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FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.

HUD Terminates 24

Credit Watch Termination Initiative

April 8, 2010

By staff

Federal Housing Administration approval has been yanked from two dozen mortgagees.

In a public filing today, the U.S. Department of Housing and Urban Development said it terminated origination approval agreements as part of its Credit Watch Termination Initiative.

"The agreement may be
terminated on the basis of poor performance of FHA-insured mortgage loans originated by the mortgagee," the filing said. "HUD's regulations permit HUD to terminate the agreement with 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."

Once terminated, a mortgagee can no longer originate FHA-insured loans within the region of HUD field office where the termination occurred.

Loans that were approved or closed before the effective termination data can be submitted for insurance endorsement. All other loans in process must be transferred to an approved mortgagee.

After six months, terminated mortgagees can re-apply for HUD approval.

The following mortgagee branches were listed in today's filings. Branches listed more than once were terminated in multiple HUD jurisdictions.

Mortgagee Location HUD Office Date Terminated
1st Continental Mortgage Inc. Fort Lauderdale, Fla. Columbia Jan. 29
1st Continental Mortgage Inc. Fort Lauderdale, Fla. Greensboro Jan. 29
AAA Worldwide Financial Co. Addison, Texas San Antonio Nov. 4, 2009
Acclaim Mortgage Denver Denver Jan. 29
Ace Mortgage Funding LLC Indianapolis Indianapolis Nov. 4, 2009
Ace Mortgage Funding LLC Indianapolis Tampa Nov. 4, 2009
Ace Mortgage Funding LLC Indianapolis Denver Nov. 4, 2009
Ace Mortgage Funding LLC Indianapolis Minneapolis Nov. 4, 2009
Ace Mortgage Funding LLC Indianapolis Las Vegas Nov. 4, 2009
Allen Mortgage Company LLC Centennial Park, Ariz. Dallas Jan. 29
American Eagle Mortgage Corp. Lorain, Ohio Columbus Jan. 29
Bergin Financial Inc. Southfield, Mich. Chicago Nov. 4, 2009
Bergin Financial Inc. Southfield, Mich. Indianapolis Nov. 4, 2009
Cash Fast Finance LLC Phoenix Phoenix Nov. 4, 2009
First Mortgage Corp. Diamond Bar, Calif. Santa Ana Nov. 4, 2009
Freedom Plus Mortgage Corp. Temecula, Calif. Santa Ana Jan. 29
Homebridge Mortgage Bankers Syosset, N.Y. Washington, D.C. Nov. 4, 2009
J and C Investment Properties Corp. Gainesville, Fla. Greensboro Jan. 29
Lendamerica Home Loans Inc. Coral Gables, Fla. Miami Jan. 29
Loan Network LLC Renton, Wash. Seattle Jan. 29
Paramount Mortgage Inc. Fort Worth, Texas Fort Worth Jan. 29
Residential Loan Centers of America Des Plaines, Ill. Jacksonville Nov. 4, 2009
Residential Loan Centers of America Des Plaines, Ill. Tampa Nov. 4, 2009
State Lending Corp. Miami Miami Nov. 4, 2009

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