Credit Watch Termination Initiative Termination of Direct Endorsement (DE) Approval, 13949-13950 [2019-06863]

Download as PDF Federal Register / Vol. 84, No. 67 / Monday, April 8, 2019 / Notices Executive Office Building, Washington, DC 20503; fax: 202–395–5806. Email: OIRA_Submission@omb.eop.gov. FOR FURTHER INFORMATION CONTACT: Colette Pollard, Reports Management Officer, QDAM, Department of Housing and Urban Development, 451 7th Street SW, Washington, DC 20410; email Colette Pollard at Colette.Pollard@ hud.gov or telephone 202–402–3400. Persons with hearing or speech impairments may access this number through TTY by calling the toll-free Federal Relay Service at (800) 877–8339. This is not a toll-free number. Copies of available documents submitted to OMB may be obtained from Ms. Pollard. SUPPLEMENTARY INFORMATION: This notice informs the public that HUD has submitted to OMB a request for approval of the information collection described in Section A. The Federal Register notice that solicited public comment on the information collection for a period of 60 days was published on August 3, 2018 at 83 FR 38161. A. Overview of Information Collection Title of Information Collection: Request for Termination of Multifamily Mortgage Insurance. OMB Approval Number: 2502–0539. Type of Request: Reinstatement with change of a previously approved collection. Form Number: FR HUMDA–LAR. Description of the need for the information and proposed use: The HMDA Loan/Application Register collects information from mortgage lenders on application for, and originations and purchases of, mortgage and home improvement loans. No depository mortgage lending institutions are required to use the information generated as a running log throughout the calendar year and send the information to HUD by March 1 of the following calendar year. Respondents: Business and Other for profit. Estimated Number of Respondents: 891. Estimated Number of Responses: 2,996.78. Frequency of Response: 3.3634. Average Hours per Response: 577.36. Total Estimated Burdens: 1,730,220.90. jbell on DSK30RV082PROD with NOTICES B. Solicitation of Public Comment This notice is soliciting comments from members of the public and affected parties concerning the collection of information described in Section A on the following: (1) Whether the proposed collection of information is necessary for the VerDate Sep<11>2014 17:45 Apr 05, 2019 Jkt 247001 proper performance of the functions of the agency, including whether the information will have practical utility; (2) The accuracy of the agency’s estimate of the burden of the proposed collection of information; (3) Ways to enhance the quality, utility, and clarity of the information to be collected; and (4) Ways to minimize the burden of the collection of information on those who are to respond; including using appropriate automated collection techniques or other forms of information technology, e.g., permitting electronic submission of responses. HUD encourages interested parties to submit comment in response to these questions. Authority: Section 3507 of the Paperwork Reduction Act of 1995, 44 U.S.C. Chapter 35 Dated: March 28, 2019. Colette Pollard, Department Reports Management Officer, Office of the Chief Information Officer. [FR Doc. 2019–06861 Filed 4–5–19; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR–7011–N–09] 30-Day Notice of Proposed Information Collection: Request for Acceptance of Changes in Approved Drawings and Specifications Office of the Chief Information Officer, HUD. ACTION: Notice. AGENCY: HUD has submitted the proposed information collection requirement described below to the Office of Management and Budget (OMB) for review, in accordance with the Paperwork Reduction Act. The purpose of this notice is to allow for an additional 30 days of public comment. DATES: Comments Due Date: May 8, 2019. SUMMARY: 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: HUD Desk Officer, Office of Management and Budget, New Executive Office Building, Washington, DC 20503; fax: 202–395–5806. Email: OIRA_Submission@omb.eop.gov. FOR FURTHER INFORMATION CONTACT: Colette Pollard, Reports Management Officer, QDAM, Department of Housing and Urban Development, 451 7th Street SW, Washington, DC 20410; email ADDRESSES: PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 13949 Colette Pollard at Colette.Pollard@ hud.gov or telephone 202–402–3400. Persons with hearing or speech impairments may access this number through TTY by calling the toll-free Federal Relay Service at (800) 877–8339. This is not a toll-free number. Copies of available documents submitted to OMB may be obtained from Ms. Pollard. SUPPLEMENTARY INFORMATION: This notice informs the public that HUD has submitted to OMB a request for approval of the information collection described in Section A. The Federal Register notice that solicited public comment on the information collection for a period of 60 days was published on October 12, 2018 at 83 FR 51694. A. Overview of Information Collection Title of Information Collection: Request for Acceptance of Changes in Approved Drawings and Specifications. OMB Approval Number: 2502–0117. Type of Request: Revision of a currently approved collection. Form Number: HUD 92577. Description of the need for the information and proposed use: Contractors request approval for changes to accepted drawings and specifications of rehabilitation properties as required by homebuyers or determined by the contractor to address previously unknown health and safety issues. Contractors submit the forms to lenders, who review them and submit them to HUD for approval. Respondents (i.e. affected public): Business. Estimated Number of Respondents: 15,871. Estimated Number of Responses: 15,871. Frequency of Response: On Occasion. Average Hours per Response: 0.50003. Total Estimated Burdens: 7,936. B. Solicitation of Public Comment Authority: Section 3507 of the Paperwork Reduction Act of 1995, 44 U.S.C. Chapter 35 Dated: March 28, 2019. Colette Pollard, Department Reports Management Officer, Office of the Chief Information Officer. [FR Doc. 2019–06862 Filed 4–5–19; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR–6142–N–01] Credit Watch Termination Initiative Termination of Direct Endorsement (DE) Approval Office of the Assistant Secretary for Housing–Federal Housing AGENCY: E:\FR\FM\08APN1.SGM 08APN1 13950 Federal Register / Vol. 84, No. 67 / Monday, April 8, 2019 / Notices Commissioner, Department of Housing and Urban Development (HUD). ACTION: Notice. 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 that have had their DE Approval terminated. FOR FURTHER INFORMATION CONTACT: 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– 5997 (this is not a toll-free number). Persons with hearing or speech impairments may access that number through TTY by calling the Federal Information Relay Service at (800) 877– 8339. SUPPLEMENTARY INFORMATION: HUD has the authority to address deficiencies in the performance of lenders’ loans as provided in HUD’s mortgagee approval regulations at 24 CFR 202.3. On May 17, 1999, HUD published a notice (64 FR 26769) on its procedures for terminating Origination Approval Agreements with FHA lenders and placement of FHA lenders on Credit Watch status (an evaluation period). In the notice, HUD advised that it would publish in the Federal Register a list of mortgagees that have had their Approval Agreements terminated. HUD Handbook 4000.1 section V.E.3.a.iii outlines current procedures for terminating Underwriting Authority of Direct Endorsement mortgagees. SUMMARY: continue to pay existing insurance premiums and meet all other obligations associated with insured mortgages. A terminated mortgagee may apply for reinstatement if their DE Approval in 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 reinstatement must be submitted through the Lender Electronic Assessment Portal (LEAP). The application must be accompanied by the CPA’s report and the corrective action plan. Action: The following mortgagees have had their DE Approval terminated by HUD: Mortgagee name Mortgagee home office address HUD office jurisdiction First Hallmark Mortgage Corporation .......... 1 Executive Drive, Suite 130, Somerset, NJ 08873–4002. 11781 Lee Jackson, Memorial Highway, Fairfax, VA 22033. Newark ............. 7/19/16 Philadelphia. Philadelphia ...... 5/1/18 Philadelphia. CityWorth Mortgage LLC ............................. Dated: March 28, 2019. Brian Montgomery, Assistant Secretary for Housing—Federal Housing Commissioner. DEPARTMENT OF THE INTERIOR [FR Doc. 2019–06863 Filed 4–5–19; 8:45 am] [FWS–HQ–MB–2019–N010; FXGO1664091HCC0–FF09D00000–189] BILLING CODE 4210–67–P jbell on DSK30RV082PROD with NOTICES Termination of Direct Endorsement Approval: HUD approval of a DE mortgagee 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 regulations at 24 CFR part 25. Cause: HUD regulations permit HUD to terminate the DE Approval of 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 that exceeds the national default and claim rate. Effect: Termination of DE Approval precludes the mortgagee from underwriting FHA-insured single-family mortgages within the HUD field office jurisdiction(s) listed in this notice. Mortgagees authorized to 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 geographic area. Mortgagees must Fish and Wildlife Service North American Wetlands Conservation Council; Call for Nominations Fish and Wildlife Service, Interior. ACTION: Call for nominations. AGENCY: VerDate Sep<11>2014 17:45 Apr 05, 2019 Jkt 247001 PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 Termination effective date Homeownership center The Secretary of the Interior seeks nominations for individuals to be considered to fill one vacancy to serve as an ex officio non-voting representative on the North American Wetlands Conservation Council (Council). The Council operates under statutory procedures established under the North American Wetlands Conservation Act. Council members review and recommend grant funding for wetland protection and restoration projects in the United States, Canada, and Mexico. The Council provides SUMMARY: E:\FR\FM\08APN1.SGM 08APN1

Agencies

[Federal Register Volume 84, Number 67 (Monday, April 8, 2019)]
[Notices]
[Pages 13949-13950]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-06863]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-6142-N-01]


Credit Watch Termination Initiative Termination of Direct 
Endorsement (DE) Approval

AGENCY: Office of the Assistant Secretary for Housing-Federal Housing

[[Page 13950]]

Commissioner, Department of Housing and Urban Development (HUD).

ACTION: Notice.

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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 that have had their DE Approval terminated.

FOR FURTHER INFORMATION CONTACT: 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) 
708-5997 (this is not a toll-free number). Persons with hearing or 
speech impairments may access that number through TTY by calling the 
Federal Information Relay Service at (800) 877-8339.

SUPPLEMENTARY INFORMATION: HUD has the authority to address 
deficiencies in the performance of lenders' loans as provided in HUD's 
mortgagee approval regulations at 24 CFR 202.3. On May 17, 1999, HUD 
published a notice (64 FR 26769) on its procedures for terminating 
Origination Approval Agreements with FHA lenders and placement of FHA 
lenders on Credit Watch status (an evaluation period). In the notice, 
HUD advised that it would publish in the Federal Register a list of 
mortgagees that have had their Approval Agreements terminated. HUD 
Handbook 4000.1 section V.E.3.a.iii outlines current procedures for 
terminating Underwriting Authority of Direct Endorsement mortgagees.
    Termination of Direct Endorsement Approval: HUD approval of a DE 
mortgagee 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 regulations at 24 CFR part 25.
    Cause: HUD regulations permit HUD to terminate the DE Approval of 
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 
that exceeds the national default and claim rate.
    Effect: Termination of DE Approval precludes the mortgagee from 
underwriting FHA-insured single-family mortgages within the HUD field 
office jurisdiction(s) listed in this notice. Mortgagees authorized to 
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 geographic area. Mortgagees must continue to pay 
existing insurance premiums and meet all other obligations associated 
with insured mortgages.
    A terminated mortgagee may apply for reinstatement if their DE 
Approval in 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 reinstatement must be 
submitted through the Lender Electronic Assessment Portal (LEAP). The 
application must be accompanied by the CPA's report and the corrective 
action plan.
    Action: The following mortgagees have had their DE Approval 
terminated by HUD:

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                                  Mortgagee home         HUD office          Termination
        Mortgagee name            office address        jurisdiction       effective date   Homeownership center
----------------------------------------------------------------------------------------------------------------
First Hallmark Mortgage         1 Executive        Newark................         7/19/16  Philadelphia.
 Corporation.                    Drive, Suite
                                 130, Somerset,
                                 NJ 08873-4002.
CityWorth Mortgage LLC........  11781 Lee          Philadelphia..........          5/1/18  Philadelphia.
                                 Jackson,
                                 Memorial
                                 Highway,
                                 Fairfax, VA
                                 22033.
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    Dated: March 28, 2019.
Brian Montgomery,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 2019-06863 Filed 4-5-19; 8:45 am]
 BILLING CODE 4210-67-P