Federal Register / Vol. 75, No. 191 / Monday, October 4, 2010 / Notices 61165 

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 Origination Agreements 

terminated by HUD: 

Mortgagee name Mortgagee branch address HUD office 

jurisdictions 

Termination 

effective date 

Homeownership 

centers 

Access National Mortgage Corporation.1800 Robert Fulton Drive, Ste 350, Reston, VA 

20191.

Atlanta .............. 7/9/2010 Atlanta. 

Access National Mortgage Corporation.1800 Robert Fulton Drive, Ste 350, Reston, VA 

20191.

Boston .............. 7/9/2010 Philadelphia. 

Access National Mortgage Corporation.1800 Robert Fulton Drive, Ste 350, Reston, VA 

20191.

Greensboro ...... 7/9/2010 Atlanta. 

Allied Home Mortgage Capital 

Corporation.

6110 Pinemont Drive, Ste 215, Houston, TX 

77092.

Baltimore .......... 5/27/2010 Philadelphia. 

1st Continental Mortgage Inc ....... 2691 E. Oakland Park Blvd., Ste 2, Ft. Lauderdale, FL 33306.Tampa .............. 5/20/2010 Atlanta. 

American First Mortgage LLC ...... 7155 Kerr Plaza, Olive Branch, MS 38654 .......... Memphis ........... 5/20/2010 Atlanta. 

Amerinet Financial LLC ................ 16201 Trade Zone Ave, Ste 101, Upper Marlboro, MD 20774.Washington ...... 5/20/2010 Philadelphia. 

Associated Capital Resources Inc 706 East Bell Road, Ste 100, Phoenix, AZ 85022 Phoenix ............ 5/20/2010 Santa Ana. 

Castle Home Mortgage Corp ....... 1600 Route 22, East, Union, NJ 07083 ............... Newark ............. 5/20/2010 Philadelphia. 

Dell Franklin Financial LLC .......... 7061 Columbia Gateway Dr, Ste 110, Columbia, 

MD 21046.

Washington ...... 5/20/2010 Philadelphia. 

Dell Franklin Financial LLC .......... 7061 Columbia Gateway Dr, Ste 110, Columbia, 

MD 21046.

Richmond ......... 5/20/2010 Philadelphia. 

EMI Equity Mortgage INC ............ 1651 Ave Ponce De Leon, San Juan, PR 00909 Caribbean ......... 5/28/2010 Atlanta. 

First Mortgage Group INC ............ 118 Moulton Street East, Ste 2, Decatur, AL 

35601.

Birmingham ...... 5/28/2010 Atlanta. 

Fox Valley Mortgage Group ......... 455 East Main Street, East Dundee, IL 60118 .... Chicago ............ 7/9/2010 Philadelphia. 

Hanover Funding INC .................. 7 Kingsbridge Road, Fairfield, NJ 07004 ............. Newark ............. 5/20/2010 Philadelphia. 

JPMorgan Chase Bank NA .......... 900 Stewart Avenue, Garden City, NY 11530 ..... Atlanta .............. 7/11/2010 Atlanta. 

JPMorgan Chase Bank NA .......... 900 Stewart Avenue, Garden City, NY 11530 ..... New Orleans ..... 7/11/2010 Denver. 

Key Financial Corporation ............ 3631 131st Avenue North, Clearwater, FL 

33762–4263.

Baltimore .......... 7/1/2010 Philadelphia. 

Midwest Funding Group ............... 6343 Presidential Gateway, Columbus, OH 

43231–7695.

Columbus ......... 5/20/2010 Atlanta. 

Mortgage Plus INC ....................... 67 Walnut Avenue, Ste 310, Clark, NJ 07066– 

1687.

Newark ............. 5/28/2010 Philadelphia. 

Pacific Coast Mortgage INC ......... 6991 East Camelback Rd., Ste C250, Scottsdale, 

AZ 85251–2452.

Phoenix ............ 5/28/2010 Santa Ana. 

Preferred Lending Group LLC ...... 9700 63rd Ave. N Ste 205, Maple Grove, MN 

55369.

Minneapolis ...... 6/1/2010 Denver. 

Real Estate Mortgage Network, 

Inc.

70 Grand Avenue, River Edge, NJ 07661 ............ Atlanta .............. 7/2/2010 Atlanta. 

Residential Mortgage Corp .......... 1332 Andrea Street, Bowling Green, KY 42104– 

3334.

Louisville ........... 6/1/2010 Atlanta. 

Summit Funding ........................... 2601 Fair Oaks Boulevard, Sacramento, CA 

95864.

Fort Worth ........ 7/1/2010 Denver. 

Dated: September 23, 2010. 

David H. Stevens, 

Assistant Secretary for Housing—Federal 

Housing Commissioner. 

[FR Doc. 2010–24827 Filed 10–1–10; 8:45 am] 

BILLING CODE 4210–67–P 

DEPARTMENT OF HOUSING AND 

URBAN DEVELOPMENT 

[Docket No. FR–5411–N–04] 

Credit Watch Termination Initiative 

Termination of Direct Endorsement 

(DE) Approval 

AGENCY: Office of the Assistant 

Secretary for Housing—Federal Housing 

Commissioner, HUD. 

ACTION: Notice. 

SUMMARY: This notice advises of the 

cause and effect of termination of Direct 

Endorsement (DE) Approval taken by 

HUD’s Federal Housing Administration 

(FHA) against HUD-approved 

mortgagees through the FHA Credit 

Watch Termination Initiative. This 

notice includes a list of mortgagees 

which have had their DE Approval 

terminated. 

FOR FURTHER INFORMATION CONTACT: The 

Quality Assurance Division, Office of 

Housing, Department of Housing and 

Urban Development, 451 Seventh Street, 

SW., Room B133–P3214, Washington, 

DC 20410–8000; telephone (202) 708– 

2830 (this is not a toll-free number). 

Persons with hearing or speech 

impairments may access that number 

through TTY by calling the Federal 

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 May 17, 1999 notice, HUD advised 

that it would publish in the Federal 

Register a list of mortgagees, which 

have had their Approval Agreements 

terminated. On January 21, 2010 HUD 

issued Mortgagee Letter 2010–03 which 

advised the extended procedures for 


jlentini on DSKJ8SOYB1PROD with NOTICES
61166 Federal Register / Vol. 75, No. 191 / Monday, October 4, 2010 / Notices 

terminating Underwriting Authority of 

Direct Endorsement mortgagees. 

Termination of Direct Endorsement 

Approval: Approval of a DE mortgagee 

by HUD/FHA authorizes the mortgagee 

to underwrite single family mortgage 

loans and submit them to FHA for 

insurance endorsement. The Approval 

may be terminated on the basis of poor 

performance of FHA-insured mortgage 

loans underwritten by the mortgagee. 

The termination of a mortgagee’s DE 

Approval is separate and apart from any 

action taken by HUD’s Mortgagee 

Review Board under HUD’s regulations 

at 24 CFR part 25. 

Cause: HUD’s regulations permit HUD 

to terminate the DE Approval with any 

mortgagee having a default and claim 

rate for loans endorsed within the 

preceding 24 months that exceeds 300 

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 

quarterly review period ending 

December 31, 2009, HUD is terminating 

the DE Approval of mortgagees whose 

default and claim rate exceeds both the 

national rate and 300 percent of the 

field office rate. 

Effect: Termination of the DE 

Approval precludes the mortgagee from 

underwriting FHA-insured single-family 

mortgages within the area of the HUD 

field office(s) listed in this notice. 

Mortgagees authorized to purchase, 

hold, or service FHA insured mortgages 

may continue to do so. 

Loans that closed or were approved 

before the Termination became effective 

may be submitted for insurance 

endorsement. Approved loans are those 

already underwritten and approved by a 

DE underwriter, and cases covered by a 

firm commitment issued by HUD. Cases 

at earlier stages of processing cannot be 

submitted for insurance by the 

terminated mortgagee; however, the 

cases may be transferred for completion 

of processing and underwriting to 

another mortgagee with DE Approval in 

that area. Mortgagees are obligated to 

continue to pay existing insurance 

premiums and meet all other obligations 

associated with insured mortgages. 

A terminated mortgagee may apply for 

reinstatement of the DE Approval if the 

DE Approval for the affected area or 

areas has been terminated for at least six 

months and the mortgagee continues to 

be an approved mortgagee meeting the 

requirements of 24 CFR 202.5, 202.6, 

202.7, 202.10 and 202.12. The 

mortgagee’s application for 

reinstatement must be in a format 

prescribed by the Secretary and signed 

by the mortgagee. In addition, the 

application must be accompanied by an 

independent analysis of the terminated 

office’s operations as well as its 

mortgage production, specifically 

including the FHA-insured mortgages 

cited in its termination notice. This 

independent analysis shall identify the 

underlying cause for the mortgagee’s 

high default and claim rate. The 

analysis must be prepared by an 

independent Certified Public 

Accountant (CPA) qualified to perform 

audits under Government Auditing 

Standards as provided by the 

Government Accountability Office. The 

mortgagee must also submit a written 

corrective action plan to address each of 

the issues identified in the CPA’s report, 

along with evidence that the plan has 

been implemented. The application for 

a new Agreement should be in the form 

of a letter, accompanied by the CPA’s 

report and corrective action plan. The 

request should be sent to the Director, 

Office of Lender Activities and Program 

Compliance, 451 Seventh Street, SW., 

Room B133–P3214, Washington, DC 

20410–8000 or by courier to 490 

L’Enfant Plaza, East, SW., Suite 3214, 

Washington, DC 20024–8000. 

Action: The following mortgagees 

have had their DE Approvals terminated 

by HUD: 

Mortgagee name Mortgagee branch address HUD office 

jurisdictions 

Termination 

effective date 

Homeownership centers 

Alacrity Lending Co .............................. 2535 E Southlake Blvd., Suite 100, Southlake, 

TX 76092.

Fort Worth ............ 7/9/2010 Denver. 

Cambridge Home Capital LLC ............. 80 Cuttermill Road, Suite 408, Great Neck, NY 

11021.

New York .............. 6/24/2010 Philadelphia. 

Freedom Mortgage Corp ...................... 907 Pleasant Valley Avenue, Mount Laurel, NJ 

08054.

San Antonio .......... 7/1/2010 Denver. 

Pierce Commercial Bankk .................... 1722 S Union Avenue, Tacoma, WA 98405 ...... Seattle .................. 7/1/2010 Santa Ana. 

Universal Lending Corp ........................ 6775 E Evans Avenue, Denver, CO 80224 ....... Houston ................ 7/9/2010 Denver. 

Universal Lending Corp ........................ 6775 E Evans Avenue, Denver, CO 80224 ....... Kansas City .......... 7/9/2010 Denver.

Dated: September 23, 2010. 

David H. Stevens, 

Assistant Secretary for Housing—Federal 

Housing Commissioner. 

[FR Doc. 2010–24829 Filed 10–1–10; 8:45 am] 

BILLING CODE 4210–67–P 

DEPARTMENT OF HOUSING AND 

URBAN DEVELOPMENT 

[Docket No. FR–5449–D–01] 

Delegation and Redelegation of 

Authority for the Office of the 

Inspector General 

AGENCY: Office of the Inspector General, 

HUD. 

ACTION: Notice of delegation and 

redelegation of authority. 

SUMMARY: This notice updates the 

delegation of authority of the Office of 

Inspector General to require by 

subpoena the production of all 

information, documents, reports, 

answers, records, accounts, papers, and 

other data in any medium (including 

electronically stored information, as 

well as any tangible thing) and 

documentary evidence necessary in the 

performance of the functions assigned 

by the Inspector General Act to the 

Deputy Inspector General, the Assistant 

Inspectors General, the Deputy Assistant 

Inspectors General, the Special Agents 

in Charge, the Regional Inspectors 

General for Audit, the Director of 

Inspections and Evaluations, the 

Directors within the Office of Audit, and 

the Counsel to the Inspector General. 

This notice also redelegates to the 

above-mentioned officials the authority 

of the Inspector General to cause the 

seal of the Department to be affixed to 

certain documents and to certify that a 

copy of any book, record, paper, 

microfilm or other document is a true 

copy of that in the files of the 

Department. This notice also delegates 

the authority to the Deputy Inspector 

General, the Assistant Inspector General 

for Investigation, the Deputy Assistant 

Inspectors General for Investigation, the 

Special Agents in Charge, and the 

Counsel to the Inspector General to 

request information under 5 U.S.C. 

section 552a(b)(7). 

DATES: Effective Date: September 27, 

2010. 


jlentini on DSKJ8SOYB1PROD with NOTICES