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FHA Approvals Terminated

HUD revocations listed in federal register

January 18, 2007

By MortgageDaily.com staff


Five mortgage company offices had their approval to originate federally-insured loans revoked by HUD.

The Department of Housing and Urban Development terminated the origination approval agreements last December as part of the Federal Housing Administration's Credit Watch Termination Initiative.

A Colonial Savings FA at a branch in Hurst, Texas, and another in Indianapolis, Ind., lost approval to participate in FHA mortgage insurance programs, according to a Federal Register notice Wednesday.

An Englewood, Colo., Assurity Financial Services LLC office was also terminated, as well as a Rockville, Md., branch of New York Mortgage Co. LLC, HUD reported. Southern Crescent Mortgage Investment Corp.'s office in Fayetteville, Ga., lost its FHA approval.

HUD said the terminations resulted because the offices' default and claim rate for loans endorsed within the preceding 24 months exceeded both the national rate and 200 percent of the default and claim rate within the area served by a HUD field office.

Affected offices may reapply for FHA origination approval after six months and must submit and independent review of its operations and mortgage production for the FHA to determine whether the underlying causes for termination have been remedied.


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