Credit Watch Termination Initiative; Termination of Direct Endorsement (DE) Approval, 22119-22120 [2011-9502]
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22119
Federal Register / Vol. 76, No. 76 / Wednesday, April 20, 2011 / Notices
Total Estimated Burden Hours: 1,425.
Status: Reinstatement with change of
a previously approved collection.
Authority: Section 3507 of the
Paperwork Reduction Act of 1995, 44
U.S.C. 35, as amended.
Dated: April 13, 2011.
Colette Pollard,
Departmental Reports Management Officer,
Office of the Chief Information Officer.
[FR Doc. 2011–9508 Filed 4–19–11; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–5486–N–10]
Notice of Proposed Information
Collection for Public Comment: Notice
of Funding Availability for the
Transformation Initiative: Choice
Neighborhoods Research Grant
Program
Office of the Assistant
Secretary for Policy Development and
Research, HUD.
ACTION: Notice.
AGENCY:
The proposed information
collection requirement described below
will be 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.
DATES: Comment Due Date: June 20,
2011.
SUMMARY:
Interested persons are
invited to submit comments regarding
this proposal. Comments should refer to
the proposal by name and/or OMB
Control Number and should be sent
electronically to Paul.A.Joice@hud.gov
or in hard copy to: Paul Joice, Office of
Policy Development and Research,
Department of Housing and Urban
Development, 451 7th Street, SW.,
Room 8120, Washington, DC 20410–
6000. Please use ‘‘Choice Neighborhoods
PRA Comment’’ in the subject line of
any e-mail.
FOR FURTHER INFORMATION CONTACT: Paul
Joice at 202–402–4608 (this is not a tollfree number) or Paul.A.Joice@hud.gov,
for copies of the proposed forms and
other available documents. Please use
‘‘Choice Neighborhoods PRA Comment’’
in the subject line of any email.
SUPPLEMENTARY INFORMATION: The
Department of Housing and Urban
Development will submit the proposed
extension of information collection to
OMB for review, as required by the
Paperwork Reduction Act of 1995 (44
U.S.C. Chapter 35, as amended). This
Notice is soliciting comments from
members of the public and affected
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)
ADDRESSES:
Number of
respondents
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: Notice of Funding
Availability for the Transformation
Initiative: Choice Neighborhoods
Research Grant Program.
OMB Control Number: N/A.
Description of the Need for the
Information and Proposed Use: The
information is being collected to select
applicants for award in a competitive
grant program and to monitor
performance of grantees to ensure they
meet the goals and requirements of the
grant program.
Agency Form Numbers: SF–424, SF–
424 Supplemental, HUD–424–CB, SF–
LLL, HUD–2880, HUD–2993, HUD–
96010 and HUD–96011.
Members of the Affected Public:
Eligible applicants include nationally
recognized and accredited institutions
of higher education, non-profit
foundations, think tanks, research
consortia or policy institutes, and forprofit organizations located in the U.S.
Estimation of the total number of hours
needed to prepare the information
collection including number of
respondents, frequency of response, and
hours of response: Information pursuant
to grant award will be submitted once
a year. The following chart details the
respondent burden on a quarterly and
annual basis:
Total annual
responses
Hours per
response
Total hours
Applicants ........................................................................................
Quarterly Reports ............................................................................
Final Reports ...................................................................................
Recordkeeping .................................................................................
20
5
5
5
20
20
5
5
40
6
6
4
800
120
30
20
Total ..........................................................................................
35
50
56
970
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
Authority: Section 3506 of the Paperwork
Reduction Act of 1995, 44 U.S.C. Chapter 35,
as amended.
srobinson on DSKHWCL6B1PROD with NOTICES
Status of the proposed information
collection: Pending OMB approval.
[Docket No. FR–5511–N–02]
Dated: April 13, 2011.
Raphael W. Bostic,
Assistant Secretary for Policy Development
and Research.
[FR Doc. 2011–9507 Filed 4–19–11; 8:45 am]
BILLING CODE 4210–67–P
Credit Watch Termination Initiative;
Termination of Direct Endorsement
(DE) Approval
Office of the Assistant
Secretary for Housing-Federal Housing
Commissioner, HUD.
ACTION: Notice.
AGENCY:
This notice advises of the
cause and effect of termination of Direct
SUMMARY:
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17:52 Apr 19, 2011
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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.
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–
FOR FURTHER INFORMATION CONTACT:
E:\FR\FM\20APN1.SGM
20APN1
22120
Federal Register / Vol. 76, No. 76 / Wednesday, April 20, 2011 / Notices
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 250
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
quarterly review period ending
September 30, 2010, HUD is terminating
the DE Approval of mortgagees whose
default and claim rate exceeds both the
national rate and 250 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
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 home office address
HUD office jurisdictions
Allied Home Mortgage Corp ..........
6100 Pinemont Dr., Ste 220,
Houston, TX 77092.
1333 E. 9400 S., Sandy, UT
84093.
1333 E. 9400 S., Sandy, UT
84093.
4100 NE 2nd Ave., Miami, FL
33137.
225 International Cir., Ste 102,
Cockeysville, MD 21030.
Cleveland .......................................
1/18/11
Philadelphia.
Indianapolis ....................................
2/28/11
Atlanta.
Salt Lake City .................................
2/28/11
Denver.
Miami ..............................................
1/18/11
Atlanta.
Washington DC ..............................
1/18/11
Philadelphia.
Mountain States Mortgage Center
Mountain States Mortgage Center
Nationwide Home Loans, Inc .........
srobinson on DSKHWCL6B1PROD with NOTICES
US Mortgage Finance Corp ...........
Dated: April 13, 2011.
Robert C. Ryan,
Acting Assistant Secretary for HousingFederal Housing Commissioner.
[FR Doc. 2011–9502 Filed 4–19–11; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR- 5511–N–01]
Credit Watch Termination Initiative;
Termination of Origination Approval
Agreements
Office of the Assistant
Secretary for Housing—Federal Housing
Commissioner, HUD.
AGENCY:
VerDate Mar<15>2010
17:52 Apr 19, 2011
Jkt 223001
PO 00000
Frm 00046
Fmt 4703
Sfmt 4703
ACTION:
Notice.
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.
SUMMARY:
E:\FR\FM\20APN1.SGM
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]]>Agencies
[Federal Register Volume 76, Number 76 (Wednesday, April 20, 2011)]
[Notices]
[Pages 22119-22120]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-9502]
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5511-N-02]
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-
[[Page 22120]]
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 Sec. 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 250 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 quarterly
review period ending September 30, 2010, HUD is terminating the DE
Approval of mortgagees whose default and claim rate exceeds both the
national rate and 250 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 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 home HUD office Termination
Mortgagee name office address jurisdictions effective date Homeownership centers
----------------------------------------------------------------------------------------------------------------
Allied Home Mortgage Corp....... 6100 Pinemont Dr., Cleveland......... 1/18/11 Philadelphia.
Ste 220, Houston,
TX 77092.
Mountain States Mortgage Center. 1333 E. 9400 S., Indianapolis...... 2/28/11 Atlanta.
Sandy, UT 84093.
Mountain States Mortgage Center. 1333 E. 9400 S., Salt Lake City.... 2/28/11 Denver.
Sandy, UT 84093.
Nationwide Home Loans, Inc...... 4100 NE 2nd Ave., Miami............. 1/18/11 Atlanta.
Miami, FL 33137.
US Mortgage Finance Corp........ 225 International Washington DC..... 1/18/11 Philadelphia.
Cir., Ste 102,
Cockeysville, MD
21030.
----------------------------------------------------------------------------------------------------------------
Dated: April 13, 2011.
Robert C. Ryan,
Acting Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. 2011-9502 Filed 4-19-11; 8:45 am]
BILLING CODE 4210-67-P
