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FHA Agreements Terminated

HUD announces 7 Credit Watch mortgagees terminated

August 13, 2007

By MortgageDaily.com staff

More lenders, including three Texas companies, saw the U.S. Department of Housing and Urban Development take away their approval to originate government-insured programs.

The agency reported today that seven mortgagees had their Federal Housing Administration origination agreements terminated as part of the FHA Credit Watch Termination Initiative.

HUD terminates the agreements when loans originated by the mortgagee have a default and claim rate in excess of 200 percent of the field office rate, the notice said.

The termination applies only to the branch listed and not necessarily the entire company.

Among Texas mortgagees to lose their origination agreements were Mortgage Funding Corp. in Houston, SFMC LP in Richardson, and Summit Mortgage Corp. in San Antonio.

Originators outside the Lone Star State to lose their approvals included Advanced Mortgage & Investment in Augusta, Ga.; GSF Milwaukee in Little Chute, Wis.; Mortgage Access Corp., doing business as Weichert Financial Services in Morris Plains, N.J.; and Radius Capital Corp. in Tampa, Fla.

Terminated mortgagees may still obtain insurance on loans that were closed or submitted before the agreement was canceled, HUD said. Loans can also be transferred to another FHA-approved mortgagee or branch.

After six months, terminated mortgagees can apply for a new origination approval agreement if HUD's secretary determines any problems have been remedied, if the mortgagee still meets all qualifications and if a satisfactory independent analysis is obtained from an approved and certified public accountant.

HUD also recently reported the termination of 123 Title I and Title II lender approvals during the six month period ended March 31. Those actions were the result of either the failure to submit an acceptable annual audited financial, the failure to pay the annual renewal fee, or both.

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