Mortgagee Review Board: Administrative Actions, 21618-21623 [2013-08520]
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Federal Register / Vol. 78, No. 70 / Thursday, April 11, 2013 / Notices
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 to:
Reports Liaison Officer, Department of
Housing and Urban Development, 451
7th Street SW., Washington, DC 20410,
Room 9120 or the number for the
Federal Relay information Service,
1–800–877–8330.
FOR FURTHER INFORMATION CONTACT:
Theodore K. Toon, Director, Office of
Multifamily Housing Development,
Department of Housing and Urban
Development, 451 7th Street SW.,
Washington, DC 20410, telephone (202)
402–8386 (this is not a toll free number)
for copies of the proposed forms and
other available information.
SUPPLEMENTARY INFORMATION: The
Department is submitting the proposed
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 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) Minimize the
burden of the collection of information
on those who are to respond; including
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: Multifamily Project
Construction Contract, Building Loan
Agreement, and Construction Change
Request.
OMB Control Number, if applicable:
2502–0011.
Description of the need for the
information and proposed use: The
information collected on the
‘‘Multifamily Project Construction
Contract, Building Loan Agreement, and
Construction Change Request’’ form
provides HUD with information from
contractors, mortgagors/borrowers, and
mortgagees/lenders for construction of
multifamily projects and to obtain
approval of changes in previously
approved contract drawings and/or
specifications.
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ADDRESSES:
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Agency form numbers, if applicable:
HUD–92437, HUD–92441, HUD–92442,
HUD–92442–A, HUD–92442–CA and
HUD–92442–A–CA.
Estimation of the total numbers of
hours needed to prepare the information
collection including number of
respondents, frequency of response, and
hours of response: The number of
burden hours is 9538. The number of
respondents is 1158, the number of
responses is 1158, the frequency of
response is annually, and the burden
hour per response is 3 hours.
Status of the proposed information
collection: This is an extension of a
currently approved collection.
Authority: The Paperwork Reduction Act
of 1995, 44 U.S.C., Chapter 35, as amended.
Dated: April 8, 2013.
Laura M. Marin,
Acting General Deputy Assistant Secretary
for Housing-Acting General Deputy Federal
Housing Commissioner.
[FR Doc. 2013–08516 Filed 4–10–13; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–5706–N–01]
Mortgagee Review Board:
Administrative Actions
Office of the Assistant
Secretary for Housing—Federal Housing
Commissioner, Department of Housing
and Urban Development (HUD).
ACTION: Notice.
AGENCY:
In compliance with Section
202(c) (5) of the National Housing Act,
this notice advises of the cause and
description of administrative actions
taken by HUD’s Mortgagee Review
Board against HUD-approved
mortgagees.
FOR FURTHER INFORMATION CONTACT:
Nancy A. Murray, Secretary to the
Mortgagee Review Board, 451 Seventh
Street SW., Room B–133/3150,
Washington, DC 20410–8000; telephone
number 202–708–2224 (this is not a tollfree number). Persons with hearing or
speech impairments may access this
number through TTY by calling the tollfree Federal Information Service at 800–
877–8339.
SUPPLEMENTARY INFORMATION: Section
202(c)(5) of the National Housing Act
(12 U.S.C. 1708(c)(5)) requires that HUD
‘‘publish a description of and the cause
for administrative action against a HUDapproved mortgagee’’ by the
Department’s Mortgagee Review Board
(‘‘Board’’). In compliance with the
requirements of Section 202(c)(5), this
SUMMARY:
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notice advises of actions that have been
taken by the Board in its meetings from
January 1, 2012 to September 30, 2012.
I. Civil Money Penalties, Withdrawals
of FHA Approval, Suspensions,
Probations, Reprimands, and
Administrative Payments
1. Academy Mortgage Corporation,
Sandy, UT [Docket No. 12–1609–MR]
Action: On April 27, 2012, the Board
entered into a Settlement Agreement
with Academy Mortgage Corporation
(Academy) that required Academy to
pay a civil money penalty in the amount
of $75,000, without admitting fault or
liability.
Cause: The Board took this action
based on the following violations of
HUD/FHA requirements alleged by
HUD: Academy failed to notify the
Department that it was the subject of
multiple state regulatory actions and
sanctions, and submitted false
certifications to HUD in connection
with Academy’s annual renewal of
eligibility documentation for its fiscal
years ending in 2009, 2010 and 2011.
2. AmericaHomeKey, Inc., Dallas, TX
[Docket No. 11–1294–MR]
Action: On March 22, 2012, the Board
issued a Notice of Administrative
Action immediately and permanently
withdrawing the FHA approval of
AmericaHomeKey, Inc. (AHK).
Cause: The Board took this action
based on the following violations of
HUD/FHA requirements alleged by
HUD: AHK failed to perform quality
control functions in compliance with
HUD/FHA requirements, failed to meet
the requirements for participation in the
FHA mortgage insurance program, failed
to ensure the correct mortgagee
identification number was used when
originating FHA-insured mortgage
loans, failed to adequately document the
source of and/or adequacy of funds used
for closing, failed to correctly calculate
and document the mortgagor’s income,
failed to verify the stability of the
mortgagor’s income, failed to ensure the
mortgagor was eligible for an FHAinsured mortgage loan, failed to ensure
the property met HUD’s eligibility
requirements, failed to comply with
TOTAL Scorecard requirements, failed
to comply with HUD’s property flipping
requirements, failed to provide
construction documents required for
property eligibility and/or high ratio
financing resulting in over-insured
mortgages, failed to ensure that the
maximum mortgage amount was
correctly calculated, resulting in overinsured mortgages, failed to ensure that
data submitted to HUD systems was
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accurate, and charged mortgagors
unallowable fees.
3. American Financial Resources, Inc.,
Parsippany, NJ [Docket No. 12–1594–
MR]
Action: On November 21, 2012, the
Board entered into a Settlement
Agreement with American Financial
Resources, Inc. (AFR) that required AFR
to pay civil money penalties in the
amount of $17,000, to indemnify HUD/
FHA for its losses with respect to two
FHA-insured loans, and to refund
borrowers for excessive origination fees,
without admitting fault or liability.
Cause: The Board took this action
based on the following violations of
HUD/FHA requirements alleged by
HUD: AFR failed to obtain adequate
documentation of the income used to
qualify a borrower, failed to resolve
discrepancies and/or conflicting
information before submitting loans for
FHA mortgage approval, and failed to
ensure mortgagors were not charged fees
that were excessive and/or unreasonable
for the services performed.
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4. Homeward Residential, Inc., Formerly
Known as American Home Mortgage
Servicing, Inc., Coppell, TX [Docket No.
12–1544–MR]
Action: On September 14, 2012, the
Board entered into a Settlement
Agreement with Homeward Residential,
Inc., formerly known as American Home
Mortgage Servicing, Inc. (AHMSI) that,
among other things, required AHMSI to
pay a civil money penalty in the amount
of $1.2 million and to complete
mortgage record changes to facilitate the
payment of certain FHA insurance
claims, without admitting fault or
liability.
Cause: The Board took this action
based on the following violations of
HUD/FHA requirements alleged by
HUD: AHMSI submitted or caused to be
submitted false information to HUD in
relation to 63 mortgagee record changes,
failed to reconcile its portfolio data and
allowed HUD records to incorrectly
identify AHMSI as the holder of 97
FHA-insured mortgage loans, and
submitted false information to HUD on
133 claims for FHA insurance benefits
and, in 90 instances, claimed benefits
for ineligible holders of record.
5. Capitol Federal Savings Bank,
Topeka, KS [Docket No. 12–1624–MR]
Action: On June 29, 2012, the Board
entered into a Settlement Agreement
with Capitol Federal Savings Bank
(CFSB) that required CFSB to pay a civil
money penalty in the amount of
$59,000, without admitting fault or
liability.
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Cause: The Board took this action
based on the following violations of
HUD/FHA requirements alleged by
HUD: CFSB employed or retained a
debarred director and made three false
certifications to HUD on CFSB’s Yearly
Verification Report and annual
recertification submissions to HUD for
2009, 2010 and 2011.
6. Cenlar Federal Savings Bank,
Trenton, NJ [Docket No. 11–1146–MR]
Action: On April 16, 2012, the Board
entered into a Settlement Agreement
with Cenlar Federal Savings Bank
(Cenlar) that required Cenlar, to pay a
civil money penalty in the amount of
$32,500, without admitting fault or
liability.
Cause: The Board took this action
based on the following violations of
HUD/FHA requirements alleged by
HUD: Cenlar failed to engage in loss
mitigation and/or retain required
documentation in its loan servicing files
with respect to its loss mitigation
decisions.
7. Community West Mortgage, LLC,
Lakewood, CO [Docket No. 10–1931–
MR]
Action: On June 14, 2012, the Board
entered into a Settlement Agreement
with Community West Mortgage, LLC
(CW) that required CW, to pay a civil
money penalty in the amount of
$12,000, without admitting fault or
liability.
Cause: The Board took this action
based on the following violation of
HUD/FHA requirements alleged by
HUD: CW failed to adopt and maintain
a quality control plan and management
reports, failed to implement a quality
control plan, allowed non-employees
and non W–2 employees to originate
FHA loans, and failed to require the
loan interviewer to sign page 4 of the
initial Uniform Residential Loan
Application, Fannie Mae Form 1003,
and page 1 of the initial Form HUD
92900–A.
8. First Liberty Financial Group, LLC,
Owensboro, KY [Docket No. 12–1598–
MR]
Action: On July 16, 2012, the Board
entered into a Settlement Agreement
with First Liberty Financial Group, LLC
(FLFG) that placed FLFG on probation
for a period of six months and required
FLFG, to pay a civil money penalty in
the amount of $7,500, without admitting
fault or liability.
Cause: The Board took this action
based on the following violations of
HUD/FHA requirements alleged by
HUD: FLFG disseminated a
misrepresentative or misleading
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advertisement or business solicitation to
the public.
9. First National Bank of Alaska,
Anchorage, AK [Docket No. 11–1204–
MR]
Action: On October 30, 2012, the
Board entered into a Settlement
Agreement with First National Bank of
Alaska (FNBA) that required FNBA to
pay a civil money penalty in the amount
of $23,300, to require all of its mortgage
servicing staff and supervisors to
complete, within six months, HUD’s
twelve-module electronic training
program on loss mitigation and
servicing systems, and to submit to HUD
and implement a written quality control
plan that complies with HUD
requirements, without admitting fault or
liability.
Cause: The Board took this action
based on the following violations of
HUD/FHA requirements alleged by
HUD: FNBA failed to maintain a quality
control plan, failed to perform quality
control functions, failed to service FHAinsured loans in accordance with HUD’s
loss mitigation requirements, and failed
to timely provide the HUD–PA–426
pamphlet to delinquent borrowers.
10. First Reverse Financial Services,
LLC, Westmont, IL [Docket No. 12–1607–
MR]
Action: On June 15, 2012, the Board
issued a Notice of Administrative
Action withdrawing the FHA approval
of First Reverse Financial Services, LLC
(FRFS) for a period of one year.
Cause: The Board took this action
based on the following violation of
HUD/FHA requirements alleged by
HUD: FRFS failed to notify HUD/FHA
that FRFS was involuntarily dissolved
by the state of Illinois and, the fiscal
years ending March 31, 2009, March 31,
2010 and March 31, 2011, failed to
timely submit its Yearly Verification
Report/Electronic Annual Certification
forms, failed to pay the annual
recertification fees and failed to submit
acceptable audited financial statements.
11. Flagstar Bank, F.S.B., Troy, MI
[Docket No. 11–1297–MR]
Action: On May 29, 2012, the Board
entered into a Settlement Agreement
with Flagstar Bank, F.S.B. (Flagstar) that
required Flagstar to pay a civil money
penalty in the amount of $85,150,
without admitting fault or liability.
Cause: The Board took this action
based on the following violations of
HUD/FHA requirements alleged by
HUD: Flagstar failed either to timely
remit monthly mortgage insurance
premiums to HUD/FHA or to notify
HUD/FHA within fifteen calendar days
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of the termination of the contract of
mortgage insurance, the sale of the
mortgage, or both on 1,373 loans.
12. Flagstar Bank, F.S.B., Troy, MI
[Docket No. 12–1436–MR]
Action: On November 21, 2012, the
Board entered into a Settlement
Agreement with Flagstar Bank, F.S.B.
(Flagstar) that required Flagstar to pay a
civil money penalty in the amount of
$37,000, and pay $92,677 to indemnify
HUD for its losses with respect to one
FHA loan, to indemnify HUD for any
loss (past, present or future) on five
FHA loans for a period of five years
from the date of the agreement, and to
retain and fully pay for a third-party
servicing monitor for a period of one
year, without admitting fault or liability.
Cause: The Board took this action
based on the following violations of
HUD/FHA requirements alleged by
HUD: Flagstar failed to engage in loss
mitigation, failed to service FHA loans
in accordance with HUD requirements,
and failed to offer property disposition
options to the mortgagors.
TKELLEY on DSK3SPTVN1PROD with NOTICES
13. ISB Mortgage Company, LLC,
Millburn, NJ [Docket No. 11–1296–MR]
Action: On March 2, 2012, the Board
entered into a Settlement Agreement
with ISB Mortgage Company, LLC (ISB)
that required ISB to pay a civil money
penalty in the amount of $8,100 and
remit all Mortgage Insurance Premiums
and late fees due HUD for 20 FHA
insured mortgages serviced by ISB,
without admitting fault or liability.
Cause: The Board took this action
based on the following violations of
HUD/FHA requirements alleged by
HUD: ISB failed either to timely remit
mortgage insurance premiums to HUD/
FHA or to notify HUD/FHA within 15
calendar days of the termination of the
contract of mortgage insurance, the sale
of the mortgage, or both on twenty
loans.
14. Jersey Mortgage Company, Cranford,
NJ [Docket No. 11–1195–MR]
Action: On July 16, 2012, the Board
entered into a Settlement Agreement
with Jersey Mortgage Company (JMC)
that required JMC to pay a civil money
penalty in the amount of $91,500, to pay
$917,528 to indemnify HUD for its
losses with respect to five defaulted
FHA loans, and to indemnify HUD for
any loss (past, present or future) on
three FHA loans for a period of five
years from the date of the agreement,
without admitting fault or liability.
Cause: The Board took this action
based on the following violations of
HUD/FHA requirements alleged by
HUD: JMC approved loans without
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properly analyzing the borrower’s
credit, approved loans without properly
documenting or verifying effective
income, approved loans with
inadequate verification of the borrowers
cash investment in the property,
approved loans with inadequate
analysis of the borrower’s ability to
repay the mortgage obligation, approved
a loan with an incomplete Mortgage
Credit Analysis Worksheet (MCAW),
and failed to implement an acceptable
quality control plan.
15. Mac-Clair Mortgage Corporation,
Burton, MI [Docket No. 11–1292–MR]
Action: On April 12, 2012, the Board
issued a Notice of Administrative
Action withdrawing the FHA approval
of Mac-Clair Mortgage Corporation
(MCMC) for a period of one year.
Cause: The Board took this action
based on the following violation of
HUD/FHA requirements alleged by
HUD: On thirteen FHA-insured
mortgages serviced or held by MCMC,
MCMC failed to remit Mortgage
Insurance Premiums, failed to notify
HUD/FHA within fifteen calendar days
of the termination of the contract for
mortgage insurance or the sale of the
mortgage, or both.
16. Mortgage Now, Inc., Cleveland, OH
[Docket No. 11–1224–MR]
Action: On April 27, 2012, the Board
entered into a Settlement Agreement
with Mortgage Now, Inc. (MN) that
required MN to pay a civil money
penalty in the amount of $13,500 and to
pay $243,872 to indemnify HUD for its
losses with respect to two defaulted
FHA loans, without admitting fault or
liability.
Cause: The Board took this action
based on the following violations of
HUD/FHA requirements alleged by
HUD: MN failed to timely remit 200
Upfront Mortgage Insurance Premiums
to HUD/FHA within ten calendar days
of closing or disbursement, whichever
was later, and failed to honor two
indemnification agreements with HUD
when it failed to remit payments owed
to HUD pursuant to the terms of the
Indemnification Agreements.
17. Nationwide Home Loans, Inc.,
Miami, FL [Docket No. 12–1588–MR]
Action: On June 12, 2012, the Board
issued a Notice of Administrative
Action permanently withdrawing the
FHA approval of Nationwide Home
Loans, Inc. (NHL).
Cause: The Board took this action
based on the following violations of
HUD/FHA requirements alleged by
HUD: NHL failed to complete its annual
online certification, failed to submit the
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recertification fee, failed to submit its
audited financial statements, employed
individuals to originate loans who NHL
knew or should have known were
engaged in prohibited outside
employment in the mortgage lending
field, permitted non-FHA-approved
mortgage brokers to perform loan
origination services, failed to adhere to
HUD/FHA requirements when
underwriting loans for FHA insurance,
and failed to adopt, maintain, and
implement a quality control plan in
compliance with HUD/FHA
requirements.
18. Pine State Mortgage Corporation,
Atlanta, GA [Docket No. 12–0000–MR]
Action: On June 15, 2012, the Board
issued a Notice of Administrative
Action permanently withdrawing the
FHA approval of Pine State Mortgage
Corporation (PSMC).
Cause: The Board took this action
based on the following violations of
HUD/FHA requirements alleged by
HUD: PSMC failed to remit payments
owed to HUD per the terms of an
indemnification agreement between
PSMC and HUD, failed to timely notify
HUD/FHA of a business change that
affected PSMC’s standing as an
approved institution or changed the
information on which it was originally
approved, failed to timely submit its
audited financial statements for fiscal
years 2009, 2010, and 2011, failed to
timely submit its annual recertification
fee(s) for fiscal years 2009, 2010 and
2011, and failed to timely submit its
annual online certifications for fiscal
years 2009, 2010 and 2011.
19. U.S. Mortgage Finance Corporation,
Cockeysville, MD [Docket No. 11–1209–
MR]
Action: On June 12, 2012, the Board
issued a Notice of Administrative
Action withdrawing the FHA approval
of U.S. Mortgage Finance Corporation
(USMFC) for a period of one year.
Cause: The Board took this action
based on the following violations of
HUD/FHA requirements alleged by
HUD: USFMC failed to maintain its
Maryland state mortgage lender’s
license and failed to notify HUD/FHA
that it had closed its main office and
was no longer licensed in Maryland.
20. People’s United Bank, Bridgeport,
CT [Docket No. 11–1155–MR]
Action: On January 22, 2013, the
Board entered into a Settlement
Agreement with People’s United Bank
(PUB) that required PUB to pay a civil
money penalty in the amount of
$15,000, without admitting fault or
liability.
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Cause: The Board took this action
based on the following violations of
HUD/FHA requirements alleged by
HUD: PUB failed either to timely remit
mortgage insurance premiums to HUD/
FHA or to notify HUD/FHA within
fifteen calendar days of the termination
of the contract of mortgage insurance,
the sale of the mortgage, or both on 97
FHA-insured loans.
II. Lenders That Failed To Timely Meet
Requirements for Annual
Recertification of HUD/FHA Approval
Action: The Board entered into
settlement agreements with the lenders
listed below, which required the lender
to pay a $7,500 or $3,500 civil money
penalty, without admitting fault or
liability.
Cause: The Board took these actions
based upon allegations that the lenders
listed below failed to comply with the
Department’s annual recertification
requirements in a timely manner.
1. Banking Mortgage Services BMS
Corp., Miami, FL ($3,500) [Docket
No. 11–1249–MRT]
2. BM Real Estate Services, Inc. DBA
Priority Financial Network,
Calabasas, CA ($7,500) [Docket
No.12–1622–MRT]
3. FedTrust Mortgage, LLC, Farmington
Hills, MI ($3,500) [Docket No. 11–
1218–MRT]
4. Home Retention Services, Inc.,
Houston, TX ($7,500) [Docket No.
11–1283–MRT]
5. Mortgage Corp of the East III,
Rockland, MA ($3,500) [Docket No.
12–1656–MRT]
6. Prysma Lending Group, LLC,
Danbury, CT ($3,500) [Docket No.
11–1236–MRT]
7. SWI Financial Services, Inc. DBA
Integrity 1ST Mortgage, Escondido,
CA ($3,500) [Docket No. 12–1647–
MRT]
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III. Lenders That Failed to Meet
Requirements for Annual
Recertification of HUD/FHA Approval
Action: The Board voted to withdraw
the FHA approval of each of the lenders
listed below for a period of one year.
Cause: The Board took these actions
based upon allegations that the lenders
listed below were not in compliance
with the Department’s annual
recertification requirements.
1. AAA Worldwide Financial Co.,
Addison, TX [Docket No. 13–1344–
MRT]
2. Access Mortgage Corporation, West
Haven, CT [Docket No. 11–1284–
MRT]
3. Admiral Mortgage, Inc., Pikesville,
MD [Docket No. 13–1345–MRT]
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4. Aeslech, Inc., Los Angeles, CA
[Docket No. 13–1346–MRT]
5. Allstate Lending Group, Inc., Atlanta,
GA [Docket No.13–1347–MRT]
6. Amber Financial Group, LLC, San
Diego, CA [Docket No. 13–1348–
MRT]
7. American Independent Association,
Inc., Diamond Bar, CA [Docket No.
13–1349–MRT]
8. American Mortgage Specialists, Inc.,
Scottsdale, AZ [Docket No. 13–
1350–MRT]
9. American South Lending, Inc.,
Greensboro, NC [Docket No. 11–
1262–MRT]
10. American Union Financial Services,
Inc., Pasadena, CA [Docket No. 13–
1351–MRT]
11. Americas First Home Mortgage
Company, Inc., Cedartown, GA
[Docket No. 13–1352–MRT]
12. Amerifund Financial, Inc., Tacoma,
WA [Docket No. 13–1353–MRT]
13. Ameritrust Mortgage Bankers, Inc.
DBA NY Financial Lending, Inc.,
New Hyde Park, NY [Docket No.
13–1354–MRT]
14. Atlantic Coast Mortgage Group, Inc.,
Fort Lauderdale, FL [Docket No. 13–
1355–MRT]
15. Bache & Co., Inc., Clearwater, FL
[Docket No. 13–1356–MRT]
16. Baker and Lindsey, Inc., Fort Walton
Beach, FL [Docket No. 13–1357–
MRT]
17. Bankers Acceptance Mortgage Corp.,
Springfield, MO [Docket No. 13–
1358–MRT]
18. Benefit Funding Corporation,
Beltsville, MD [Docket No. 11–
1243–MRT]
19. Birmingham Bancorp Mortgage
Corporation, West Bloomfield, MI
[Docket No. 13–1359–MRT]
20. BMC Capital, LP, Dallas, TX [Docket
No. 13–1360–MRT]
21. Brian A. Cole & Associates, LTD.,
Westlake, OH [Docket No. 13–1361–
MRT]
22. Briner Incorporated, Fredericksburg,
VA [Docket No. 13–1362–MRT]
23. Brookside Mortgage Corporation,
Orange, CA [Docket No. 13–1363–
MRT]
24. Butker Financial Services, Inc.,
Orange, CA [Docket No. 13–1364–
MRT]
25. Cambridge Funding Group, Inc.,
Irvine, CA [Docket No. 13–1365–
MRT]
26. Cambridge Home Capital, LLC, Great
Neck, NY [Docket No. 13–1366–
MRT]
27. Capital Mortgage Corporation,
Raleigh, NC [Docket No. 11–1270–
MRT]
28. Capstone Realty Advisors, LLC,
Cleveland, OH [Docket No. 13–
1367–MRT]
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29. Castle Rock Financial Services, LLC,
Provo, UT [Docket No. 13–1368–
MRT]
30. Cayman Suisse Capital, Inc.,
Gibbsboro, NJ [Docket No. HUDALJ
12–M–044–MRT]
31. Citizens Independent Bank, St Louis
Park, MN [Docket No. 13–1331–
MRT]
32. Classic Home Loans, Lafayette, CA
[Docket No. 12–1654–MRT]
33. Classic Mortgage Solutions, Inc.,
Phoenix, AZ [Docket No. 13–1369–
MRT]
34. Coastal Lending Financial Corp.,
West Lake Hills, TX [Docket No.
13–1370–MRT]
35. Commonwealth Home Mortgage
Bankers Corp., New Hyde Park, NY
[Docket No. 13–1371–MRT]
36. Community Central Mortgage Co.,
LLC, Mount Clemens, MI [Docket
No. 12–1623–MRT]
37. Consumer Mortgage Group, Inc.,
Woodbridge, NJ [Docket No. 13–
1372–MRT]
38. Cornerstone Bancor Mortgage Corp.,
DBA Nations Credit Mortgage Co.,
Massapequa, NY [Docket No. 13–
1373–MRT]
39. CSW Financial, LLC, Reno, NV
[Docket No. 13–1374–MRT]
40. DASH Funding, LP, Plano, TX
[Docket No. 13–1375–MRT]
41. DBSA Holdings, Inc., San Diego, CA
[Docket No. 13–1376–MRT]
42. Delta Mortgage Company,
Beachwood, OH [Docket No. 13–
1377–MRT]
43. Direct Equity Mortgage, LLC, Las
Vegas, NV [Docket No. 13–1378–
MRT]
44. Dover Mortgage Company, Charlotte,
NC [Docket No. 11–1252–MRT]
45. E*TRADE Mortgage Corporation,
Irvine, CA [Docket No. 13–1379–
MRT]
46. East Coast Mortgage Corp.,
Springfield, NJ 07081 [Docket No.
13–1328–MRT]
47. Equity Services, Inc., Raleigh, NC
[Docket No. 13–1380–MRT]
48. Essex Mortgage Company, LLC,
Chesterfield, MO [Docket No. 13–
1381–MRT]
49. Euro Mortgage Bankers, Inc.,
Patchogue, NY [Docket No. 13–
1382–MRT]
50. FHAST Mortgage Corporation,
Irvine, CA [Docket No. 13–1383–
MRT]
51. First American Realty Capital Corp.,
Los Angeles, CA [Docket No. 13–
1384–MRT]
52. First Chesapeake Home Mortgage,
LLC, Annapolis, MD [Docket No.
13–1385–MRT]
53. First Florida Funding Corp.,
Hialeah, FL [Docket No. 13–1386–
MRT]
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21622
Federal Register / Vol. 78, No. 70 / Thursday, April 11, 2013 / Notices
54. First Marathon Financial
Corporation, Austin, TX [Docket
No. 13–1387–MRT]
55. First Residential Mortgage Network,
Louisville, KY [Docket No. 13–
1388–MRT]
56. First Suffolk Mortgage Corporation,
North Babylon, NY [Docket No. 13–
1389–MRT]
57. First United Mortgage Company,
Inc., Cranford, NJ [Docket No. 13–
1390–MRT]
58. GD LLC, Webster Groves, MO
[Docket No. 13–1391–MRT]
59. Get On The Map Corporation FKA
AAA Financial Corporation, Coral
Springs, FL [Docket No. 13–1392–
MRT]
60. Gold Reverse, Inc., Anaheim, CA
[Docket No. 13–1393–MRT]
61. Goode Mortgage Corporation,
Conway, AR [Docket No. 13–1394–
MRT]
62. Granite Mortgage, Inc., Winston
Salem, NC [Docket No. 13–1395–
MRT]
63. Great American Mortgage Corp.,
Roslyn Heights, NY [Docket No. 13–
1396–MRT]
64. Greenberry Financial Services, Inc.,
Ladera Ranch, CA [Docket No. 13–
1397–MRT]
65. Heartland Funding Corporation,
Springfield, MO [Docket No. 13–
1398–MRT]
66. Home Loan Consultants, Inc., San
Diego, CA [Docket No. 13–1399–
MRT]
67. Homelynx Home Loans, LLC, Fort
Meyers, FL [Docket No. 13–1400–
MRT]
68. ICMC, LLC, Columbia, SC [Docket
No. 13–1401–MRT]
69. Infinity Group Services, Irvine, CA
[Docket No. 13–1402–MRT]
70. Inter Mountain Mortgage, Pomona,
CA [Docket No. 13–1403–MRT]
71. International Mortgage Corporation,
Millersville, MD [Docket No. 13–
1404–MRT]
72. Jay’s Mortgage Acceptance Corp.,
DBA JMAC Home Mortgage,
Houston, TX [Docket No. 13–1405–
MRT]
73. Journey Financial, Inc., Tacoma, WA
[Docket No. 13–1406–MRT]
74. Lenox Financial Mortgage, LLC,
Atlanta, GA [Docket No. 13–1407–
MRT]
75. Loan Correspondents, Inc., Irvine,
CA [Docket No. 13–1409–MRT]
76. Loan Network, LLC, Renton, WA
[Docket No. 13–1410–MRT]
77. Lumina Mortgage Company, Inc.,
Wilmington, NC [Docket No. 13–
1411–MRT]
78. Maverick Residential Mortgage, Inc.,
Plano, TX [Docket No. 13–1412–
MRT]
VerDate Mar<15>2010
17:37 Apr 10, 2013
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79. MBI Mortgage, Inc., Dallas, TX
[Docket No. 13–1413–MRT]
80. Medallion Mortgage Corporation,
Arlington, TX [Docket No. 13–1414–
MRT]
81. Mercury, Inc., Fairfield, NJ [Docket
No. 13–1415–MRT]
82. Meredian Financial Corporation,
Costa Mesa, CA [Docket No. 13–
1416–MRT]
83. Meridias Capital, Inc., Henderson,
NV [Docket No. 12–1664–MRT]
84. Merrlin Mortgage Corporation,
Overland Park, KS [Docket No. 13–
1417–MRT]
85. MetAmerica Mortgage Bankers, Inc.,
Virginia Beach, VA [Docket No. 13–
1418–MRT]
86. MIG Mortgage, LLC, Houston, TX
[Docket No. 13–1420–MRT]
87. Money Warehouse, Inc.,
Southampton, PA [Docket No. 13–
1421–MRT]
88. Mortgage and Investment
Consultants, Inc., Saint Paul, MN
[Docket No. 13–1422–MRT]
89. Mortgage Direct, Chicago, IL [Docket
No. 12–1655–MRT]
90. Mortgage Plus of America
Corporation, Kalamazoo, MI
[Docket No. 13–1423–MRT]
91. Mortgage South, Inc., Richmond, VA
[Docket No. 13–1424–MRT]
92. MORTGAGECLOSE.COM, Inc.,
Santa Ana, CA [Docket No. 13–
1425–MRT]
93. M-Point Mortgage Services, LLC,
Crofton, MD [Docket No. 13–1426–
MRT]
94. MWF Financial & Mortgage Center,
Inc., Saint Charles, IL [Docket No.
13–1427–MRT]
95. National Title Insurance Company,
Miami, FL [Docket No. 13–1428–
MRT]
96. Nationwide Mortgage Concepts,
LLC, Rancho Mirage, CA [Docket
No. 13–1429–MRT]
97. NDNJ, Inc., Ranchos Palos Verdes,
CA [Docket No. 13–1430–MRT]
98. Neighborhood Funding, Inc., Tampa,
FL, [Docket No. 13–1431–MRT]
99. Neighborhood Housing Services of
America, Oakland, CA [Docket No.
13–1432–MRT]
100. Nichols Mortgage Services, Inc.,
Indianapolis, IN [Docket No. 13–
1433–MRT]
101. NLMC, Inc., Houston, TX [Docket
No. 13–1434–MRT]
102. Olympic Coast Investments, Inc.,
Virginia Beach, VA [Docket No. 11–
1267–MRT]
103. Online Financial Group, San Jose,
CA [Docket No. 13–1435–MRT]
104. Oxford Lending Group, LLC,
Columbus, OH [Docket No. 13–
1436–MRT]
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Sfmt 4703
105. Pacific Charter Mortgage Corp.,
Laguna Hills, CA [Docket No. 13–
1437–MRT]
106. Pacific Mutual Funding, Inc., Brea,
CA [Docket No. 13–1438–MRT]
107. Pacific Reverse Mortgage, Inc.,
Palm Beach Gardens, FL [Docket
No. 13–1439–MRT]
108. Pinnacle Financial Services, Inc.,
Chesterfield, MO [Docket No. 13–
1440–MRT]
109. Preferred Financial Funding, Inc.,
Colton, CA [Docket No. 13–1441–
MRT]
110. Prime Home Mortgage, Inc.,
Ormond Beach, FL [Docket No. 13–
1442–MRT]
111. Prodigy, Inc., Austin, TX [Docket
No. 13–1443–MRT]
112. Production Mortgage, Inc.,
Anaheim, CA [Docket No. 13–1444–
MRT]
113. Professional Lending. LLC,
Augusta, GA [Docket No. 13–1445–
MRT]
114. Protofund Mortgage Corporation,
Winnetka, CA [Docket No. 13–
1446–MRT]
115. Provident Mortgage Corporation
Central CA, Visalia, CA [Docket No.
11–1214–MRT]
116. Residential Lending Network, Inc.,
Coral Springs, FL [Docket No. 11–
1281–MRT]
117. Right Mortgage Company, Lebanon,
TN [Docket No. 13–1447–MRT]
118. Rokitto Enterprises, Porter Ranch,
CA [Docket No. 13–1448–MRT]
119. Sacramento Valley Financial, Inc.,
Roseville, CA [Docket No. 13–1449–
MRT]
120. Silver Oak Mortgage, LP, Arlington,
TX [Docket No. 13–1450–MRT]
121. Sky Investments, Inc., Deerfield
Beach, FL [Docket No. 13–1451–
MRT]
122. Sterling Empire Funding
Associates, LTD, Bronx, NY [Docket
No. 13–1452–MRT]
123. Sun Capital, Inc., Pelham, AL
[Docket No. 13–1453–MRT]
124. Sydion Financial, LLC, Lake Tapps,
WA [Docket No. 13–1454–MRT]
125. The Mortgage Bank of Arkansas,
Little Rock, AR [Docket No. 11–
1219–MRT]
126. The Mortgage Co-op, LLC, Sandy,
UT [Docket No. 13–1455–MRT]
127. The Mortgage Makers, Inc.,
Houston, TX [Docket No. 13–1456–
MRT]
128. Thornburg Mortgage Home Loan,
Inc., Santa Fe, NM [Docket No. 13–
1457–MRT]
129. TMBG, Inc., Everett, WA [Docket
No. 11–1227–MRT]
130. Town & Country Home Mortgage,
Inc., Portland, OR [Docket No. 13–
1458–MRT]
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131. U.S. Financial Mortgage
Corporation, Rocklin, CA [Docket
No. 13–1459–MRT]
132. United Funding Mortgage Corp.,
Alpharetta, GA [Docket No. 13–
1460–MRT]
133. United Home Mortgage Corp.,
Antioch, CA [Docket No. 13–1461–
MRT]
134. Universal Mortgage Corporation,
Mequon, WI [Docket No. 13–1462–
MRT]
135. US Capital Funding, LLC, East
Islip, NY [Docket No. 13–1463–
MRT]
136. USGI, Inc., Darien, CT [Docket No.
13–1464–MRT]
137. Vision Mortgage Professionals, Inc.,
Lebanon, TN [Docket No. 13–1465–
MRT]
138. Volunteer Trust Mortgage
Corporation, Nashville, TN [Docket
No. 13–1466–MRT]
Dated: April 5, 2013.
Carol J. Galante,
Assistant Secretary for Housing—Federal
Housing Commissioner.
[FR Doc. 2013–08520 Filed 4–10–13; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
Public Housing Assessment System
(PHAS): Capital Fund Final Scoring
Notice
Office of the Assistant
Secretary for Public and Indian
Housing, HUD.
ACTION: Notice.
AGENCY:
This notice makes final an
interim notice that advised public
housing agencies (PHAs), as well as
members of the public, that HUD
intended to award 5 points for the
occupancy sub-indicator of the Capital
Fund indicator to all PHAs for the
Capital Fund Indicator under the PHAS
interim rule published February 23,
2011. The award of 5 points is awarded
as a temporary measure to address the
transition to the scoring system
implemented by the PHAS interim rule,
especially as relates to the Capital Fund
sub-indicator that assesses occupancy
rate. The 5 points for this occupancy
sub-indicator is awarded for fiscal years
ending March 31, 2011, June 30, 2011,
September 30, 2011, and December 31,
2011. This notice follows an interim
notice for comment published on June
11, 2012.
DATES: Effective Date: April 11, 2013.
FOR FURTHER INFORMATION CONTACT:
Claudia J. Yarus, Real Estate Assessment
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I. The June 11, 2012 Interim Notice for
Comment
On June 11, 2012, HUD published for
public comment an interim notice that
advised that for PHA’s with fiscal years
ending March 31, 2011, June 30, 2011,
September 30, 2011 and December 31,
2011, HUD was awarding all PHAs 5
points for the occupancy rate subindicator under the Capital Fund
Program Indicator. The score already
assigned for occupancy rate subindicator of the Capital Fund score was
made advisory only as of the effective
date of the interim notice, and remains
advisory for a period of one year from
the date of publication of this notice.
II. This Final Notice
This notice makes final the June 11,
2012 interim notice without change.
[Docket No. FR–5638–N–02]
SUMMARY:
Center (REAC), Office of Public and
Indian Housing, Department of Housing
and Urban Development, 550 12th
Street SW., Suite 100, Washington, DC
20410, telephone 202–475–8830 (this is
not a toll-free number). Persons with
hearing or speech impairments may
access this number through TTY by
calling the toll-free Federal Relay
Service at 800–877–8339. Additional
information is available from the REAC
Internet site at https://www.hud.gov/
offices/reac/.
SUPPLEMENTARY INFORMATION:
III. The Public Comments
The public comment period for the
interim notice closed on July 11, 2012.
By the close of the comment period,
HUD received 22 public comments.
Comments were submitted by housing
authorities, a consortium, and public
housing trade associations.
A summary of the significant issues
raised in the comments, and HUD’s
responses, follows.
A. The Occupancy Sub-Indicator of the
Capital Fund Indicator
Issue: Opposition to 2 occupancy
indicators. Commenters stated that:
there should not be two occupancy
indicators in a scoring system, when
they are based on different criteria;
Having two occupancy standards is
duplicative and redundant, even though
they are not weighted the same; the
different uses of the occupancy subindicator in the management indicator
and the Capital Fund indicator appear
to conflict; it seems odd that 96 percent
occupancy is acceptable in the Capital
Fund indicator, but for the management
indicator 98 percent is the standard;
having an occupancy indicator under
both the management indicator and the
Capital Fund indicator leads to a double
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Fmt 4703
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21623
penalty for one sub-indicator; and that
it is incongruous for PHAs to be high
performing or passing for the occupancy
sub-indicator under one subsystem and
failing in another.
HUD Response: HUD disagrees that
there should not be two occupancy subindicators. The two sub-indicators are
for different purposes. The occupancy
sub-indicator under the Management
(MASS) Indicator is a management
measure. The occupancy sub-indicator
under the Capital Fund Indicator is a
measure of the use of Capital Funds for
modernization and other capital needs.
HUD believes that success in addressing
capital needs will be reflected in higher
occupancy rates. Because they are two
different measures, HUD does not agree
that there is a redundancy or double
penalty.
The percentage difference between
the MASS occupancy sub-indicator and
the Capital Fund occupancy subindicator is due to the exclusion of all
HUD approved vacant units from the
MASS occupancy calculation. The
higher percentage required for full
points under the MASS sub-indicator
reflects that HUD approved vacant units
(under 24 CFR 990.145) are not
considered in the formula used to
determine this occupancy percentage.
Since those same HUD approved vacant
units are considered in the formula used
to calculate the Capital Fund occupancy
percentage, the percentage required for
full points under Capital Fund is lower.
With the award of five (5) points to all
PHAs for the Capital Fund occupancy
sub-indicator for FY 2011, as provided
in this notice, for this assessment cycle
a PHA cannot ‘‘fail’’ one occupancy subindicator and still be designated a high
performer or ‘‘pass’’ the other
occupancy sub-indicator. Furthermore,
even were it not for this adjustment, as
the two occupancy sub-indicators are
intended for different purposes, it
would not be incongruous for PHAs to
receive differing scores.
Issue: Commenters stated that
standard is too strict. A commenter
stated that the standard for the
occupancy sub-indicator is too
stringent. Real estate firms in the local
area accept 5 percent vacancy as
normal. If HUD multi-family projects
accept 5 percent as normal (grade of C),
public housing should be no different.
Another commenter stated that, if the
multi-family standard is only 95
percent, PHAs should not be held to a
different standard and penalized for
what is acceptable with PHA’s private
counterparts, as PHA’s challenges are
just as real, if not more so. One
commenter stated as an example of the
problems with the new PHAS rule, that
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]]>Agencies
[Federal Register Volume 78, Number 70 (Thursday, April 11, 2013)]
[Notices]
[Pages 21618-21623]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-08520]
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5706-N-01]
Mortgagee Review Board: Administrative Actions
AGENCY: Office of the Assistant Secretary for Housing--Federal Housing
Commissioner, Department of Housing and Urban Development (HUD).
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: In compliance with Section 202(c) (5) of the National Housing
Act, this notice advises of the cause and description of administrative
actions taken by HUD's Mortgagee Review Board against HUD-approved
mortgagees.
FOR FURTHER INFORMATION CONTACT: Nancy A. Murray, Secretary to the
Mortgagee Review Board, 451 Seventh Street SW., Room B-133/3150,
Washington, DC 20410-8000; telephone number 202-708-2224 (this is not a
toll-free number). Persons with hearing or speech impairments may
access this number through TTY by calling the toll-free Federal
Information Service at 800-877-8339.
SUPPLEMENTARY INFORMATION: Section 202(c)(5) of the National Housing
Act (12 U.S.C. 1708(c)(5)) requires that HUD ``publish a description of
and the cause for administrative action against a HUD-approved
mortgagee'' by the Department's Mortgagee Review Board (``Board''). In
compliance with the requirements of Section 202(c)(5), this notice
advises of actions that have been taken by the Board in its meetings
from January 1, 2012 to September 30, 2012.
I. Civil Money Penalties, Withdrawals of FHA Approval, Suspensions,
Probations, Reprimands, and Administrative Payments
1. Academy Mortgage Corporation, Sandy, UT [Docket No. 12-1609-MR]
Action: On April 27, 2012, the Board entered into a Settlement
Agreement with Academy Mortgage Corporation (Academy) that required
Academy to pay a civil money penalty in the amount of $75,000, without
admitting fault or liability.
Cause: The Board took this action based on the following violations
of HUD/FHA requirements alleged by HUD: Academy failed to notify the
Department that it was the subject of multiple state regulatory actions
and sanctions, and submitted false certifications to HUD in connection
with Academy's annual renewal of eligibility documentation for its
fiscal years ending in 2009, 2010 and 2011.
2. AmericaHomeKey, Inc., Dallas, TX [Docket No. 11-1294-MR]
Action: On March 22, 2012, the Board issued a Notice of
Administrative Action immediately and permanently withdrawing the FHA
approval of AmericaHomeKey, Inc. (AHK).
Cause: The Board took this action based on the following violations
of HUD/FHA requirements alleged by HUD: AHK failed to perform quality
control functions in compliance with HUD/FHA requirements, failed to
meet the requirements for participation in the FHA mortgage insurance
program, failed to ensure the correct mortgagee identification number
was used when originating FHA-insured mortgage loans, failed to
adequately document the source of and/or adequacy of funds used for
closing, failed to correctly calculate and document the mortgagor's
income, failed to verify the stability of the mortgagor's income,
failed to ensure the mortgagor was eligible for an FHA-insured mortgage
loan, failed to ensure the property met HUD's eligibility requirements,
failed to comply with TOTAL Scorecard requirements, failed to comply
with HUD's property flipping requirements, failed to provide
construction documents required for property eligibility and/or high
ratio financing resulting in over-insured mortgages, failed to ensure
that the maximum mortgage amount was correctly calculated, resulting in
over-insured mortgages, failed to ensure that data submitted to HUD
systems was
[[Page 21619]]
accurate, and charged mortgagors unallowable fees.
3. American Financial Resources, Inc., Parsippany, NJ [Docket No. 12-
1594-MR]
Action: On November 21, 2012, the Board entered into a Settlement
Agreement with American Financial Resources, Inc. (AFR) that required
AFR to pay civil money penalties in the amount of $17,000, to indemnify
HUD/FHA for its losses with respect to two FHA-insured loans, and to
refund borrowers for excessive origination fees, without admitting
fault or liability.
Cause: The Board took this action based on the following violations
of HUD/FHA requirements alleged by HUD: AFR failed to obtain adequate
documentation of the income used to qualify a borrower, failed to
resolve discrepancies and/or conflicting information before submitting
loans for FHA mortgage approval, and failed to ensure mortgagors were
not charged fees that were excessive and/or unreasonable for the
services performed.
4. Homeward Residential, Inc., Formerly Known as American Home Mortgage
Servicing, Inc., Coppell, TX [Docket No. 12-1544-MR]
Action: On September 14, 2012, the Board entered into a Settlement
Agreement with Homeward Residential, Inc., formerly known as American
Home Mortgage Servicing, Inc. (AHMSI) that, among other things,
required AHMSI to pay a civil money penalty in the amount of $1.2
million and to complete mortgage record changes to facilitate the
payment of certain FHA insurance claims, without admitting fault or
liability.
Cause: The Board took this action based on the following violations
of HUD/FHA requirements alleged by HUD: AHMSI submitted or caused to be
submitted false information to HUD in relation to 63 mortgagee record
changes, failed to reconcile its portfolio data and allowed HUD records
to incorrectly identify AHMSI as the holder of 97 FHA-insured mortgage
loans, and submitted false information to HUD on 133 claims for FHA
insurance benefits and, in 90 instances, claimed benefits for
ineligible holders of record.
5. Capitol Federal Savings Bank, Topeka, KS [Docket No. 12-1624-MR]
Action: On June 29, 2012, the Board entered into a Settlement
Agreement with Capitol Federal Savings Bank (CFSB) that required CFSB
to pay a civil money penalty in the amount of $59,000, without
admitting fault or liability.
Cause: The Board took this action based on the following violations
of HUD/FHA requirements alleged by HUD: CFSB employed or retained a
debarred director and made three false certifications to HUD on CFSB's
Yearly Verification Report and annual recertification submissions to
HUD for 2009, 2010 and 2011.
6. Cenlar Federal Savings Bank, Trenton, NJ [Docket No. 11-1146-MR]
Action: On April 16, 2012, the Board entered into a Settlement
Agreement with Cenlar Federal Savings Bank (Cenlar) that required
Cenlar, to pay a civil money penalty in the amount of $32,500, without
admitting fault or liability.
Cause: The Board took this action based on the following violations
of HUD/FHA requirements alleged by HUD: Cenlar failed to engage in loss
mitigation and/or retain required documentation in its loan servicing
files with respect to its loss mitigation decisions.
7. Community West Mortgage, LLC, Lakewood, CO [Docket No. 10-1931-MR]
Action: On June 14, 2012, the Board entered into a Settlement
Agreement with Community West Mortgage, LLC (CW) that required CW, to
pay a civil money penalty in the amount of $12,000, without admitting
fault or liability.
Cause: The Board took this action based on the following violation
of HUD/FHA requirements alleged by HUD: CW failed to adopt and maintain
a quality control plan and management reports, failed to implement a
quality control plan, allowed non-employees and non W-2 employees to
originate FHA loans, and failed to require the loan interviewer to sign
page 4 of the initial Uniform Residential Loan Application, Fannie Mae
Form 1003, and page 1 of the initial Form HUD 92900-A.
8. First Liberty Financial Group, LLC, Owensboro, KY [Docket No. 12-
1598-MR]
Action: On July 16, 2012, the Board entered into a Settlement
Agreement with First Liberty Financial Group, LLC (FLFG) that placed
FLFG on probation for a period of six months and required FLFG, to pay
a civil money penalty in the amount of $7,500, without admitting fault
or liability.
Cause: The Board took this action based on the following violations
of HUD/FHA requirements alleged by HUD: FLFG disseminated a
misrepresentative or misleading advertisement or business solicitation
to the public.
9. First National Bank of Alaska, Anchorage, AK [Docket No. 11-1204-MR]
Action: On October 30, 2012, the Board entered into a Settlement
Agreement with First National Bank of Alaska (FNBA) that required FNBA
to pay a civil money penalty in the amount of $23,300, to require all
of its mortgage servicing staff and supervisors to complete, within six
months, HUD's twelve-module electronic training program on loss
mitigation and servicing systems, and to submit to HUD and implement a
written quality control plan that complies with HUD requirements,
without admitting fault or liability.
Cause: The Board took this action based on the following violations
of HUD/FHA requirements alleged by HUD: FNBA failed to maintain a
quality control plan, failed to perform quality control functions,
failed to service FHA-insured loans in accordance with HUD's loss
mitigation requirements, and failed to timely provide the HUD-PA-426
pamphlet to delinquent borrowers.
10. First Reverse Financial Services, LLC, Westmont, IL [Docket No. 12-
1607-MR]
Action: On June 15, 2012, the Board issued a Notice of
Administrative Action withdrawing the FHA approval of First Reverse
Financial Services, LLC (FRFS) for a period of one year.
Cause: The Board took this action based on the following violation
of HUD/FHA requirements alleged by HUD: FRFS failed to notify HUD/FHA
that FRFS was involuntarily dissolved by the state of Illinois and, the
fiscal years ending March 31, 2009, March 31, 2010 and March 31, 2011,
failed to timely submit its Yearly Verification Report/Electronic
Annual Certification forms, failed to pay the annual recertification
fees and failed to submit acceptable audited financial statements.
11. Flagstar Bank, F.S.B., Troy, MI [Docket No. 11-1297-MR]
Action: On May 29, 2012, the Board entered into a Settlement
Agreement with Flagstar Bank, F.S.B. (Flagstar) that required Flagstar
to pay a civil money penalty in the amount of $85,150, without
admitting fault or liability.
Cause: The Board took this action based on the following violations
of HUD/FHA requirements alleged by HUD: Flagstar failed either to
timely remit monthly mortgage insurance premiums to HUD/FHA or to
notify HUD/FHA within fifteen calendar days
[[Page 21620]]
of the termination of the contract of mortgage insurance, the sale of
the mortgage, or both on 1,373 loans.
12. Flagstar Bank, F.S.B., Troy, MI [Docket No. 12-1436-MR]
Action: On November 21, 2012, the Board entered into a Settlement
Agreement with Flagstar Bank, F.S.B. (Flagstar) that required Flagstar
to pay a civil money penalty in the amount of $37,000, and pay $92,677
to indemnify HUD for its losses with respect to one FHA loan, to
indemnify HUD for any loss (past, present or future) on five FHA loans
for a period of five years from the date of the agreement, and to
retain and fully pay for a third-party servicing monitor for a period
of one year, without admitting fault or liability.
Cause: The Board took this action based on the following violations
of HUD/FHA requirements alleged by HUD: Flagstar failed to engage in
loss mitigation, failed to service FHA loans in accordance with HUD
requirements, and failed to offer property disposition options to the
mortgagors.
13. ISB Mortgage Company, LLC, Millburn, NJ [Docket No. 11-1296-MR]
Action: On March 2, 2012, the Board entered into a Settlement
Agreement with ISB Mortgage Company, LLC (ISB) that required ISB to pay
a civil money penalty in the amount of $8,100 and remit all Mortgage
Insurance Premiums and late fees due HUD for 20 FHA insured mortgages
serviced by ISB, without admitting fault or liability.
Cause: The Board took this action based on the following violations
of HUD/FHA requirements alleged by HUD: ISB failed either to timely
remit mortgage insurance premiums to HUD/FHA or to notify HUD/FHA
within 15 calendar days of the termination of the contract of mortgage
insurance, the sale of the mortgage, or both on twenty loans.
14. Jersey Mortgage Company, Cranford, NJ [Docket No. 11-1195-MR]
Action: On July 16, 2012, the Board entered into a Settlement
Agreement with Jersey Mortgage Company (JMC) that required JMC to pay a
civil money penalty in the amount of $91,500, to pay $917,528 to
indemnify HUD for its losses with respect to five defaulted FHA loans,
and to indemnify HUD for any loss (past, present or future) on three
FHA loans for a period of five years from the date of the agreement,
without admitting fault or liability.
Cause: The Board took this action based on the following violations
of HUD/FHA requirements alleged by HUD: JMC approved loans without
properly analyzing the borrower's credit, approved loans without
properly documenting or verifying effective income, approved loans with
inadequate verification of the borrowers cash investment in the
property, approved loans with inadequate analysis of the borrower's
ability to repay the mortgage obligation, approved a loan with an
incomplete Mortgage Credit Analysis Worksheet (MCAW), and failed to
implement an acceptable quality control plan.
15. Mac-Clair Mortgage Corporation, Burton, MI [Docket No. 11-1292-MR]
Action: On April 12, 2012, the Board issued a Notice of
Administrative Action withdrawing the FHA approval of Mac-Clair
Mortgage Corporation (MCMC) for a period of one year.
Cause: The Board took this action based on the following violation
of HUD/FHA requirements alleged by HUD: On thirteen FHA-insured
mortgages serviced or held by MCMC, MCMC failed to remit Mortgage
Insurance Premiums, failed to notify HUD/FHA within fifteen calendar
days of the termination of the contract for mortgage insurance or the
sale of the mortgage, or both.
16. Mortgage Now, Inc., Cleveland, OH [Docket No. 11-1224-MR]
Action: On April 27, 2012, the Board entered into a Settlement
Agreement with Mortgage Now, Inc. (MN) that required MN to pay a civil
money penalty in the amount of $13,500 and to pay $243,872 to indemnify
HUD for its losses with respect to two defaulted FHA loans, without
admitting fault or liability.
Cause: The Board took this action based on the following violations
of HUD/FHA requirements alleged by HUD: MN failed to timely remit 200
Upfront Mortgage Insurance Premiums to HUD/FHA within ten calendar days
of closing or disbursement, whichever was later, and failed to honor
two indemnification agreements with HUD when it failed to remit
payments owed to HUD pursuant to the terms of the Indemnification
Agreements.
17. Nationwide Home Loans, Inc., Miami, FL [Docket No. 12-1588-MR]
Action: On June 12, 2012, the Board issued a Notice of
Administrative Action permanently withdrawing the FHA approval of
Nationwide Home Loans, Inc. (NHL).
Cause: The Board took this action based on the following violations
of HUD/FHA requirements alleged by HUD: NHL failed to complete its
annual online certification, failed to submit the recertification fee,
failed to submit its audited financial statements, employed individuals
to originate loans who NHL knew or should have known were engaged in
prohibited outside employment in the mortgage lending field, permitted
non-FHA-approved mortgage brokers to perform loan origination services,
failed to adhere to HUD/FHA requirements when underwriting loans for
FHA insurance, and failed to adopt, maintain, and implement a quality
control plan in compliance with HUD/FHA requirements.
18. Pine State Mortgage Corporation, Atlanta, GA [Docket No. 12-0000-
MR]
Action: On June 15, 2012, the Board issued a Notice of
Administrative Action permanently withdrawing the FHA approval of Pine
State Mortgage Corporation (PSMC).
Cause: The Board took this action based on the following violations
of HUD/FHA requirements alleged by HUD: PSMC failed to remit payments
owed to HUD per the terms of an indemnification agreement between PSMC
and HUD, failed to timely notify HUD/FHA of a business change that
affected PSMC's standing as an approved institution or changed the
information on which it was originally approved, failed to timely
submit its audited financial statements for fiscal years 2009, 2010,
and 2011, failed to timely submit its annual recertification fee(s) for
fiscal years 2009, 2010 and 2011, and failed to timely submit its
annual online certifications for fiscal years 2009, 2010 and 2011.
19. U.S. Mortgage Finance Corporation, Cockeysville, MD [Docket No. 11-
1209-MR]
Action: On June 12, 2012, the Board issued a Notice of
Administrative Action withdrawing the FHA approval of U.S. Mortgage
Finance Corporation (USMFC) for a period of one year.
Cause: The Board took this action based on the following violations
of HUD/FHA requirements alleged by HUD: USFMC failed to maintain its
Maryland state mortgage lender's license and failed to notify HUD/FHA
that it had closed its main office and was no longer licensed in
Maryland.
20. People's United Bank, Bridgeport, CT [Docket No. 11-1155-MR]
Action: On January 22, 2013, the Board entered into a Settlement
Agreement with People's United Bank (PUB) that required PUB to pay a
civil money penalty in the amount of $15,000, without admitting fault
or liability.
[[Page 21621]]
Cause: The Board took this action based on the following violations
of HUD/FHA requirements alleged by HUD: PUB failed either to timely
remit mortgage insurance premiums to HUD/FHA or to notify HUD/FHA
within fifteen calendar days of the termination of the contract of
mortgage insurance, the sale of the mortgage, or both on 97 FHA-insured
loans.
II. Lenders That Failed To Timely Meet Requirements for Annual
Recertification of HUD/FHA Approval
Action: The Board entered into settlement agreements with the
lenders listed below, which required the lender to pay a $7,500 or
$3,500 civil money penalty, without admitting fault or liability.
Cause: The Board took these actions based upon allegations that the
lenders listed below failed to comply with the Department's annual
recertification requirements in a timely manner.
1. Banking Mortgage Services BMS Corp., Miami, FL ($3,500) [Docket No.
11-1249-MRT]
2. BM Real Estate Services, Inc. DBA Priority Financial Network,
Calabasas, CA ($7,500) [Docket No.12-1622-MRT]
3. FedTrust Mortgage, LLC, Farmington Hills, MI ($3,500) [Docket No.
11-1218-MRT]
4. Home Retention Services, Inc., Houston, TX ($7,500) [Docket No. 11-
1283-MRT]
5. Mortgage Corp of the East III, Rockland, MA ($3,500) [Docket No. 12-
1656-MRT]
6. Prysma Lending Group, LLC, Danbury, CT ($3,500) [Docket No. 11-1236-
MRT]
7. SWI Financial Services, Inc. DBA Integrity 1\ST\ Mortgage,
Escondido, CA ($3,500) [Docket No. 12-1647-MRT]
III. Lenders That Failed to Meet Requirements for Annual
Recertification of HUD/FHA Approval
Action: The Board voted to withdraw the FHA approval of each of the
lenders listed below for a period of one year.
Cause: The Board took these actions based upon allegations that the
lenders listed below were not in compliance with the Department's
annual recertification requirements.
1. AAA Worldwide Financial Co., Addison, TX [Docket No. 13-1344-MRT]
2. Access Mortgage Corporation, West Haven, CT [Docket No. 11-1284-MRT]
3. Admiral Mortgage, Inc., Pikesville, MD [Docket No. 13-1345-MRT]
4. Aeslech, Inc., Los Angeles, CA [Docket No. 13-1346-MRT]
5. Allstate Lending Group, Inc., Atlanta, GA [Docket No.13-1347-MRT]
6. Amber Financial Group, LLC, San Diego, CA [Docket No. 13-1348-MRT]
7. American Independent Association, Inc., Diamond Bar, CA [Docket No.
13-1349-MRT]
8. American Mortgage Specialists, Inc., Scottsdale, AZ [Docket No. 13-
1350-MRT]
9. American South Lending, Inc., Greensboro, NC [Docket No. 11-1262-
MRT]
10. American Union Financial Services, Inc., Pasadena, CA [Docket No.
13-1351-MRT]
11. Americas First Home Mortgage Company, Inc., Cedartown, GA [Docket
No. 13-1352-MRT]
12. Amerifund Financial, Inc., Tacoma, WA [Docket No. 13-1353-MRT]
13. Ameritrust Mortgage Bankers, Inc. DBA NY Financial Lending, Inc.,
New Hyde Park, NY [Docket No. 13-1354-MRT]
14. Atlantic Coast Mortgage Group, Inc., Fort Lauderdale, FL [Docket
No. 13-1355-MRT]
15. Bache & Co., Inc., Clearwater, FL [Docket No. 13-1356-MRT]
16. Baker and Lindsey, Inc., Fort Walton Beach, FL [Docket No. 13-1357-
MRT]
17. Bankers Acceptance Mortgage Corp., Springfield, MO [Docket No. 13-
1358-MRT]
18. Benefit Funding Corporation, Beltsville, MD [Docket No. 11-1243-
MRT]
19. Birmingham Bancorp Mortgage Corporation, West Bloomfield, MI
[Docket No. 13-1359-MRT]
20. BMC Capital, LP, Dallas, TX [Docket No. 13-1360-MRT]
21. Brian A. Cole & Associates, LTD., Westlake, OH [Docket No. 13-1361-
MRT]
22. Briner Incorporated, Fredericksburg, VA [Docket No. 13-1362-MRT]
23. Brookside Mortgage Corporation, Orange, CA [Docket No. 13-1363-MRT]
24. Butker Financial Services, Inc., Orange, CA [Docket No. 13-1364-
MRT]
25. Cambridge Funding Group, Inc., Irvine, CA [Docket No. 13-1365-MRT]
26. Cambridge Home Capital, LLC, Great Neck, NY [Docket No. 13-1366-
MRT]
27. Capital Mortgage Corporation, Raleigh, NC [Docket No. 11-1270-MRT]
28. Capstone Realty Advisors, LLC, Cleveland, OH [Docket No. 13-1367-
MRT]
29. Castle Rock Financial Services, LLC, Provo, UT [Docket No. 13-1368-
MRT]
30. Cayman Suisse Capital, Inc., Gibbsboro, NJ [Docket No. HUDALJ 12-M-
044-MRT]
31. Citizens Independent Bank, St Louis Park, MN [Docket No. 13-1331-
MRT]
32. Classic Home Loans, Lafayette, CA [Docket No. 12-1654-MRT]
33. Classic Mortgage Solutions, Inc., Phoenix, AZ [Docket No. 13-1369-
MRT]
34. Coastal Lending Financial Corp., West Lake Hills, TX [Docket No.
13-1370-MRT]
35. Commonwealth Home Mortgage Bankers Corp., New Hyde Park, NY [Docket
No. 13-1371-MRT]
36. Community Central Mortgage Co., LLC, Mount Clemens, MI [Docket No.
12-1623-MRT]
37. Consumer Mortgage Group, Inc., Woodbridge, NJ [Docket No. 13-1372-
MRT]
38. Cornerstone Bancor Mortgage Corp., DBA Nations Credit Mortgage Co.,
Massapequa, NY [Docket No. 13-1373-MRT]
39. CSW Financial, LLC, Reno, NV [Docket No. 13-1374-MRT]
40. DASH Funding, LP, Plano, TX [Docket No. 13-1375-MRT]
41. DBSA Holdings, Inc., San Diego, CA [Docket No. 13-1376-MRT]
42. Delta Mortgage Company, Beachwood, OH [Docket No. 13-1377-MRT]
43. Direct Equity Mortgage, LLC, Las Vegas, NV [Docket No. 13-1378-MRT]
44. Dover Mortgage Company, Charlotte, NC [Docket No. 11-1252-MRT]
45. E*TRADE Mortgage Corporation, Irvine, CA [Docket No. 13-1379-MRT]
46. East Coast Mortgage Corp., Springfield, NJ 07081 [Docket No. 13-
1328-MRT]
47. Equity Services, Inc., Raleigh, NC [Docket No. 13-1380-MRT]
48. Essex Mortgage Company, LLC, Chesterfield, MO [Docket No. 13-1381-
MRT]
49. Euro Mortgage Bankers, Inc., Patchogue, NY [Docket No. 13-1382-MRT]
50. FHAST Mortgage Corporation, Irvine, CA [Docket No. 13-1383-MRT]
51. First American Realty Capital Corp., Los Angeles, CA [Docket No.
13-1384-MRT]
52. First Chesapeake Home Mortgage, LLC, Annapolis, MD [Docket No. 13-
1385-MRT]
53. First Florida Funding Corp., Hialeah, FL [Docket No. 13-1386-MRT]
[[Page 21622]]
54. First Marathon Financial Corporation, Austin, TX [Docket No. 13-
1387-MRT]
55. First Residential Mortgage Network, Louisville, KY [Docket No. 13-
1388-MRT]
56. First Suffolk Mortgage Corporation, North Babylon, NY [Docket No.
13-1389-MRT]
57. First United Mortgage Company, Inc., Cranford, NJ [Docket No. 13-
1390-MRT]
58. GD LLC, Webster Groves, MO [Docket No. 13-1391-MRT]
59. Get On The Map Corporation FKA AAA Financial Corporation, Coral
Springs, FL [Docket No. 13-1392-MRT]
60. Gold Reverse, Inc., Anaheim, CA [Docket No. 13-1393-MRT]
61. Goode Mortgage Corporation, Conway, AR [Docket No. 13-1394-MRT]
62. Granite Mortgage, Inc., Winston Salem, NC [Docket No. 13-1395-MRT]
63. Great American Mortgage Corp., Roslyn Heights, NY [Docket No. 13-
1396-MRT]
64. Greenberry Financial Services, Inc., Ladera Ranch, CA [Docket No.
13-1397-MRT]
65. Heartland Funding Corporation, Springfield, MO [Docket No. 13-1398-
MRT]
66. Home Loan Consultants, Inc., San Diego, CA [Docket No. 13-1399-MRT]
67. Homelynx Home Loans, LLC, Fort Meyers, FL [Docket No. 13-1400-MRT]
68. ICMC, LLC, Columbia, SC [Docket No. 13-1401-MRT]
69. Infinity Group Services, Irvine, CA [Docket No. 13-1402-MRT]
70. Inter Mountain Mortgage, Pomona, CA [Docket No. 13-1403-MRT]
71. International Mortgage Corporation, Millersville, MD [Docket No.
13-1404-MRT]
72. Jay's Mortgage Acceptance Corp., DBA JMAC Home Mortgage, Houston,
TX [Docket No. 13-1405-MRT]
73. Journey Financial, Inc., Tacoma, WA [Docket No. 13-1406-MRT]
74. Lenox Financial Mortgage, LLC, Atlanta, GA [Docket No. 13-1407-MRT]
75. Loan Correspondents, Inc., Irvine, CA [Docket No. 13-1409-MRT]
76. Loan Network, LLC, Renton, WA [Docket No. 13-1410-MRT]
77. Lumina Mortgage Company, Inc., Wilmington, NC [Docket No. 13-1411-
MRT]
78. Maverick Residential Mortgage, Inc., Plano, TX [Docket No. 13-1412-
MRT]
79. MBI Mortgage, Inc., Dallas, TX [Docket No. 13-1413-MRT]
80. Medallion Mortgage Corporation, Arlington, TX [Docket No. 13-1414-
MRT]
81. Mercury, Inc., Fairfield, NJ [Docket No. 13-1415-MRT]
82. Meredian Financial Corporation, Costa Mesa, CA [Docket No. 13-1416-
MRT]
83. Meridias Capital, Inc., Henderson, NV [Docket No. 12-1664-MRT]
84. Merrlin Mortgage Corporation, Overland Park, KS [Docket No. 13-
1417-MRT]
85. MetAmerica Mortgage Bankers, Inc., Virginia Beach, VA [Docket No.
13-1418-MRT]
86. MIG Mortgage, LLC, Houston, TX [Docket No. 13-1420-MRT]
87. Money Warehouse, Inc., Southampton, PA [Docket No. 13-1421-MRT]
88. Mortgage and Investment Consultants, Inc., Saint Paul, MN [Docket
No. 13-1422-MRT]
89. Mortgage Direct, Chicago, IL [Docket No. 12-1655-MRT]
90. Mortgage Plus of America Corporation, Kalamazoo, MI [Docket No. 13-
1423-MRT]
91. Mortgage South, Inc., Richmond, VA [Docket No. 13-1424-MRT]
92. MORTGAGECLOSE.COM, Inc., Santa Ana, CA [Docket No. 13-1425-MRT]
93. M-Point Mortgage Services, LLC, Crofton, MD [Docket No. 13-1426-
MRT]
94. MWF Financial & Mortgage Center, Inc., Saint Charles, IL [Docket
No. 13-1427-MRT]
95. National Title Insurance Company, Miami, FL [Docket No. 13-1428-
MRT]
96. Nationwide Mortgage Concepts, LLC, Rancho Mirage, CA [Docket No.
13-1429-MRT]
97. NDNJ, Inc., Ranchos Palos Verdes, CA [Docket No. 13-1430-MRT]
98. Neighborhood Funding, Inc., Tampa, FL, [Docket No. 13-1431-MRT]
99. Neighborhood Housing Services of America, Oakland, CA [Docket No.
13-1432-MRT]
100. Nichols Mortgage Services, Inc., Indianapolis, IN [Docket No. 13-
1433-MRT]
101. NLMC, Inc., Houston, TX [Docket No. 13-1434-MRT]
102. Olympic Coast Investments, Inc., Virginia Beach, VA [Docket No.
11-1267-MRT]
103. Online Financial Group, San Jose, CA [Docket No. 13-1435-MRT]
104. Oxford Lending Group, LLC, Columbus, OH [Docket No. 13-1436-MRT]
105. Pacific Charter Mortgage Corp., Laguna Hills, CA [Docket No. 13-
1437-MRT]
106. Pacific Mutual Funding, Inc., Brea, CA [Docket No. 13-1438-MRT]
107. Pacific Reverse Mortgage, Inc., Palm Beach Gardens, FL [Docket No.
13-1439-MRT]
108. Pinnacle Financial Services, Inc., Chesterfield, MO [Docket No.
13-1440-MRT]
109. Preferred Financial Funding, Inc., Colton, CA [Docket No. 13-1441-
MRT]
110. Prime Home Mortgage, Inc., Ormond Beach, FL [Docket No. 13-1442-
MRT]
111. Prodigy, Inc., Austin, TX [Docket No. 13-1443-MRT]
112. Production Mortgage, Inc., Anaheim, CA [Docket No. 13-1444-MRT]
113. Professional Lending. LLC, Augusta, GA [Docket No. 13-1445-MRT]
114. Protofund Mortgage Corporation, Winnetka, CA [Docket No. 13-1446-
MRT]
115. Provident Mortgage Corporation Central CA, Visalia, CA [Docket No.
11-1214-MRT]
116. Residential Lending Network, Inc., Coral Springs, FL [Docket No.
11-1281-MRT]
117. Right Mortgage Company, Lebanon, TN [Docket No. 13-1447-MRT]
118. Rokitto Enterprises, Porter Ranch, CA [Docket No. 13-1448-MRT]
119. Sacramento Valley Financial, Inc., Roseville, CA [Docket No. 13-
1449-MRT]
120. Silver Oak Mortgage, LP, Arlington, TX [Docket No. 13-1450-MRT]
121. Sky Investments, Inc., Deerfield Beach, FL [Docket No. 13-1451-
MRT]
122. Sterling Empire Funding Associates, LTD, Bronx, NY [Docket No. 13-
1452-MRT]
123. Sun Capital, Inc., Pelham, AL [Docket No. 13-1453-MRT]
124. Sydion Financial, LLC, Lake Tapps, WA [Docket No. 13-1454-MRT]
125. The Mortgage Bank of Arkansas, Little Rock, AR [Docket No. 11-
1219-MRT]
126. The Mortgage Co-op, LLC, Sandy, UT [Docket No. 13-1455-MRT]
127. The Mortgage Makers, Inc., Houston, TX [Docket No. 13-1456-MRT]
128. Thornburg Mortgage Home Loan, Inc., Santa Fe, NM [Docket No. 13-
1457-MRT]
129. TMBG, Inc., Everett, WA [Docket No. 11-1227-MRT]
130. Town & Country Home Mortgage, Inc., Portland, OR [Docket No. 13-
1458-MRT]
[[Page 21623]]
131. U.S. Financial Mortgage Corporation, Rocklin, CA [Docket No. 13-
1459-MRT]
132. United Funding Mortgage Corp., Alpharetta, GA [Docket No. 13-1460-
MRT]
133. United Home Mortgage Corp., Antioch, CA [Docket No. 13-1461-MRT]
134. Universal Mortgage Corporation, Mequon, WI [Docket No. 13-1462-
MRT]
135. US Capital Funding, LLC, East Islip, NY [Docket No. 13-1463-MRT]
136. USGI, Inc., Darien, CT [Docket No. 13-1464-MRT]
137. Vision Mortgage Professionals, Inc., Lebanon, TN [Docket No. 13-
1465-MRT]
138. Volunteer Trust Mortgage Corporation, Nashville, TN [Docket No.
13-1466-MRT]
Dated: April 5, 2013.
Carol J. Galante,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 2013-08520 Filed 4-10-13; 8:45 am]
BILLING CODE 4210-67-P
