Credit Watch Termination Initiative, 27550-27551 [E8-10533]
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27550
Federal Register / Vol. 73, No. 93 / Tuesday, May 13, 2008 / Notices
the public and affecting agencies
concerning the proposed collection of
information to: (1) Evaluate whether the
proposed collection of information is
necessary for the proper performance of
the functions of the agency, including
whether the information will have
practical utility; (2) Evaluate the
accuracy of the agency’s estimate of the
burden of the proposed collection of
information; (3) Enhance the quality,
utility, and clarity of the information to
be collected; and (4) Minimize the
burden of the collection of information
on those who are to respond; including
through the use of appropriate
automated collection techniques or
other forms of information technology,
e.g., permitting electronic submission of
responses.
This notice also lists the following
information:
Title of Proposal: Application and
Reporting for Hospital Project Mortgage
Insurance/Section 242.
OMB Approval Number: 2502–0518.
Form Numbers: HUD–92013–HOSP,
HUD–93305–M–H.
Description of the Need for the
Information and its Proposed Use: This
information in the 92013 form is
necessary (a) to determine the viability
of a hospital applicant’s proposal for
mortgage insurance: basic eligibility
criteria; underwriting standards;
feasibility study; and adequacy of state
and/or local certifications, approvals, or
waivers and (b) to regulate and monitor
hospitals with insured mortgage loans.
The 93305 form is needed to insure
proper recordation of project costs,
identify and monitor identify of
interests between the Mortgagor and
General Contractor, subcontractors,
suppliers, or equipment lessors and
agree upon procedures when such
identity of interests arise, and to insure
conformity with the National Housing
Act and its Regulations.
Frequency of Submission: On
occasion, quarterly, annually.
Number of
respondents
Annual
responses
18
2
Reporting Burden ..............................................................................
Total Estimated Burden Hours:
17,566.
Status: Revision of a currently
approved collection.
Authority: Section 3507 of the Paperwork
Reduction Act of 1995, 44 U.S.C. 35, as
amended.
Dated: May 6, 2008.
Lillian L. Deitzer,
Departmental Paperwork Reduction Act
Officer, Office of the Chief Information
Officer.
[FR Doc. E8–10532 Filed 5–12–08; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. 5161–N–04]
Credit Watch Termination Initiative
Office of the Assistant
Secretary for Housing—Federal Housing
Commissioner, HUD.
ACTION: Notice.
rwilkins on PROD1PC63 with NOTICES
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).
VerDate Aug<31>2005
16:14 May 12, 2008
Jkt 214001
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 HUD published a notice (64 FR
26769), 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
PO 00000
Frm 00061
Fmt 4703
Sfmt 4703
×
Hours per
response
487
=
Burden hours
17,566
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
34th 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
E:\FR\FM\13MYN1.SGM
13MYN1
27551
Federal Register / Vol. 73, No. 93 / Tuesday, May 13, 2008 / Notices
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
Government Accountability 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:
Termination
effective date
Homeownership centers
Mortgagee name
Mortgagee branch address
HUD office jurisdictions
Assurity Financial Services
LLC.
Benchmark Lending Inc. ...
Heartland Funding Corp. ...
Owens Premier Mortgage,
LTD.
Orchid Island Treasures
LLC.
Orchid Island Treasures
LLC.
Gatewood Mortgage Corp
Citizens Bank ....................
6025 S Quebec St Ste 220 Englewood, CO 80111 ..
Denver, CO ......................
3/27/2008
Denver.
105 S Wheeler Street Ste 200 Plant City, FL 33563
1442 East Primrose Springfield, MO 65804 ...............
4545 Fuller Drive Suite 350 Irving, TX 75038 ............
Jacksonville, FL ...............
Springfield, MO ................
Fort Worth, TX .................
3/27/2008
3/27/2008
3/27/2008
Atlanta.
Denver.
Denver.
115 West Century Road Paramus, NJ 07652 ............
Atlanta, GA .......................
1/31/2008
Philadelphia.
115 West Century Road Paramus, NJ 07652 ............
Atlanta, GA .......................
1/31/2008
Philadelphia.
2646 Southloop West Suite 108 Houston, TX 77054
31155 Northwestern Highway Farmington Hills, MI
48334.
Houston, TX .....................
Indianapolis, IN ................
3/27/2008
3/27/2008
Denver.
Atlanta.
Dated: May 5, 2008.
Brian D. Montgomery,
Assistant Secretary for Housing—Federal
Housing Commissioner.
[FR Doc. E8–10533 Filed 5–12–08; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–5187–N–31]
Self-Help Homeownership Opportunity
Program (SHOP) Grant Monitoring
Office of the Chief Information
Officer, HUD.
ACTION: Notice.
rwilkins on PROD1PC63 with NOTICES
AGENCY:
SUMMARY: The proposed information
collection requirement described below
has been submitted to the Office of
Management and Budget (OMB) for
review, as required by the Paperwork
Reduction Act. The Department is
soliciting public comments on the
subject proposal.
SHOP provides for funds to purchase
home sites and develop/improve
infrastructure to support sweat equity
and volunteer-based homeownership
programs for low-income persons and
families. This information collection is
to measure performance goals and
demonstrate the success of the program.
VerDate Aug<31>2005
16:14 May 12, 2008
Jkt 214001
DATES:
Comments Due Date: June 12,
2008.
Interested persons are
invited to submit comments regarding
this proposal. Comments should refer to
the proposal by name and/or OMB
approval Number (2506–0157) should
be sent to: HUD Desk Officer, Office of
Management and Budget, New
Executive Office Building, Washington,
DC 20503; fax: 202–395–6974.
FOR FURTHER INFORMATION CONTACT:
Lillian Deitzer, Reports Management
Officer, QDAM, Department of Housing
and Urban Development, 451 Seventh
Street, SW., Washington, DC 20410; email Lillian Deitzer at
Lillian_L_Deitzer@HUD.gov or
telephone (202) 402–8048. This is not a
toll-free number. Copies of available
documents submitted to OMB may be
obtained from Ms. Deitzer.
SUPPLEMENTARY INFORMATION: This
notice informs the public that the
Department of Housing and Urban
Development has submitted to OMB a
request for approval of the Information
collection described below. This notice
is soliciting comments from members of
the public and affecting agencies
concerning the proposed collection of
information to: (1) Evaluate whether the
proposed collection of information is
necessary for the proper performance of
ADDRESSES:
PO 00000
Frm 00062
Fmt 4703
Sfmt 4703
the functions of the agency, including
whether the information will have
practical utility; (2) Evaluate the
accuracy of the agency’s estimate of the
burden of the proposed collection of
information; (3) Enhance the quality,
utility, and clarity of the information to
be collected; and (4) Minimize the
burden of the collection of information
on those who are to respond; including
through the use of appropriate
automated collection techniques or
other forms of information technology,
e.g., permitting electronic submission of
responses. This notice also lists the
following information:
Title of Proposal: Self-Help
Homeownership Opportunity Program
(SHOP) Grant Monitoring.
OMB Approval Number: 2506–0157.
Form Numbers: HUD–40215, HUD–
40216, HUD–40217, HUD–40218, HUD–
40219, and HUD–40220.
Description of the Need for the
Information and its Proposed Use:
SHOP provides for funds to purchase
home sites and develop/improve
infrastructure to support sweat equity
and volunteer-based homeownership
programs for low-income persons and
families. This information collection is
to measure performance goals and
demonstrate the success of the program.
Frequency of Submission: On
occasion, quarterly, annually.
E:\FR\FM\13MYN1.SGM
13MYN1
]]>Agencies
[Federal Register Volume 73, Number 93 (Tuesday, May 13, 2008)]
[Notices]
[Pages 27550-27551]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-10533]
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. 5161-N-04]
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 HUD
published a notice (64 FR 26769), 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 34th 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
[[Page 27551]]
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
Government Accountability 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
----------------------------------------------------------------------------------------------------------------
Assurity Financial Services LLC 6025 S Quebec St Ste Denver, CO........ 3/27/2008 Denver.
220 Englewood, CO
80111.
Benchmark Lending Inc.......... 105 S Wheeler Street Jacksonville, FL.. 3/27/2008 Atlanta.
Ste 200 Plant City, FL
33563.
Heartland Funding Corp......... 1442 East Primrose Springfield, MO... 3/27/2008 Denver.
Springfield, MO 65804.
Owens Premier Mortgage, LTD.... 4545 Fuller Drive Suite Fort Worth, TX.... 3/27/2008 Denver.
350 Irving, TX 75038.
Orchid Island Treasures LLC.... 115 West Century Road Atlanta, GA....... 1/31/2008 Philadelphia.
Paramus, NJ 07652.
Orchid Island Treasures LLC.... 115 West Century Road Atlanta, GA....... 1/31/2008 Philadelphia.
Paramus, NJ 07652.
Gatewood Mortgage Corp......... 2646 Southloop West Houston, TX....... 3/27/2008 Denver.
Suite 108 Houston, TX
77054.
Citizens Bank.................. 31155 Northwestern Indianapolis, IN.. 3/27/2008 Atlanta.
Highway Farmington
Hills, MI 48334.
----------------------------------------------------------------------------------------------------------------
Dated: May 5, 2008.
Brian D. Montgomery,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. E8-10533 Filed 5-12-08; 8:45 am]
BILLING CODE 4210-67-P
