61164 Federal Register / Vol. 75, No. 191 / Monday, October 4, 2010 / Notices 

exceptions to the Buy American 

requirement: 

1. Cambridge Housing Authority. 

Upon request of the Cambridge Housing 

Authority, HUD granted an exception to 

applicability of the Buy American 

requirements with respect to work, 

using CFRFC grant funds, in connection 

with the Lincoln Way and Jackson 

Garden projects. The exception was 

granted by HUD on the basis that the 

relevant manufactured goods (energy 

efficient bathroom exhaust fans) are not 

produced in the U.S. in sufficient and 

reasonably available quantities or of 

satisfactory quality. 

2. Cambridge Housing Authority. 

Upon request of the Cambridge Housing 

Authority, HUD granted an exception to 

applicability of the Buy American 

requirements with respect to work, 

using CFRFC grant funds, in connection 

with the Lyndon B. Johnson Apartments 

project. The exception was granted by 

HUD on the basis that the relevant 

manufactured goods (solar panels and 

linoleum) are not produced in the U.S. 

in sufficient and reasonably available 

quantities or of satisfactory quality. 

3. Housing Authority of the City of 

Columbia. Upon request of the Housing 

Authority of the City of Columbia, HUD 

granted an exception to applicability of 

the Buy American requirements with 

respect to work, using CFRFC grant 

funds, in connection with the Paquin 

Towers project. The exception was 

granted by HUD on the basis that the 

relevant manufactured goods (a VRV 

HVAC system) is not produced in the 

U.S. in sufficient and reasonably 

available quantities or of satisfactory 

quality. 

Dated: September 24, 2010. 

Deborah Hernandez, 

General Deputy Assistant Secretary for Public 

and Indian Housing. 

[FR Doc. 2010–24747 Filed 10–1–10; 8:45 am] 

BILLING CODE 4210–67–P 

DEPARTMENT OF HOUSING AND 

URBAN DEVELOPMENT 

[Docket No. FR–5411–N–03] 

Credit Watch Termination Initiative 

Termination of Origination Approval 

Agreements 

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 HUDapproved 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 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 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. 

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 

43rd 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(es) 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 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 branch; however, they may 

be transferred for completion of 

processing and underwriting to another 

FHA insured mortgagee with direct 

endorsement approval for the area 

covered by the termination. 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 Origination 

Approval Agreement if the Approval for 

the affected branch or branches 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, 202.8 and 202.12. However, 

Mortgagee Letter 2010–20 and Final 

Rule 5356–F–02 at 24 CFR 202 

eliminates FHA approval for loan 

correspondents after December 31, 2010. 

Therefore, HUD will not accept requests 

for reinstatement from loan 

correspondents after that date. 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 


jlentini on DSKJ8SOYB1PROD with NOTICES
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