Credit Watch Termination Initiative; Termination of Direct Endorsement (DE) Approval, 38817-38818 [2012-16036]
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Federal Register / Vol. 77, No. 126 / Friday, June 29, 2012 / Notices
(BHC Act), Regulation Y (12 CFR part
225), and all other applicable statutes
and regulations to become a bank
holding company and/or to acquire the
assets or the ownership of, control of, or
the power to vote shares of a bank or
bank holding company and all of the
banks and nonbanking companies
owned by the bank holding company,
including the companies listed below.
The applications listed below, as well
as other related filings required by the
Board, are available for immediate
inspection at the Federal Reserve Bank
indicated. The applications will also be
available for inspection at the offices of
the Board of Governors. Interested
persons may express their views in
writing on the standards enumerated in
the BHC Act (12 U.S.C. 1842(c)). If the
proposal also involves the acquisition of
a nonbanking company, the review also
includes whether the acquisition of the
nonbanking company complies with the
standards in section 4 of the BHC Act
(12 U.S.C. 1843). Unless otherwise
noted, nonbanking activities will be
conducted throughout the United States.
Unless otherwise noted, comments
regarding each of these applications
must be received at the Reserve Bank
indicated or the offices of the Board of
Governors not later than July 26, 2012.
A. Federal Reserve Bank of San
Francisco (Kenneth Binning, Vice
President, Applications and
Enforcement) 101 Market Street, San
Francisco, California 94105–1579:
1. First PactTrust Bancorp, Inc.,
Irvine, California; to merge with
Gateway Bancorp, Santa Ana,
California, with First PacTrust Bancorp,
Inc., and thereby indirectly acquire
Gateway Business Bank, Cerritos,
California.
Board of Governors of the Federal Reserve
System, June 26, 2012.
Margaret McCloskey Shanks,
Associate Secretary of the Board.
[FR Doc. 2012–15982 Filed 6–28–12; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
mstockstill on DSK4VPTVN1PROD with NOTICES
Formations of, Acquisitions by, and
Mergers of Savings and Loan Holding
Companies
The companies listed in this notice
have applied to the Board for approval,
pursuant to the Home Owners’ Loan Act
(12 U.S.C. 1461 et seq.) (HOLA),
Regulation LL (12 CFR part 238), and
Regulation MM (12 CFR part 239), and
all other applicable statutes and
regulations to become a savings and
loan holding company and/or to acquire
VerDate Mar<15>2010
16:52 Jun 28, 2012
Jkt 226001
the assets or the ownership of, control
of, or the power to vote shares of a
savings association and nonbanking
companies owned by the savings and
loan holding company, including the
companies listed below.
The applications listed below, as well
as other related filings required by the
Board, are available for immediate
inspection at the Federal Reserve Bank
indicated. The application also will be
available for inspection at the offices of
the Board of Governors. Interested
persons may express their views in
writing on the standards enumerated in
the HOLA (12 U.S.C. 1467a(e)). If the
proposal also involves the acquisition of
a nonbanking company, the review also
includes whether the acquisition of the
nonbanking company complies with the
standards in section 10(c)(4)(B) of the
HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless
otherwise noted, nonbanking activities
will be conducted throughout the
United States.
Unless otherwise noted, comments
regarding each of these applications
must be received at the Reserve Bank
indicated or the offices of the Board of
Governors not later than July 26, 2012.
A. Federal Reserve Bank of Richmond
(Adam M. Drimer, Assistant Vice
President) 701 East Byrd Street,
Richmond, Virginia 23261–4528:
1. Financial Services Partners Fund I
LLC, Hovde Acquisition I LLC, and
Hovde Private Equity Advisors LLC, all
of Washington, DC (collectively the
‘‘Hovde Group’’), to acquire control of a
savings and loan holding company,
Carrollton Bancorp, Columbia,
Maryland, upon Carrollton Bancorp’s
conversion to a savings and loan
holding company through a merger with
Jefferson Bancorp, Inc., Washington, DC,
a subsidiary of the Hovde Group, and
thereby control Carrollton Bank,
Columbia, Maryland, and Bay Bank
FSB, Lutherville, Maryland.
In addition, Carrollton Bank will
merge with Bay Bank, FSB, Lutherville,
Maryland, with Bay Bank, FSB, as the
surviving entity.
Board of Governors of the Federal Reserve
System, June 26, 2012.
Margaret McCloskey Shanks,
Associate Secretary of the Board.
[FR Doc. 2012–15981 Filed 6–28–12; 8:45 am]
BILLING CODE 6210–01–P
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38817
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–5644–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–
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 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.
E:\FR\FM\29JNN1.SGM
29JNN1
38818
Federal Register / Vol. 77, No. 126 / Friday, June 29, 2012 / Notices
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
December 31, 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
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 name
Mortgagee home
office address
HUD
Office
jurisdiction
Community Central Mortgage Co. LLC ....
120 N Main St., Mount Clemens, MI
48043.
40 W 3rd Ave., Columbus, OH 43201 .....
Indianapolis .............
4/17/12
Atlanta.
Columbus ................
4/17/12
Philadelphia.
Strategic Mortgage Company ..................
Dated: June 18, 2012.
Carol Galante,
Acting Assistant Secretary for HousingFederal Housing Commissioner.
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.
[FR Doc. 2012–16036 Filed 6–28–12; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–5644–N–01]
Credit Watch Termination Initiative;
Termination of Origination Approval
Agreements
SUPPLEMENTARY INFORMATION:
AGENCY:
Office of the Assistant
Secretary for Housing—Federal Housing
Commissioner, HUD.
mstockstill on DSK4VPTVN1PROD with NOTICES
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 HUDapproved mortgagees through the FHA
Credit Watch Termination Initiative.
This notice includes a list of mortgagees
VerDate Mar<15>2010
16:52 Jun 28, 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.
PO 00000
Frm 00054
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Termination
effective date
Homeownership
center
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
December 31, 2011, HUD is terminating
E:\FR\FM\29JNN1.SGM
29JNN1
]]>Agencies
[Federal Register Volume 77, Number 126 (Friday, June 29, 2012)]
[Notices]
[Pages 38817-38818]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-16036]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5644-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-
708-2830 (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 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.
[[Page 38818]]
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 December 31, 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
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 jurisdiction effective date Homeownership center
----------------------------------------------------------------------------------------------------------------
Community Central Mortgage Co. 120 N Main St., Indianapolis...... 4/17/12 Atlanta.
LLC. Mount Clemens, MI
48043.
Strategic Mortgage Company..... 40 W 3rd Ave., Columbus.......... 4/17/12 Philadelphia.
Columbus, OH
43201.
----------------------------------------------------------------------------------------------------------------
Dated: June 18, 2012.
Carol Galante,
Acting Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. 2012-16036 Filed 6-28-12; 8:45 am]
BILLING CODE 4210-67-P
