Credit Watch Termination Initiative; Termination of Direct Endorsement (DE) Approval, 67388-67389 [2010-27549]
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67388
Federal Register / Vol. 75, No. 211 / Tuesday, November 2, 2010 / Notices
Termination
effective date
Homeownership
centers
Mortgagee name
Mortgagee branch address
HUD office jurisdictions
Nationwide Home
Loans, Inc..
Access National Mortgage Corp..
BJV Financial Bank
Services, Inc..
Globe Mortgage
America LLC.
D and R Mortgage
Corp..
Dominion First Mortgage Corp..
Omni Capital Group
LLC.
Q Financial Direct,
Inc..
4100 NE 2nd Ave., Miami, FL 33137 .........
Miami .........................................
9/9/2010
Atlanta.
1800 Robert Fulton Dr., Ste 350, Reston,
VA 20191–4346.
7221 W. Touhy Ave., Chicago, IL 60631 ...
Richmond ..................................
9/2/2010
Philadelphia.
Chicago .....................................
8/11/2010
Atlanta.
475 Grand Ave. Englewood, NJ 07631 .....
Newark ......................................
8/11/2010
Philadelphia.
29870 Middlebelt Rd., Ste 100, Farmington Hills, MI 48334.
9970 Liberia Ave., Manassas, VA 20110 ...
Atlanta .......................................
8/1/2010
Atlanta.
Richmond ..................................
8/1/2010
Philadelphia.
6855 S. Havana St., Ste 500, Centennial,
CO 80112.
3155 NW 82nd Ave., Ste 200, Doral, FL
33122.
Denver .......................................
8/1/2010
Denver.
Miami .........................................
8/1/2010
Atlanta.
Dated: October 22, 2010.
David H. Stevens,
Assistant Secretary for Housing—Federal
Housing Commissioner.
[FR Doc. 2010–27548 Filed 11–1–10; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–5411–N–06]
Credit Watch Termination Initiative;
Termination of Direct Endorsement
(DE) Approval
hsrobinson on DSK69SOYB1PROD with NOTICES
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 Direct
Endorsement (DE) Approval 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 DE Approval
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
VerDate Mar<15>2010
18:39 Nov 01, 2010
Jkt 223001
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 Approval Agreements
terminated. On January 21, 2010 HUD
issued Mortgagee Letter 2010–03 which
advised the extended procedures for
terminating Underwriting Authority of
Direct Endorsement mortgagees.
Termination of Direct Endorsement
Approval: Approval of a DE mortgagee
by HUD/FHA authorizes the mortgagee
to underwrite single family mortgage
loans and submit them to FHA for
insurance endorsement. The Approval
may be terminated on the basis of poor
performance of FHA-insured mortgage
loans underwritten by the mortgagee.
The termination of a mortgagee’s DE
Approval 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 DE Approval with any
mortgagee having a default and claim
rate for loans endorsed within the
preceding 24 months that exceeds 300
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
quarterly review period ending March
31, 2010, HUD is terminating the DE
Approval of mortgagees whose default
and claim rate exceeds both the national
rate and 300 percent of the field office
rate.
Effect: Termination of the DE
Approval precludes the mortgagee from
PO 00000
Frm 00045
Fmt 4703
Sfmt 4703
underwriting 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 those
already underwritten and approved by a
DE underwriter, and cases covered by a
firm commitment issued by HUD. Cases
at earlier stages of processing cannot be
submitted for insurance by the
terminated mortgagee; however, the
cases may be transferred for completion
of processing and underwriting to
another mortgagee with DE Approval 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
reinstatement of the DE Approval if the
DE Approval for the affected area or
areas has been terminated for at least six
months and the mortgagee continues to
be an approved mortgagee meeting the
requirements of 24 CFR 202.5, 202.6,
202.7, 202.10 and 202.12. The
mortgagee’s application for
reinstatement must be in a format
prescribed by the Secretary and signed
by the mortgagee. In addition, the
application must be accompanied by an
independent analysis 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
analysis must be prepared by an
independent Certified Public
Accountant (CPA) qualified to perform
E:\FR\FM\02NON1.SGM
02NON1
67389
Federal Register / Vol. 75, No. 211 / Tuesday, November 2, 2010 / Notices
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 DE Approvals terminated
by HUD:
Termination
effective date
Homeownership
centers
Mortgagee name
Mortgagee branch address
HUD Office jurisdictions
Freedom Mortgage Corp.
Freedom Mortgage Corp.
Alacrity Lending Company.
Benefit Funding Corp. .....
Nichols Mortgage Services Inc..
Pine State Mortgage
Corp..
Liberty Mortgage Corp. ...
D and R Mortgage Corp.
907 Pleasant Valley Ave. Mount Laurel, NJ 08054
907 Pleasant Valley Ave. Mount Laurel, NJ 08054
2535 E. Southlake Blvd., Ste 100 Southlake, TX
76092.
10724 Baltimore Ave. Beltsville, MD 20705 .............
1811 N. Meridian St. Indianapolis, IN 46202 ...........
Fort Worth .......................
Des Moines .....................
Houston ...........................
10/4/10
10/4/10
8/30/10
Denver.
Denver.
Denver.
Washington .....................
Indianapolis .....................
8/16/10
8/11/10
Philadelphia.
Atlanta.
6065 Roswell Road NE, Ste 300 Atlanta, GA 30328
Greensboro .....................
8/11/10
Atlanta.
3720 Davinci Ct., Ste 150 Norcross, GA 30092 ......
29870 Middlebelt Rd., Ste 100 Farmington Hills, MI
48334.
2601 Fair Oaks Blvd. Sacramento, CA 95864–4932
Minneapolis .....................
Greensboro .....................
8/9/10
8/1/10
Denver.
Atlanta.
Fort Worth .......................
8/1/10
Denver.
Summit Funding Inc. .......
Dated: October 22, 2010.
David H. Stevens,
Assistant Secretary for Housing—Federal
Housing Commissioner.
[FR Doc. 2010–27549 Filed 11–1–10; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–5408–N–02]
Notice of Availability of the Draft
Environmental Impact Statement for
the Yesler Terrace Redevelopment
Project
hsrobinson on DSK69SOYB1PROD with NOTICES
AGENCY: Office of the Assistant
Secretary for Community Planning and
Development, HUD.
ACTION: Notice.
SUMMARY: The Department of Housing
and Urban Development (HUD) gives
notice to the public, agencies, and
Indian tribes that the Seattle Housing
Authority and the City of Seattle Human
Services Department (Community
Development Block Grant (CDBG)
Administration Unit) have prepared a
Draft Environmental Impact Statement
(DEIS) for the Yesler Terrace
Redevelopment Project, located in the
City of Seattle, King County, WA. The
project proponent is the Seattle Housing
Authority. The City of Seattle Human
Services Department and the Seattle
Housing Authority, acting jointly as lead
agencies, have prepared the DEIS under
the authority of the City of Seattle
Human Services Department as the
Responsible Entity for compliance with
the National Environmental Policy Act
(NEPA) in accordance with 42 U.S.C.
VerDate Mar<15>2010
18:39 Nov 01, 2010
Jkt 223001
1437x and HUD regulations at 24 CFR
58.4, and under the Seattle Housing
Authority’s role as lead agency in
accordance with the Washington State
Environmental Policy Act (SEPA). The
DEIS is a joint NEPA and SEPA
document. The DEIS satisfies
requirements of SEPA (RCW 43.21C)
and the SEPA Rules (WAC 197–11)
which require that all state and local
government agencies consider the
environmental consequences of projects
over which they have discretionary
authority before acting on those
projects. The proposed action is subject
to compliance with NEPA, because
funds from the public housing programs
under Title I of the United States
Housing Act of 1937 (HOPE VI, Capital
Funds, Demolition/Disposition) will be
used for this project (24 CFR
58.1(b)(6)(i)). This notice is given in
accordance with the Council on
Environmental Quality regulations at 40
CFR parts 1500–1508. All interested
Federal, State, and local agencies,
Indian tribes, groups, and the public are
also invited to comment on the DEIS. If
you are an agency with jurisdiction by
law over natural or other public
resources affected by the project, the
Seattle Housing Authority and the City
of Seattle Human Services Department
need to know what environmental
information germane to your statutory
responsibilities should be included in
the DEIS.
Comments relating to the
DEIS are requested and will be accepted
by the contact persons listed below until
December 13, 2010. Any person or
agency interested in receiving a notice
and wishing to make comment on the
ADDRESSES:
PO 00000
Frm 00046
Fmt 4703
Sfmt 4703
DEIS should contact the persons listed
below.
FOR FURTHER INFORMATION CONTACT:
Stephanie Van Dyke, Development
Director of the Seattle Housing
Authority,
YTEISComments@seattlehousing.org,
P.O. Box 19028, Seattle, WA 98109–
1028, (f) 206–615–3539 (SEPA) and
Kristen Larson, Project Funding and
Agreements Coordinator, City of Seattle
Human Services Department, CDBG
Administration Unit,
Kristen.Larson@seattle.gov, P.O. Box
34215, Seattle, WA 98124–4215, (f) 206–
621–5003 (NEPA).
For additional background
information on the project proposal,
please see the Seattle Housing Authority
Web site: https://
www.seattlehousing.org/redevelopment/
yesler-terrace/.
Public Participation: A public hearing
on the DEIS will be held for the public
to provide verbal or written comment on
the DEIS. At the meeting, the public will
be able to view graphics illustrating
preliminary redevelopment concepts
associated with the proposed actions
and speak with staff of the Seattle
Housing Authority, the City of Seattle
and members of the consultant team
providing technical analyses in support
of the project. Written comments may be
mailed, sent via fax or e-mailed to the
Seattle Housing Authority contact listed
above or submitted at the public hearing
on the DEIS.
The public hearing will be held at the
Yesler Community Center (835 Yesler
Way, Seattle, WA 98122) on November
30, 2010 at 6 p.m. For accommodations
and translation services in conjunction
E:\FR\FM\02NON1.SGM
02NON1
Agencies
[Federal Register Volume 75, Number 211 (Tuesday, November 2, 2010)]
[Notices]
[Pages 67388-67389]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-27549]
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5411-N-06]
Credit Watch Termination Initiative; Termination of Direct
Endorsement (DE) Approval
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
Direct Endorsement (DE) Approval 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 DE Approval 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 Approval Agreements
terminated. On January 21, 2010 HUD issued Mortgagee Letter 2010-03
which advised the extended procedures for terminating Underwriting
Authority of Direct Endorsement mortgagees.
Termination of Direct Endorsement Approval: Approval of a DE
mortgagee by HUD/FHA authorizes the mortgagee to underwrite single
family mortgage loans and submit them to FHA for insurance endorsement.
The Approval may be terminated on the basis of poor performance of FHA-
insured mortgage loans underwritten by the mortgagee. The termination
of a mortgagee's DE Approval 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 DE Approval
with any mortgagee having a default and claim rate for loans endorsed
within the preceding 24 months that exceeds 300 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 quarterly
review period ending March 31, 2010, HUD is terminating the DE Approval
of mortgagees whose default and claim rate exceeds both the national
rate and 300 percent of the field office rate.
Effect: Termination of the DE Approval precludes the mortgagee from
underwriting 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 those already underwritten and approved by a DE underwriter, and
cases covered by a firm commitment issued by HUD. Cases at earlier
stages of processing cannot be submitted for insurance by the
terminated mortgagee; however, the cases may be transferred for
completion of processing and underwriting to another mortgagee with DE
Approval 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 reinstatement of the DE
Approval if the DE Approval for the affected area or areas has been
terminated for at least six months and the mortgagee continues to be an
approved mortgagee meeting the requirements of 24 CFR 202.5, 202.6,
202.7, 202.10 and 202.12. The mortgagee's application for reinstatement
must be in a format prescribed by the Secretary and signed by the
mortgagee. In addition, the application must be accompanied by an
independent analysis 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 analysis must be prepared by an independent
Certified Public Accountant (CPA) qualified to perform
[[Page 67389]]
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 DE Approvals
terminated by HUD:
----------------------------------------------------------------------------------------------------------------
Mortgagee branch HUD Office Termination
Mortgagee name address jurisdictions effective date Homeownership centers
----------------------------------------------------------------------------------------------------------------
Freedom Mortgage Corp......... 907 Pleasant Valley Fort Worth....... 10/4/10 Denver.
Ave. Mount Laurel, NJ
08054.
Freedom Mortgage Corp......... 907 Pleasant Valley Des Moines....... 10/4/10 Denver.
Ave. Mount Laurel, NJ
08054.
Alacrity Lending Company...... 2535 E. Southlake Houston.......... 8/30/10 Denver.
Blvd., Ste 100
Southlake, TX 76092.
Benefit Funding Corp.......... 10724 Baltimore Ave. Washington....... 8/16/10 Philadelphia.
Beltsville, MD 20705.
Nichols Mortgage Services Inc. 1811 N. Meridian St. Indianapolis..... 8/11/10 Atlanta.
Indianapolis, IN
46202.
Pine State Mortgage Corp...... 6065 Roswell Road NE, Greensboro....... 8/11/10 Atlanta.
Ste 300 Atlanta, GA
30328.
Liberty Mortgage Corp......... 3720 Davinci Ct., Ste Minneapolis...... 8/9/10 Denver.
150 Norcross, GA
30092.
D and R Mortgage Corp......... 29870 Middlebelt Rd., Greensboro....... 8/1/10 Atlanta.
Ste 100 Farmington
Hills, MI 48334.
Summit Funding Inc............ 2601 Fair Oaks Blvd. Fort Worth....... 8/1/10 Denver.
Sacramento, CA 95864-
4932.
----------------------------------------------------------------------------------------------------------------
Dated: October 22, 2010.
David H. Stevens,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 2010-27549 Filed 11-1-10; 8:45 am]
BILLING CODE 4210-67-P