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14 August 2007
[Federal Register: August 13, 2007 (Volume 72, Number 155)]
[Notices]
[Page 45258-45260]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr13au07-89]
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5157-N-02]
Mortgagee Review Board Administrative Actions Termination of
Lender Approval for Renewal Noncompliance
AGENCY: Office of the Assistant Secretary for Housing-Federal Housing
Commissioner, HUD.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: In compliance with section 202(c) of the National Housing Act,
and 24 CFR 25.10, this notice advises of the cause and description of
certain administrative actions taken by HUD's Mortgagee Review Board
(MRB) against HUD-approved mortgagees. The MRB terminated 123 Title I
and Title II lender approvals during the six month period ending March
31, 2007, for failure to submit an acceptable annual audited financial
statement and/or payment of the annual fee required to renew their FHA
lender approval.
FOR FURTHER INFORMATION CONTACT: Joy Hadley, Director, Office of Lender
Activities and Program Compliance, 451 Seventh Street, SW., Room B-133-
P3214, Washington, DC 20410-8000, telephone: (202) 708-1515. (This is
not a toll-free number.) A Telecommunications Device for Hearing- and
Speech-Impaired Individuals (TTY) is available at (800) 877-8339
(Federal Information Relay Service).
SUPPLEMENTARY INFORMATION: Section 202(c)(5) of the National Housing
Act (added by section 142 of the Department of Housing and Urban
Development Reform Act of 1989, Pub. L. 101-235, approved December 15,
1989), and 23 CFR 25.10 requires that HUD publish a description of and
the cause for administrative actions against a HUD-approved mortgagee
by the Department's Mortgagee Review Board. The MRB terminated 123
Title I and Title II lender approvals during the six
[[Page 45259]]
month period ending March 31, 2007, for failure to submit an acceptable
annual audited financial statement and/or payment of the annual fee
required to renew their FHA lender approval.
ACTION: Termination of HUD/FHA Title I and Title II lender approval.
CAUSE: Failure to submit an acceptable annual audited financial
statement and/or payment of the annual fee required to renew their FHA
lender approval.
----------------------------------------------------------------------------------------------------------------
Approval type FHA ID Lender name City St
----------------------------------------------------------------------------------------------------------------
Title II................. 1007600008 ADVANTAGE ONE MORTGAGE ROGERS................. AR
BROKERS INC.
Title II................. 2063800000 AKEYGENT MORTGAGE LLC........ OKLAHOMA CITY.......... OK
Title II................. 1610900006 ALL STAR MORTGAGE INC........ PLANO.................. TX
Title II................. 1045200004 ALLERTON FINANCIAL CORP...... BLOOMFIELD HILLS....... MI
Title I.................. 7251200007 AMERIBANC CORPORATION........ MEDFORD................ OR
Title II................. 1054400008 AMERIBANC CORPORATION........ MEDFORD................ OR
Title II................. 7832800005 AMERICAN CALIF FIN SERV INC.. TORRANCE............... CA
Title II................. 1652600009 AMERICAN DEBT REDUCTION...... MARSHFIELD............. WI
Title II................. 1772800000 AMERICAN HOME FINANCE........ EDEN PRAIRIE........... MN
Title II................. 1151800006 AMERICAN HOME LOANS EXPRESS.. LONG BEACH............. CA
Title II................. 1476600003 AMERICAN LENDING RESOURCE INC TEMECULA............... CA
Title II................. 7675300005 AMERICAN MORTGAGE ESCONDIDO.............. CA
PROFESSIONALS INC.
Title I.................. 7117900006 AMERICAN MORTGAGE SERVICES MILLINGTON............. TN
INC.
Title II................. 2373500007 AMERICAN SECURE MORTGAGE LLC. FORT WORTH............. TX
Title II................. 1847700000 AMERIHOME MORTGAGE SAN BERNARDINO......... CA
CORPORATION.
Title II................. 1504900009 APPLIED RESEARCH CAPITAL CORP VILLA PARK............. IL
Title II................. 1883400005 ASPECT LLC................... AUSTIN................. TX
Title II................. 2108100000 AT HOME DISCOUNT MORTGAGE INC NORTH SALT LAKE........ UT
Title II................. 2112300002 AVA MORTGAGE INC............. HUNTERSVILLE........... NC
Title I.................. 7386900000 AVENTUS INC.................. TUKWILA................ WA
Title II................. 2096200009 AVENTUS INC.................. TUKWILA................ WA
Title I.................. 7348700001 BANKERS ACCEPTANCE MORTGAGE SPRINGFIELD............ MO
CORP.
Title II................. 7753200009 BOTTOMLINE MORTGAGE INC...... MONROVIA............... CA
Title II................. 7181100008 BOULDER FINANCIAL CORPORATION UPLAND................. CA
Title II................. 1039000005 BRENWARD MORTGAGE CORPORATION CERRITOS............... CA
Title II................. 1923300009 C U MEMBERS MORTGAGE EAST HAVEN............. CT
CORPORATION.
Title II................. 6441109991 CAL COAST MORTGAGE CORP...... SAN DIEGO.............. CA
Title I.................. 7253300003 CALIFORNIA EMPIRE FUNDING RANCHO CUCAMONGA....... CA
CORP.
Title II................. 7756700002 CALIFORNIA EMPIRE FUNDING RANCHO CUCAMONGA....... CA
CORP.
Title II................. 7149400009 CALIFORNIA MORTGAGE SUSANVILLE............. CA
SPECIALISTS INC.
Title II................. 2092200003 CAPITOL CITY MORTGAGE CARMEL................. IN
INCORPRATED.
Title II................. 2106100008 CARDINAL BANC MORTGAGE CORP.. BRECKSVILLE............ OH
Title II................. 1392700001 CB TOWNE CENTER FINANCIAL.... CERRITOS............... CA
Title II................. 7417800006 CLARK-ALLENBACH GROUP........ SAN DIEGO.............. CA
Title II................. 2085700009 COAST2COAST MORTGAGE GLEN ELLYN............. IL
SPECIALISTS LTD.
Title I.................. 7192800006 COMMUNITY FINANCIAL INC...... CLAREMONT.............. CA
Title II................. 7560400002 COMPASS MORTGAGE INC......... CHARLESTON............. SC
Title I.................. 7274100002 CONSTITUTION MORTGAGE CORP... TUSTIN................. CA
Title II................. 7905900004 CONSTITUTION MORTGAGE CORP... TUSTIN................. CA
Title II................. 7058100004 CORONA MORTGAGE.............. CORONA................. CA
Title I.................. 7378400001 CYPRESS POINT FUNDING INC.... WOODLAND HILLS......... CA
Title II................. 1967200006 CYPRESS POINT FUNDING INC.... WOODLAND HILLS......... CA
Title II................. 1508800004 EAGLE FUNDING GROUP LTD...... CHANTILLY.............. VA
Title I.................. 7220600006 EST FIN SERVICES INC......... SOUTH GATE............. CA
Title II................. 7983600004 EST FIN SERVICES INC......... SOUTH GATE............. CA
Title II................. 1280200002 EXECUTIVE HOME LOAN INC...... SANTA ANA.............. CA
Title II................. 2115800006 EXPRESS FUNDING CORP......... PARMA HEIGHTS.......... OH
Title II................. 1385000006 FIDUCIAL LENDING CORPORATION. INDIANAPOLIS........... IN
Title II................. 7870900006 FIRST AMERICAN FUNDING INC... BALTIMORE.............. MD
Title II................. 1914600009 FIRST FUNDING MORTGAGE INC... YORBA LINDA............ CA
Title II................. 1787200005 FIRST INTERSTATE MORTGAGE.... AMERICAN FORK.......... UT
Title I.................. 7300600009 GOLD CROWN HOME LOANS INC.... GLENDALE............... CA
Title II................. 1239800004 GOLD CROWN HOME LOANS INC.... GLENDALE............... CA
Title II................. 2354200004 GOLDEN MORTGAGE FINANCIAL SAN JUAN............... PR
SERVICES.
Title II................. 1968200002 GREAT LAKES CREDIT UNION..... NORTH CHICAGO.......... IL
Title II................. 1223000000 GREATER ATLANTIC MORTGAGE VIENNA................. VA
CORP.
Title II................. 0322109994 GUARANTY LOAN AND REAL ESTATE WEST MEMPHIS........... AR
Title I.................. 7302100008 HEARTLAND FUNDING CORP....... SPRINGFIELD............ MO
Title II................. 2353500000 HILLMAN & REECE CORPORATION.. AURORA................. CO
Title II................. 1955200005 HOMELEND MORTGAGE COMPANY INC HOLLAND................ OH
Title II................. 1282600009 HOMESTEAD MORTGAGE CORP...... NORTH READING.......... MA
Title II................. 7660600008 IMPERIAL LENDERS CORPORATION. MIAMI.................. FL
Title II................. 1763900000 INTEGRITY MORTGAGE GROUP INC. HURST.................. TX
Title II................. 7931100006 INTERBANK MORTGAGE CORP...... HUNTINGTON BEACH....... CA
Title I.................. 7345700004 J J AND D FINANCIAL SERVICES BUENA PARK............. CA
INC.
Title II................. 1605300004 J J AND D FINANCIAL SERVICES BUENA PARK............. CA
INC.
Title I.................. 7363100004 JB MORTGAGE MARKET INC....... DUBLIN................. CA
Title II................. 1777500005 JB MORTGAGE MARKET INC....... DUBLIN................. CA
Title II................. 1909400001 JPO FUNDING INC.............. EULESS................. TX
[[Page 45260]]
Title II................. 1279400003 JT ENTERPRISES............... HUNTINGTON BEACH....... CA
Title II................. 1158800000 KERN CENTRAL CREDIT UNION.... BAKERSFIELD............ CA
Title II................. 1912300004 KNR MORTGAGE INC............. ALBUQUERQUE............ NM
Title II................. 7879700001 LAGUNA FUNDING CORPORATION... ONTARIO................ CA
Title II................. 7744400009 LEGACY FINANCIAL GROUP INC... ARLINGTON.............. TX
Title II................. 1661700001 LENDERS FINANCIAL MORTGAGE DAVIE.................. FL
CORP.
Title II................. 1894900004 MAIDSTONE MORTGAGE........... DOWNEY................. CA
Title II................. 7915200006 MAJOR MORTGAGE............... CHEYENNE............... WY
Title II................. 1641500003 MESA FINANCIAL INC........... ANAHEIM................ CA
Title II................. 7942100000 MILDOR CORPORATION........... VICTORIA............... TX
Title II................. 1600800007 MONEY TREE MORTGAGE BANKERS MIAMI.................. FL
USA INC.
Title II................. 7167700005 MONTICELLO BANK.............. JACKSONVILLE........... FL
Title II................. 1780600004 MURRAY MORTGAGE INCORPORATED. DALLAS................. TX
Title II................. 1430400000 NATIONS FUNDING GROUP........ ATLANTA................ GA
Title II................. 2335200004 NATIONS MORTGAGE CORPORATION. SALT LAKE CITY......... UT
Title II................. 2290900004 NATIONWIDE MORTGAGE GROUP INC SOUTHFIELD............. MI
Title II................. 1152300008 NATIONWIDE REALTY SERVICES SAN DIEGO.............. CA
INC.
Title II................. 7313700006 NORTH SUBURBAN MORTGAGE CORP. BROOMFIELD............. CO
Title II................. 1135500002 ODICO INC.................... LOS ANGELES............ CA
Title II................. 1256900002 PARK PLACE MORTGAGE CORP..... LIVONIA................ MI
Title II................. 2705009995 PHILADELPHIA FREEDOM CORP.... LAS VEGAS.............. NV
Title II................. 1340600007 PRIME EQUITY ACCESS CORP..... GRAND RAPIDS........... MI
Title II................. 2314300002 QUALIFIED MORTGAGE SOLUTIONS, PALM BEACH GARDENS..... FL
L.P..
Title II................. 2022700000 QUOTEMEARATE.COM............. HOUSTON................ TX
Title II................. 1657700001 R SANCHEZ FINANCIAL INC...... RANCHO CUCAMONGA....... CA
Title II................. 1336900006 REGENCY MORTGAGE CO.......... BIRMINGHAM............. AL
Title II................. 7520600001 REPUBLIC MORTGAGE CORPORATION TROY................... MI
Title I.................. 7177600009 SAN DIEGO SOUTHLAND EQUITIES SAN DIEGO.............. CA
LTD.
Title II................. 7811400009 SAN DIEGO SOUTHLAND EQUITIES SAN DIEGO.............. CA
LTD.
Title II................. 1120500002 SCOTT RESIDENTIAL SERVICES CITRUS HEIGHTS......... CA
INC.
Title II................. 2257500002 SFMCPS INC................... DURHAM................. NC
Title I.................. 7086600009 SHASTA FINANCIAL SERVICES INC ELK GROVE.............. CA
Title II................. 2343200000 SILVERSTONE MORTGAGE INC..... HOUSTON................ TX
Title II................. 1337500002 SIMPLICITY FUNDING INC....... DALLAS................. TX
Title II................. 7423200003 SMI SOUTHERN MORTGAGE INC.... BIRMINGHAM............. AL
Title II................. 1291000005 ST CLOUD MORTGAGE............ SANTA CLEMENTE......... CA
Title II................. 2229000006 STARMARK FINANCIAL LLC....... SOUTHFIELD............. MI
Title II................. 2079700006 STRATE FINANCIAL SERVICES LLC DENVER................. CO
Title II................. 1777400009 SUMMIT CAPITAL GROUP INC..... PACIFIC GROVE.......... CA
Title II................. 1187300004 SUPERIOR LENDING CORP........ PLANO.................. TX
Title II................. 1981200004 SUPERIOR MORTGAGE INC........ EDEN PRAIRIE........... MN
Title II................. 1789900004 TAILOR-MADE MORTGAGE CORP.... MENIFEE................ CA
Title II................. 7518300001 TRUST MORTGAGE COMPANY INC... WALTHAM................ MA
Title II................. 2274300008 UFS FINANCIAL GROUP INC...... DALLAS................. TX
Title II................. 1909800005 UNION MORTGAGE INC........... ARLINGTON.............. TX
Title I.................. 7082100004 UNIVERSAL SAVINGS BANK FA.... MILWAUKEE.............. WI
Title II................. 7182600009 VALLEY BANK MARYLAND......... HUNT VALLEY............ MD
Title I.................. 7198900008 VALLEYSOURCE MORTGAGE INC.... BAKERSFIELD............ CA
Title II................. 7882200000 VALLEYSOURCE MORTGAGE INC.... BAKERSFIELD............ CA
Title II................. 7373900007 VILLAGE ASSOCIATES MORTGAGE BIRMINGHAM............. MI
INC.
Title II................. 7849900009 VOYAGEUR FINANCIAL INC....... PRIOR LAKE............. MN
Title II................. 1987900009 WENTWORTH MORTGAGE PLYMOUTH............... MI
CORPORATION.
Title II................. 2330000000 WEST MICHIGAN MORTGAGE AND GRAND RAPIDS........... MI
FINANCIAL SER.
Title II................. 7207000003 WESTERN CAPITAL ASSOCIATES... SAN DIEGO.............. CA
----------------------------------------------------------------------------------------------------------------
Dated: August 3, 2007.
Brian D. Montgomery,
Assistant Secretary for Housing--Federal Housing Commissioner, Chairman
Mortgagee Review Board.
[FR Doc. E7-15742 Filed 8-10-07; 8:45 am]
BILLING CODE 4210-67-P
[Federal Register: August 13, 2007 (Volume 72, Number 155)]
[Notices]
[Page 45257-45258]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr13au07-88]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5161-N-01]
Credit Watch Termination Initiative
AGENCY: Office of the Assistant Secretary for Housing-Federal Housing
Commissioner, HUD.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: This notice advises of the cause and effect of termination of
Origination Approval Agreements taken by HUD's Federal Housing
Administration (FHA) against HUD-approved mortgagees through the FHA
Credit Watch Termination Initiative. This notice includes a list of
mortgagees which have had their Origination Approval Agreements
terminated.
FOR FURTHER INFORMATION CONTACT: The Quality Assurance Division, Office
of Housing, Department of Housing and Urban Development, 451 Seventh
Street, SW., Room B133-P3214, Washington, DC 20410-8000; telephone
(202) 708-2830 (this is not a toll free number). Persons with hearing
or speech impairments may access that number through TTY by calling the
Federal 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 (64 FR
26769), HUD published a notice on its procedures for terminating
Origination Approval Agreements with FHA lenders and placement of FHA
lenders on Credit Watch status (an evaluation period). In the May 17,
1999 notice, HUD advised that it would publish in the Federal Register
a list of mortgagees, which have had their Origination Approval
Agreements terminated.
Termination of Origination Approval Agreement: Approval of a
mortgagee by HUD/FHA to participate in FHA mortgage insurance programs
includes an Origination Approval Agreement (Agreement) between HUD and
the mortgagee. Under the Agreement, the mortgagee is authorized to
originate single-family mortgage loans and submit them to FHA for
insurance endorsement. The Agreement may be terminated on the basis of
poor performance of FHA-insured mortgage loans originated by the
mortgagee. The termination of a mortgagee's Agreement is separate and
apart from any action taken by HUD's Mortgagee Review Board under HUD's
regulations at 24 CFR part 25.
[[Page 45258]]
Cause: HUD's regulations permit HUD to terminate the Agreement with
any mortgagee having a default and claim rate for loans endorsed within
the preceding 24 months that exceeds 200 percent of the default and
claim rate within the geographic area served by a HUD field office, and
also exceeds the national default and claim rate. For the 31st review
period, HUD is terminating the Agreement of mortgagees whose default
and claim rate exceeds both the national rate and 200 percent of the
field office rate.
Effect: Termination of the Agreement precludes that branch(s) of
the mortgagee from originating FHA-insured single-family mortgages
within the area of the HUD field office(s) listed in this notice.
Mortgagees authorized to purchase, hold, or service FHA insured
mortgages may continue to do so.
Loans that closed or were approved before the termination became
effective may be submitted for insurance endorsement. Approved loans
are (1) Those already underwritten and approved by a Direct Endorsement
(DE) underwriter employed by an unconditionally approved DE lender and
(2) cases covered by a firm commitment issued by HUD. Cases at earlier
stages of processing cannot be submitted for insurance by the
terminated branch; however, they may be transferred for completion of
processing and underwriting to another mortgagee or branch authorized
to originate FHA insured mortgages in that area. Mortgagees are
obligated to continue to pay existing insurance premiums and meet all
other obligations associated with insured mortgages.
A terminated mortgagee may apply for a new Origination Approval
Agreement if the mortgagee continues to be an approved mortgagee
meeting the requirements of 24 CFR 202.5, 202.6, 202.7, 202.8 or 202.10
and 202.12, if there has been no Origination Approval Agreement for at
least six months, and if the Secretary determines that the underlying
causes for termination have been remedied. To enable the Secretary to
ascertain whether the underlying causes for termination have been
remedied, a mortgagee applying for a new Origination Approval Agreement
must obtain an independent review 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 review must be conducted and issued by an
independent Certified Public Accountant (CPA) qualified to perform
audits under Government Auditing Standards as provided by the General
Accounting Office. The mortgagee must also submit a written corrective
action plan to address each of the issues identified in the CPA's
report, along with evidence that the plan has been implemented. The
application for a new Agreement should be in the form of a letter,
accompanied by the CPA's report and corrective action plan. The request
should be sent to the Director, Office of Lender Activities and Program
Compliance, 451 Seventh Street, SW., Room B133-P3214, Washington, DC
20410-8000 or by courier to 490 L'Enfant Plaza, East, SW., Suite 3214,
Washington, DC 20024-8000.
Action: The following mortgagees have had their Agreements
terminated by HUD:
----------------------------------------------------------------------------------------------------------------
Mortgagee branch HUD office Termination Homeownership
Mortgagee name address jurisdictions effective date centers
----------------------------------------------------------------------------------------------------------------
Advanced Mortgage & Investment 3112 Washington Road Atlanta.......... 6/26/2007......... Atlanta.
Corp. Ste D, Augusta, GA
30907.
GSF Milwaukee................. 300 Patriot Drive, Milwaukee........ 6/18/2007......... Denver.
Little Chute, WI
54140.
I Mortgage Funding Corp....... 2825 Wilcrest Drive San Antonio...... 4/16/2007......... Denver.
Ste 407, Houston, TX
77042.
Mortgage Access Corp d/b/a 225 Littleton Road, Camden........... 6/18/2007......... Philadelphia.
Weichert Financial Services. Morris Plains, NJ
07950.
Radius Capital Corp........... 601 S Falkenburg Road Tampa............ 4/14/2007......... Atlanta.
Ste 2-1, Tampa, FL
33619.
SFMC LP....................... 2105 Waterview Pkwy Dallas........... 4/14/2007......... Denver.
Ste 101, Richardson,
TX 75080.
Summit Mortgage Corp.......... 9100 IH-10 West, Ste San Antonio...... 4/14/2007......... Denver.
100, San Antonio, TX
78230.
----------------------------------------------------------------------------------------------------------------
Dated: July 20, 2007.
Brian D. Montgomery,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. E7-15745 Filed 8-10-07; 8:45 am]
BILLING CODE 4210-67-P