Individuals With Disabilities For information on facilities or services for individuals with disabilities or to request special assistance at the VerDate Aug<31>2005 17:07 Jun 25, 2007 Jkt 211001 meeting, contact the Executive Secretary as soon as possible. Dated: June 20, 2007. J.M. Sollosi, Acting Director of Waterways Management. [FR Doc. E7–12290 Filed 6–25–07; 8:45 am] BILLING CODE 4910–15–P DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR–4513–N–28] 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 PO 00000 Frm 00033 Fmt 4703 Sfmt 4703 35061 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 30th 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 E:\FR\FM\26JNN1.SGM 26JNN1 35062 Federal Register / Vol. 72, No. 122 / Tuesday, June 26, 2007 / Notices 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 AAA Worldwide Financial Co ...................... 15400 Knoll Trail Drive, Ste. 401, Dallas, TX 75248. 32100 Telegraph Road, Ste 205, Bingham Farms, MI 48025. 101 Cordell Road, Schenectady, NY 12304 411 Hamilton Boulevard, Ste 1020, Peoria, IL 61602. 1327 Empire Central Drive, Ste 114, Dallas, TX 75247. 12700 Hillcrest Road #230, Dallas, TX 75230. 250 E 96th Street, Ste 125, Indianapolis, IN 46240. 45 N Pennsylvania Street, Indianapolis, IN 46204. Dallas ................ 3/21/2007 Detroit ............... 2/6/2007 Philadelphia. Albany .............. Springfield ........ 4/2/2007 3/20/2007 Philadelphia. Atlanta. Houston ............ 2/6/2007 Denver. Dallas ................ 2/6/2007 Denver. Indianapolis ...... 4/2/2007 Atlanta. Greensboro ...... 2/6/2007 Atlanta. First Alliance Mortgage Co .......................... First Alternative Mortgage Corp .................. GSF Mortgage Corp .................................... Loanamerica Home Mortgage Inc ............... Northwood Credit Inc ................................... Pinnacle Mortgage Funding LLC ................. Union Federal Bank Indianapolis ................ Dated: June 14, 2007. Brian D. Montgomery Assistant Secretary for Housing-Federal Housing Commissioner. [FR Doc. E7–12291 Filed 6–25–07; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF THE INTERIOR Bureau of Land Management [AA–6695–A2; AK–964–1410–KC–P] Alaska Native Claims Selection Bureau of Land Management, Interior. ACTION: Notice of decision approving lands for conveyance. AGENCY: SUMMARY: As required by 43 CFR 2650.7(d), notice is hereby given that an appealable decision approving lands for conveyance pursuant to the Alaska Native Claims Settlement Act will be issued to The Port Graham Corporation. The lands are in the vicinity of Port Graham, Alaska, and are located in: jlentini on PROD1PC65 with NOTICES Tract B, U.S. Survey No. 1630, Alaska. Containing 0.74 acres. The subsurface estate in these lands will be conveyed to Chugach Alaska Corporation when the surface estate is conveyed to The Port Graham Corporation. Notice of the decision will also be published four times in the Homer Tribune. VerDate Aug<31>2005 17:07 Jun 25, 2007 Jkt 211001 The time limits for filing an appeal are: 1. Any party claiming a property interest which is adversely affected by the decision shall have until July 26, 2007 to file an appeal. 2. Parties receiving service of the decision by certified mail shall have 30 days from the date of receipt to file an appeal. Parties who do not file an appeal in accordance with the requirements of 43 CFR part 4, subpart E, shall be deemed to have waived their rights. DATES: A copy of the decision may be obtained from: Bureau of Land Management, Alaska State Office, 222 West Seventh Avenue, #13, Anchorage, Alaska 99513–7504. ADDRESSES: The Bureau of Land Management by phone at 907–271–5960, or by e-mail at ak.blm.conveyance@ak.blm.gov. Persons who use a telecommunication device (TTD) may call the Federal Information Relay Service (FIRS) at 1–800–877– 8330, 24 hours a day, seven days a week, to contact the Bureau of Land Management. FOR FURTHER INFORMATION CONTACT: Jennifer L. Noe, Land Law Examiner, Branch of Adjudication II. [FR Doc. E7–12316 Filed 6–25–07; 8:45 am] BILLING CODE 4310–$$–P PO 00000 Frm 00034 Fmt 4703 Sfmt 4703 Termination effective date Homeownership centers Denver. DEPARTMENT OF THE INTERIOR Bureau of Land Management [CO–500–0777–XZ–241A] Notice of Meeting, Front Range Resource Advisory Council (Colorado) Bureau of Land Management, Interior. ACTION: Notice of public meeting. AGENCY: SUMMARY: In accordance with the Federal Land Policy and Management Act (FLPMA) and the Federal Advisory Committee Act of 1972 (FACA), the U.S. Department of the Interior, Bureau of Land Management (BLM) Front Range Resource Advisory Council (RAC), will meet as indicated below. DATES: The meeting will be held July 17, 2007 from 9 a.m. to 5 p.m. and will continue on July 18, 2007 from 9 a.m. to 3 p.m. ADDRESSES: Great Sand Dunes Visitor Center, Mosca, Colorado. FOR FURTHER INFORMATION CONTACT: Christie Achenbach, (719) 852–5941. SUPPLEMENTARY INFORMATION: The 15 member Council advises the Secretary of the Interior, through the Bureau of Land Management, on a variety of planning and management issues associated with public land management in the Royal Gorge Field Office and San Luis Valley, Colorado. Planned agenda topics on July 17 include: Manager updates on current E:\FR\FM\26JNN1.SGM 26JNN1

Agencies

[Federal Register Volume 72, Number 122 (Tuesday, June 26, 2007)]
[Notices]
[Pages 35061-35062]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-12291]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4513-N-28]


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 30th 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

[[Page 35062]]

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
        Mortgagee name               address            jurisdictions      effective date  Homeownership centers
----------------------------------------------------------------------------------------------------------------
AAA Worldwide Financial Co....  15400 Knoll Trail  Dallas................       3/21/2007  Denver.
                                 Drive, Ste. 401,
                                 Dallas, TX 75248.
First Alliance Mortgage Co....  32100 Telegraph    Detroit...............        2/6/2007  Philadelphia.
                                 Road, Ste 205,
                                 Bingham Farms,
                                 MI 48025.
First Alternative Mortgage      101 Cordell Road,  Albany................        4/2/2007  Philadelphia.
 Corp.                           Schenectady, NY
                                 12304.
GSF Mortgage Corp.............  411 Hamilton       Springfield...........       3/20/2007  Atlanta.
                                 Boulevard, Ste
                                 1020, Peoria, IL
                                 61602.
Loanamerica Home Mortgage Inc.  1327 Empire        Houston...............        2/6/2007  Denver.
                                 Central Drive,
                                 Ste 114, Dallas,
                                 TX 75247.
Northwood Credit Inc..........  12700 Hillcrest    Dallas................        2/6/2007  Denver.
                                 Road 230, Dallas,
                                 TX 75230.
Pinnacle Mortgage Funding LLC.  250 E 96th         Indianapolis..........        4/2/2007  Atlanta.
                                 Street, Ste 125,
                                 Indianapolis, IN
                                 46240.
Union Federal Bank              45 N Pennsylvania  Greensboro............        2/6/2007  Atlanta.
 Indianapolis.                   Street,
                                 Indianapolis, IN
                                 46204.
----------------------------------------------------------------------------------------------------------------


    Dated: June 14, 2007.
Brian D. Montgomery
Assistant Secretary for Housing-Federal Housing Commissioner.
 [FR Doc. E7-12291 Filed 6-25-07; 8:45 am]
BILLING CODE 4210-67-P
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