Credit Watch Termination Initiative Termination of Direct Endorsement (DE) Approval, 57128-57129 [2023-17989]

Download as PDF 57128 Federal Register / Vol. 88, No. 161 / Tuesday, August 22, 2023 / Notices requirements for a request for a stay of deportation or removal are met by the applicant. (5) An estimate of the total number of responses and the amount of time estimated for an average respondent to respond: ICE estimates a total of 3,664 responses at 30 minutes (.50 hours) per response (6) An estimate of the total public burden (in hours) associated with the collection: 1,832 annual burden hours. Dated: August 17, 2023. Scott Elmore, ICE PRA Clearance Officer, U.S. Immigration and Customs Enforcement, Department of Homeland Security. [FR Doc. 2023–18004 Filed 8–21–23; 8:45 am] BILLING CODE P DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR–6416–N–01] Credit Watch Termination Initiative Termination of Direct Endorsement (DE) Approval Office of the Assistant Secretary for Housing—Federal Housing Commissioner, Department of Housing and Urban Development (HUD). ACTION: Notice. AGENCY: This notice advises of the cause and effect of termination of Direct Endorsement (DE) approval taken by HUD’s Federal Housing Administration (FHA) against HUD-approved 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: John Higgins, Director, Quality Assurance Division, Office of Housing, Department of Housing and Urban Development, 451 Seventh Street SW, Washington, DC 20410–8000; telephone (202) 402–6730 (this is not a toll-free number). HUD welcomes and is prepared to receive calls from individuals who are deaf or hard of hearing, as well as individuals with speech or communication disabilities. To learn more about how to lotter on DSK11XQN23PROD with NOTICES1 SUMMARY: make an accessible telephone call, please visit https://www.fcc.gov/ consumers/guides/telecommunicationsrelay-service-trs. 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 for insured mortgages. 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: Mortgagee name Mortgagee home office address HUD office jurisdiction Southwest Funding, LP ..................... 13150 Coit Rd., Suite 100, Dallas, TX 75240–5775 Shreveport ..... VerDate Sep<11>2014 16:57 Aug 21, 2023 Jkt 259001 PO 00000 Frm 00051 Fmt 4703 Sfmt 4703 E:\FR\FM\22AUN1.SGM Termination effective date 22AUN1 7/18/2023 Homeownership center Denver. Federal Register / Vol. 88, No. 161 / Tuesday, August 22, 2023 / Notices Julia R. Gordon, Assistant Secretary for Housing—Federal Housing Commissioner. DEPARTMENT OF JUSTICE Antitrust Division [FR Doc. 2023–17989 Filed 8–21–23; 8:45 am] Notice Pursuant to the National Cooperative Research and Production Act of 1993—R Consortium, Inc. BILLING CODE 4210–67–P DEPARTMENT OF JUSTICE Antitrust Division Notice Pursuant to the National Cooperative Research and Production Act of 1993—National Fire Protection Association lotter on DSK11XQN23PROD with NOTICES1 Notice is hereby given that, on May 22, 2023, pursuant to section 6(a) of the National Cooperative Research and Production Act of 1993, 15 U.S.C. 4301 et seq. (‘‘the Act’’), National Fire Protection Association (‘‘NFPA’’) has filed written notifications simultaneously with the Attorney General and the Federal Trade Commission disclosing additions or changes to its standards development activities. The notifications were filed for the purpose of extending the Act’s provisions limiting the recovery of antitrust plaintiffs to actual damages under specified circumstances. Specifically, NFPA has provided an updated and current list of its standards development activities, related technical committee and conformity assessment activities. Information concerning NFPA regulations, technical committees, current standards, standards development and conformity assessment activities are publicly available at nfpa.org. On September 20, 2004, NFPA filed its original notification pursuant to section 6(a) of the Act. The Department of Justice published a notice in the Federal Register pursuant to section 6(b) of the Act on October 21, 2004 (69 FR 61869). The last notification was filed with the Department on February 9, 2023. A notice was published in the Federal Register pursuant to section 6(b) of the Act on April 17, 2023 (88 FR 23471). Suzanne Morris, Deputy Director Civil Enforcement Operations, Antitrust Division. [FR Doc. 2023–18056 Filed 8–21–23; 8:45 am] BILLING CODE P VerDate Sep<11>2014 16:57 Aug 21, 2023 Jkt 259001 Notice is hereby given that, on June 6, 2023, pursuant to section 6(a) of the National Cooperative Research and Production Act of 1993, 15 U.S.C. 4301 et seq. (‘‘the Act’’), R Consortium, Inc. (‘‘R Consortium’’) has filed written notifications simultaneously with the Attorney General and the Federal Trade Commission disclosing changes in its membership. The notifications were filed for the purpose of extending the Act’s provisions limiting the recovery of antitrust plaintiffs to actual damages under specified circumstances. Specifically, Mango Solutions has changed its name to Ascent Data Science, Bristol, UNITED KINGDOM. No other changes have been made in either the membership or planned activity of the group research project. Membership in this group research project remains open, and R Consortium intends to file additional written notifications disclosing all changes in membership. On September 15, 2015, R Consortium filed its original notification pursuant to section 6(a) of the Act. The Department of Justice published a notice in the Federal Register pursuant to section 6(b) of the Act on October 2, 2015 (80 FR 59815). The last notification was filed with the Department on January 4, 2023. A notice was published in the Federal Register pursuant to section 6(b) of the Act on January 25, 2023 (88 FR 4850). Suzanne Morris, Deputy Director Civil Enforcement Operations, Antitrust Division. [FR Doc. 2023–18055 Filed 8–21–23; 8:45 am] BILLING CODE P DEPARTMENT OF JUSTICE Antitrust Division Notice Pursuant to the National Cooperative Research and Production Act of 1993—Petroleum Environmental Research Forum Notice is hereby given that, on June 2, 2023, pursuant to section 6(a) of the National Cooperative Research and Production Act of 1993, 15 U.S.C. 4301 et seq. (‘‘the Act’’), Petroleum Environmental Research Forum (‘‘PERF’’) has filed written notifications simultaneously with the Attorney General and the Federal Trade PO 00000 Frm 00052 Fmt 4703 Sfmt 4703 57129 Commission disclosing changes in its membership. The notifications were filed for the purpose of extending the Act’s provisions limiting the recovery of antitrust plaintiffs to actual damages under specified circumstances. Specifically, Marathon Petroleum Company LP, Findlay, OH, has been added as a party to this venture. No other changes have been made in either the membership or planned activity of the group research project. Membership in this group research project remains open, and PERF intends to file additional written notifications disclosing all changes in membership. On February 10, 1986, PERF filed its original notification pursuant to section 6(a) of the Act. The Department of Justice published a notice in the Federal Register pursuant to section 6(b) of the Act on March 14, 1986 (51 FR 8903). The last notification was filed with the Department on February 2, 2022. A notice was published in the Federal Register pursuant to section 6(b) of the Act on March 11, 2022 (87 FR 14044). Suzanne Morris, Deputy Director Civil Enforcement Operations, Antitrust Division. [FR Doc. 2023–18065 Filed 8–21–23; 8:45 am] BILLING CODE P DEPARTMENT OF JUSTICE Antitrust Division Notice Pursuant to the National Cooperative Research and Production Act of 1993—The Digital Dollar Project, Inc. Notice is hereby given that, on June 7, 2023, pursuant to section 6(a) of the National Cooperative Research and Production Act of 1993, 15 U.S.C. 4301 et seq. (‘‘the Act’’), The Digital Dollar Project, Inc. (‘‘DDP’’) has filed written notifications simultaneously with the Attorney General and the Federal Trade Commission disclosing changes in its membership. The notifications were filed for the purpose of extending the Act’s provisions limiting the recovery of antitrust plaintiffs to actual damages under specified circumstances. Specifically, Baton, San Francisco, CA, has been added as a party to this venture. No other changes have been made in either the membership or planned activity of the group research project. Membership in this group research project remains open, and DDP intends to file additional written notifications disclosing all changes in membership. On June 9, 2022, DDP filed its original notification pursuant to section 6(a) of E:\FR\FM\22AUN1.SGM 22AUN1

Agencies

[Federal Register Volume 88, Number 161 (Tuesday, August 22, 2023)]
[Notices]
[Pages 57128-57129]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-17989]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-6416-N-01]


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

AGENCY: Office of the Assistant Secretary for Housing--Federal Housing 
Commissioner, Department of Housing and Urban Development (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 that have had their DE Approval terminated.

FOR FURTHER INFORMATION CONTACT: John Higgins, Director, Quality 
Assurance Division, Office of Housing, Department of Housing and Urban 
Development, 451 Seventh Street SW, Washington, DC 20410-8000; 
telephone (202) 402-6730 (this is not a toll-free number). HUD welcomes 
and is prepared to receive calls from individuals who are deaf or hard 
of hearing, as well as individuals with speech or communication 
disabilities. To learn more about how to make an accessible telephone 
call, please visit https://www.fcc.gov/consumers/guides/telecommunications-relay-service-trs.

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 for insured mortgages.
    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:

----------------------------------------------------------------------------------------------------------------
                                   Mortgagee home        HUD office         Termination
         Mortgagee name            office address       jurisdiction      effective date   Homeownership center
----------------------------------------------------------------------------------------------------------------
Southwest Funding, LP..........  13150 Coit Rd.,    Shreveport..........       7/18/2023  Denver.
                                  Suite 100,
                                  Dallas, TX 75240-
                                  5775.
----------------------------------------------------------------------------------------------------------------



[[Page 57129]]

Julia R. Gordon,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 2023-17989 Filed 8-21-23; 8:45 am]
BILLING CODE 4210-67-P
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