Credit Watch Termination Initiative; Termination of Origination Approval Agreements, 38406-38407 [2011-16518]
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Federal Register / Vol. 76, No. 126 / Thursday, June 30, 2011 / Notices
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Jennifer S. Spaeth,
Director, Office of Federal Advisory
Committee Policy.
[FR Doc. 2011–16465 Filed 6–29–11; 8:45 am]
BILLING CODE 4140–01–P
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
National Institutes of Health
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VerDate Mar<15>2010
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Jkt 223001
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PO 00000
Frm 00059
Fmt 4703
Sfmt 4703
Dated: June 23, 2011.
Jennifer S. Spaeth,
Director, Office of Federal Advisory
Committee Policy.
[FR Doc. 2011–16461 Filed 6–29–11; 8:45 am]
BILLING CODE 4140–01–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–5511–N–03]
Credit Watch Termination Initiative;
Termination of Origination Approval
Agreements
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
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 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
SUMMARY:
E:\FR\FM\30JNN1.SGM
30JNN1
38407
Federal Register / Vol. 76, No. 126 / Thursday, June 30, 2011 / Notices
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
quarterly review period ending
December 31, 2010, 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 branch(es) of the mortgagee
from originating FHA-insured singlefamily 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 branch; however, they may
be transferred for completion of
processing and underwriting to another
FHA-insured mortgagee with direct
endorsement approval for the area
covered by the termination. 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 Origination
Approval Agreement if the approval for
the affected branch or branches 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, 202.8 and 202.12. However,
Mortgagee Letter 2010–20 and Final
Rule 5356–F–02 at 24 CFR Part 202
eliminates FHA approval for loan
correspondents after December 31, 2010.
Therefore, HUD will not accept requests
for reinstatement from loan
correspondents after that date. 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 Origination Agreements
terminated by HUD:
Mortgagee name
Mortgagee branch office address
HUD office
jurisdictions
Equity Source Home Loans LLC ..............
1120 Campus Drive West Morganville,
NJ 07751.
6100 Rockside Woods Blvd., Ste 1 Independence, OH 44131.
G4355 S Saginaw St., Burton, MI 48529
Newark .............
6/1/2011
Philadelphia.
Cleveland ..........
6/21/11
Philadelphia.
Detroit ...............
4/26/11
Philadelphia.
First Ohio Banc and Lending, Inc .............
Mac-Clair Mortgage Corp .........................
Dated: June 22, 2011.
Robert C. Ryan,
Acting Assistant Secretary for Housing—
Federal Housing Commissioner.
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
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.
[Docket No. FR–5511–N–04]
FOR FURTHER INFORMATION CONTACT:
SUMMARY:
[FR Doc. 2011–16518 Filed 6–29–11; 8:45 am]
srobinson on DSK4SPTVN1PROD with NOTICES
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:
VerDate Mar<15>2010
16:24 Jun 29, 2011
Jkt 223001
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
PO 00000
Frm 00060
Fmt 4703
Sfmt 4703
Termination
effective date
Homeownership
centers
Information Relay Service at (800) 877–
8339.
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
SUPPLEMENTARY INFORMATION:
E:\FR\FM\30JNN1.SGM
30JNN1
]]>Agencies
[Federal Register Volume 76, Number 126 (Thursday, June 30, 2011)]
[Notices]
[Pages 38406-38407]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-16518]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5511-N-03]
Credit Watch Termination Initiative; Termination of Origination
Approval Agreements
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
[[Page 38407]]
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 quarterly
review period ending December 31, 2010, 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 branch(es) 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 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 branch; however, they may be transferred for completion of
processing and underwriting to another FHA-insured mortgagee with
direct endorsement approval for the area covered by the termination.
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
Origination Approval Agreement if the approval for the affected branch
or branches 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, 202.8 and 202.12. However,
Mortgagee Letter 2010-20 and Final Rule 5356-F-02 at 24 CFR Part 202
eliminates FHA approval for loan correspondents after December 31,
2010. Therefore, HUD will not accept requests for reinstatement from
loan correspondents after that date. 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 Origination
Agreements terminated by HUD:
----------------------------------------------------------------------------------------------------------------
Mortgagee branch HUD office Termination
Mortgagee name office address jurisdictions effective date Homeownership centers
----------------------------------------------------------------------------------------------------------------
Equity Source Home Loans LLC. 1120 Campus Newark............... 6/1/2011 Philadelphia.
Drive West
Morganville, NJ
07751.
First Ohio Banc and Lending, 6100 Rockside Cleveland............ 6/21/11 Philadelphia.
Inc. Woods Blvd.,
Ste 1
Independence,
OH 44131.
Mac-Clair Mortgage Corp...... G4355 S Saginaw Detroit.............. 4/26/11 Philadelphia.
St., Burton, MI
48529.
----------------------------------------------------------------------------------------------------------------
Dated: June 22, 2011.
Robert C. Ryan,
Acting Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 2011-16518 Filed 6-29-11; 8:45 am]
BILLING CODE 4210-67-P
