Credit Watch Termination Initiative Termination of Origination Approval Agreements, 5263-5264 [2012-2345]
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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
Frm 00037
Fmt 4703
Sfmt 4703
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
5264
Federal Register / Vol. 77, No. 22 / Thursday, February 2, 2012 / Notices
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 §§ 202.5, 202.6, 202.7,
202.8 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
Mortgagee name
Mortgagee branch 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.
BILLING CODE 4210–67–P
DEPARTMENT OF THE INTERIOR
Fish and Wildlife Service
[FWS–R9–MB–2011–N016; 91100–3740–
GRNT 7C]
Meeting Announcements: North
American Wetlands Conservation
Council; Neotropical Migratory Bird
Conservation Advisory Group
Fish and Wildlife Service,
Interior.
ACTION: Notice of meetings.
AGENCY:
The North American
Wetlands Conservation Council
(Council) will meet to select North
American Wetlands Conservation Act
(NAWCA) grant proposals for
recommendation to the Migratory Bird
Conservation Commission
(Commission). This meeting is open to
the public. The Advisory Group for the
Neotropical Migratory Bird
Conservation Act (NMBCA) grants
program (Advisory Group) will also
meet. This meeting is also open to the
public, and interested persons may
present oral or written statements.
SUMMARY:
VerDate Mar<15>2010
17:04 Feb 01, 2012
Jkt 226001
Council: Meeting is March 6,
2012, 9:00 a.m. through 4 p.m. If you are
interested in presenting information at
this public meeting, contact the Council
Coordinator no later than March 1,
2012.
Advisory Group: Meeting is March 7,
2012, 10:30 a.m. through 4 p.m. If you
are interested in presenting information
at this public meeting, contact the
Council Coordinator no later than
March 1, 2012.
ADDRESSES: The Council meeting will be
held at 1150 Connecticut Avenue NW.,
Suite 600, Washington, DC 20036. The
Advisory Group meeting will be held at
the Department of the Interior, 1849 C
Street NW., North Penthouse, Room
7000 A and B, Washington, DC 20240.
FOR FURTHER INFORMATION CONTACT:
Michael Kreger, Acting Council
Coordinator, by phone at (703) 358–
2489; by email at dbhc@fws.gov; or by
U.S. mail at U.S. Fish and Wildlife
Service, 4401 N. Fairfax Drive, Mail
Stop MBSP 4075, Arlington, VA 22203.
SUPPLEMENTARY INFORMATION:
DATES:
[FR Doc. 2012–2345 Filed 2–1–12; 8:45 am]
srobinson on DSK4SPTVN1PROD with NOTICES
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 Origination Agreement
terminated by HUD:
Background
In accordance with NAWCA (Pub. L.
101–233, 103 Stat. 1968, December 13,
1989, as amended), the State-privateFederal Council meets to consider
wetland acquisition, restoration,
enhancement, and management projects
for recommendation to, and final
funding approval by, the Commission.
PO 00000
Frm 00038
Fmt 4703
Sfmt 4703
Termination
effective date
11/1/11
Homeownership center
Philadelphia.
Project proposal due dates, application
instructions, and eligibility
requirements are available on the
NAWCA Web site at https://www.fws.
gov/birdhabitat/Grants/NAWCA/
Standard/US/Overview.shtm. Proposals
require a minimum of 50 percent nonFederal matching funds. The Council
will consider Canadian and U.S. small
grant proposals at the meeting. The
Commission will consider the Council’s
recommendations at its meeting
tentatively scheduled for June 13, 2012.
The Advisory Group, named by the
Secretary of the Interior under NMBCA
(Pub. L. 106–247, 114 Stat. 593, July 20,
2000), will hold its meeting to discuss
the strategic direction and management
of the NMBCA program and provide
advice to the Director of the Fish and
Wildlife Service. If you are interested in
presenting information at either of these
public meetings, contact the Council
Coordinator no later than the date under
DATES.
Meetings
The Council will consider Canadian
and U.S. Small grant proposals at the
meeting announced in DATES. The
Commission will consider the Council’s
recommendations at its meeting
tentatively scheduled for June 6, 2012.
The Advisory Group will discuss the
strategic direction and management of
the NMBCA program at the meeting
announced in DATES.
E:\FR\FM\02FEN1.SGM
02FEN1
Agencies
[Federal Register Volume 77, Number 22 (Thursday, February 2, 2012)]
[Notices]
[Pages 5263-5264]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-2345]
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5511-N-06]
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 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 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 single-family 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
[[Page 5264]]
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 Sec. Sec. 202.5, 202.6, 202.7, 202.8 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 Origination Agreement
terminated by HUD:
----------------------------------------------------------------------------------------------------------------
Mortgagee branch HUD Office Termination Homeownership
Mortgagee name office address jurisdiction effective date 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. 2012-2345 Filed 2-1-12; 8:45 am]
BILLING CODE 4210-67-P