Credit Watch Termination Initiative Termination of Direct Endorsement (DE) Approval, 5262-5263 [2012-2344]
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5262
DATES:
Federal Register / Vol. 77, No. 22 / Thursday, February 2, 2012 / Notices
Effective Date: January 24, 2012.
FOR FURTHER INFORMATION CONTACT:
Peggy Miller, Office of Response and
Recovery, Federal Emergency
Management Agency, 500 C Street SW.,
Washington, DC 20472, (202) 646–3886.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that the incident period for
this declared disaster is now November
8, 2011, through and including
November 13, 2011.
The following Catalog of Federal Domestic
Assistance Numbers (CFDA) are to be used
for reporting and drawing funds: 97.030,
Community Disaster Loans; 97.031, Cora
Brown Fund; 97.032, Crisis Counseling;
97.033, Disaster Legal Services; 97.034,
Disaster Unemployment Assistance (DUA);
97.046, Fire Management Assistance Grant;
97.048, Disaster Housing Assistance to
Individuals and Households in Presidentially
Declared Disaster Areas; 97.049,
Presidentially Declared Disaster Assistance—
Disaster Housing Operations for Individuals
and Households; 97.050, Presidentially
Declared Disaster Assistance to Individuals
and Households—Other Needs; 97.036,
Disaster Grants—Public Assistance
(Presidentially Declared Disasters); 97.039,
Hazard Mitigation Grant.
recommend an increase of the Federal
cost share from seventy-five percent
(75%) to not more than ninety percent
(90%) of the eligible cost of permanent
work under section 406 and emergency
work under section 403 and section 407
of the Robert T. Stafford Disaster Relief
and Emergency Assistance Act is
adjusted annually. The adjustment to
the indicator is based on the Consumer
Price Index for All Urban Consumers
published annually by the U.S.
Department of Labor. For disasters
declared on January 1, 2012, through
December 31, 2012, the qualifying
indicator is $131 per capita of State
population.
This adjustment is based on an
increase of 3.0 percent in the Consumer
Price Index for All Urban Consumers for
the 12-month period that ended
December 2011. The Bureau of Labor
Statistics of the U.S. Department of
Labor released the information on
January 19, 2012.
[Docket ID FEMA–2012–0009]
(The following Catalog of Federal Domestic
Assistance Numbers (CFDA) are to be used
for reporting and drawing funds: 97.030,
Community Disaster Loans; 97.031, Cora
Brown Fund; 97.032, Crisis Counseling;
97.033, Disaster Legal Services; 97.034,
Disaster Unemployment Assistance (DUA);
97.046, Fire Management Assistance Grant;
97.048, Disaster Housing Assistance to
Individuals and Households in Presidentially
Declared Disaster Areas; 97.049,
Presidentially Declared Disaster Assistance—
Disaster Housing Operations for Individuals
and Households; 97.050, Presidentially
Declared Disaster Assistance to Individuals
and Households—Other Needs; 97.036,
Disaster Grants—Public Assistance
(Presidentially Declared Disasters); 97.039,
Hazard Mitigation Grant.)
Notice of Adjustment of Statewide Per
Capita Indicator for Recommending a
Cost Share Adjustment
W. Craig Fugate,
Administrator, Federal Emergency
Management Agency.
W. Craig Fugate,
Administrator, Federal Emergency
Management Agency.
[FR Doc. 2012–2352 Filed 2–1–12; 8:45 am]
BILLING CODE 9111–23–P
DEPARTMENT OF HOMELAND
SECURITY
Federal Emergency Management
Agency
[FR Doc. 2012–2353 Filed 2–1–12; 8:45 am]
Federal Emergency
Management Agency, DHS.
ACTION: Notice.
AGENCY:
BILLING CODE 9111–23–P
FEMA gives notice that the
statewide per capita indicator for
recommending cost share adjustments
for major disasters declared on or after
January 1, 2012, through December 31,
2012, is $131.
DATES: This notice applies to major
disasters declared on or after January 1,
2012.
FOR FURTHER INFORMATION CONTACT:
William Roche, Recovery Directorate,
Federal Emergency Management
Agency, 500 C Street SW., Washington,
DC 20472, (202) 646–3834.
SUPPLEMENTARY INFORMATION: Pursuant
to 44 CFR 206.47, the statewide per
capita indicator that is used to
srobinson on DSK4SPTVN1PROD with NOTICES
SUMMARY:
VerDate Mar<15>2010
17:04 Feb 01, 2012
Jkt 226001
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–5511–N–07]
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
Endorsement (DE) Approval taken by
HUD’s Federal Housing Administration
(FHA) against HUD-approved
SUMMARY:
PO 00000
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Fmt 4703
Sfmt 4703
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
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 that have
had their Approval Agreements
terminated. On January 21, 2010, HUD
issued Mortgagee Letter 2010–03, which
advised mortgagees of the extended
procedures for terminating
Underwriting Authority of Direct
Endorsement (DE) mortgagees.
Termination of Direct Endorsement
Approval (DE 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
DE Approval may be terminated on the
basis of poor performance of FHAinsured 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 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 June 30,
2011, HUD is terminating the DE
Approval of mortgagees whose default
and claim rate exceeds both the national
rate and 200 percent of the field office
rate.
Effect: Termination of the DE
Approval precludes the mortgagee from
E:\FR\FM\02FEN1.SGM
02FEN1
Federal Register / Vol. 77, No. 22 / Thursday, February 2, 2012 / Notices
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 §§ 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 mortgagee has
had its DE Approval terminated by
HUD:
Mortgagee name
Mortgagee home office address
HUD office
jurisdiction
Mortgage Source LLC
600 Old Country Rd., Room 210 Garden City, NY 11530–2011 ..
New York ..........
Dated: December 20, 2011.
Carol Galante,
Acting Assistant Secretary for Housing—
Federal Housing Commissioner.
impairments may access that number
through TTY by calling the Federal
Relay Service at (800) 877–8339.
BILLING CODE 4210–67–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–5511–N–06]
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
srobinson on DSK4SPTVN1PROD with NOTICES
SUMMARY:
VerDate Mar<15>2010
17:04 Feb 01, 2012
Jkt 226001
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.
SUPPLEMENTARY INFORMATION:
[FR Doc. 2012–2344 Filed 2–1–12; 8:45 am]
PO 00000
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Fmt 4703
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5263
Termination
effective date
11/1/11
Homeownership
center
Philadelphia.
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 June 30,
2011, HUD is terminating the
Agreements 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
and from establishing a new branch in
the location(s) covered by the
termination. 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
Direct Endorsement 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
E:\FR\FM\02FEN1.SGM
02FEN1
]]>Agencies
[Federal Register Volume 77, Number 22 (Thursday, February 2, 2012)]
[Notices]
[Pages 5262-5263]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-2344]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5511-N-07]
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 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 that have had their Approval Agreements
terminated. On January 21, 2010, HUD issued Mortgagee Letter 2010-03,
which advised mortgagees of the extended procedures for terminating
Underwriting Authority of Direct Endorsement (DE) mortgagees.
Termination of Direct Endorsement Approval (DE 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 DE 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 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 June 30, 2011, HUD is terminating the DE Approval
of mortgagees whose default and claim rate exceeds both the national
rate and 200 percent of the field office rate.
Effect: Termination of the DE Approval precludes the mortgagee from
[[Page 5263]]
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 Sec. Sec. 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 mortgagee has had its DE Approval terminated
by HUD:
----------------------------------------------------------------------------------------------------------------
Mortgagee home HUD office Termination
Mortgagee name office address jurisdiction effective date Homeownership center
----------------------------------------------------------------------------------------------------------------
Mortgage Source LLC........... 600 Old Country New York.............. 11/1/11 Philadelphia.
Rd., Room 210
Garden City, NY
11530-2011.
----------------------------------------------------------------------------------------------------------------
Dated: December 20, 2011.
Carol Galante,
Acting Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 2012-2344 Filed 2-1-12; 8:45 am]
BILLING CODE 4210-67-P
