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Net Branches Among 30 Mortgagees to Lose FHA Approval

CreditWatch terminations reported

Aug. 13, 2010

By MortgageDaily.com staff


The U.S. Department of Housing and Urban Development has terminated the approval of more than 30 mortgagees. Among the terminations were branches of Allied Home Mortgage Capital Corp. and Gateway Funding Diversified Mortgage Services.

HUD reported today that it terminated the lenders' origination agreements -- the contracts that enable the companies to participate in the Federal Housing Administration program. As a result, the mortgagees can no longer originate, approve or close FHA-insured loans.

The terminations are part of HUD's Credit Watch Termination Initiative.

"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," the housing agency explained.

Loans already approved or closed by the terminated mortgagees can be submitted for endorsement.

After six months, the mortgagee can apply for approval again as long as HUD's secretary "determines that the
underlying causes for termination have been remedied" and as long as it qualifies based on current requirements.

Two branches of Allied Home Mortgage Capital Corp. were among those listed as terminated in today's filing.

In a phone interview with MortgageDaily.com, Allied Chief Executive Officer James Hodge explained that it was actually a single Maryland branch that was approved to operate in two of HUD's jurisdictions that was terminated.

Hodge explained that the poor performance of FHA loans originated by the branch was tied to an increase in streamlined refinances there. He said the branch underwrote the loans according to HUD's guidelines and suggested the termination was unfair.

Allied claims to be "the nation's largest privately held mortgage banker and broker."

Also listed was a branch of Gateway Funding Diversified Mortgage Services.

Gateway operates 38 retail branches and was founded in 1994 by former Mortgage Bankers Association Chairman Regina M. Lowrie. It launched Gateway Funding Correspondent in June.

A $2.9 million settlement with Gateway was announced by the Federal Trade Commission in December 2008 over alleged price discrimination with minority borrowers. All but $0.2 million of the $2.9 million judgment, however, was suspended due to Gateway's inability to pay.

Full List Published by HUD
Mortgagee Name | Mortgagee Branch Address | HUD Office Jurisdictions | Termination Effective Date | Homeownership Centers

1st Continental Mortgage, Inc ................... 2691 E. Oakland Park Blvd, Suite 203,

Fort Lauderdale, FL 3306.

Orlando ............. 4/28/2010 Atlanta


1st Continental Mortgage, Inc ................... 2691 E. Oakland Park Blvd, Suite 203,

Fort Lauderdale, FL 3306.

Jacksonville ...... 4/28/2010 Atlanta


1st Continental Mortgage, Inc ................... 2691 E. Oakland Park Blvd, Suite 203,

Fort Lauderdale, FL 3306.

Birmingham ...... 4/28/2010 Atlanta


Allied Home Mortgage Capital Corp ......... 6110 Pinemont Drive, Suite 215, Houston,

TX 77092.

Newark ............. 4/9/2010 Denver


Allied Home Mortgage Capital Corp ......... 6110 Pinemont Drive, Suite 215, Houston,

TX 77092.

Washington, DC 4/9/2010 Philadelphia


Americare Investment Group, Inc. d/b/a

Premier Capital Lending.

901 W. Bardin Road, Suite 200, Arlington,

TX 76017.

Dallas ................ 2/18/2010 Denver


Ameristar Mortgage & Financial Services,

Inc.

2468 Old Springville Road, Birmingham,

AL 35215.

Birmingham ...... 4/9/2010 Denver


Community West Mortgage, LLC ............. 3360 South Wadsworth Blvd., Lakewood,

CO 80227.

Denver .............. 2/18/2010 Denver


Consumers Real Estate Finance Company.

888 E. Las Olas Blvd., Suite 506, Ft.

Lauderdale, FL 33301.

Cleveland ......... 11/4/2009 Santa Ana


D and R Mortgage Corp. d/b/a Metro Finance.

29870 Middlebelt Road, Suite 100, Farmington

Hills, MI 48334.

Flint ................... 4/9/2010 Philadelphia


D and R Mortgage Corp. d/b/a Metro Finance.

29870 Middlebelt Road, Suite 100, Farmington

Hills, MI 48334.

Grand Rapids ... 4/9/2010 Philadelphia


D and R Mortgage Corp. d/b/a Metro Finance.

29870 Middlebelt Road, Suite 100, Farmington

Hills, MI 48334.

Detroit ............... 4/9/2010 Philadelphia


D and R Mortgage Corp. d/b/a Metro Finance.

29870 Middlebelt Road, Suite 100, Farmington

Hills, MI 48334.

Greensboro ...... 4/9/2010 Atlanta


Dell Franklin Financial, LLC ...................... 8334 Veterans Highway, Suite 1,

Millersville, MD 21108.

Baltimore .......... 4/9/2010 Philadelphia


Essential Mortgage, Inc ............................ 1701 48th Street, Suite 110, West Des

Moines, IA 50266.

Des Moines ...... 4/30/2010 Denver


First Mortgage Corp .................................. 3230 Fallow Field Drive, Diamond Bar,

CA 91765.

Fresno .............. 2/18/2010 Santa Ana


First Ohio Banc and Lending, Inc ............. 6100 Rockside Woods Blvd, Suite 1,

Independence, OH 44313.

Richmond ......... 4/30/2010 Philadelphia


Franklin First Financial, Ltd. d/b/a President

First Mortgage Bankers.

445 Broadhollow Road, Suite 215, Melville,

NY 11747.

Newark ............. 4/9/2010 Philadelphia


Franklin First Financial, Ltd. d/b/a President

First Mortgage Bankers.

445 Broadhollow Road, Suite 215, Melville,

NY 11747.

Camden ............ 4/9/2010 Philadelphia


Gateway Funding Diversified Mtg. SRVS

LP.

300 Welsh Road, Building 5, Horsham,

PA 19044.

Camden ............ 2/18/2010 Philadelphia


Gold Star Home Mortgage, LLC ............... 3007 North Belt Highway, Suite K, Saint

Joseph, MO 64506.

Kansas City ...... 2/18/2010 Denver


Group Two Thousand Real Estate Services

d/b/a Empire Financial.

8010 Haven Avenue, Rancho

Cucamonga, CA 91730.

Santa Ana ........ 4/9/2010 Santa Ana


Interlinc Mortgage, Inc .............................. 19221 Interstate 45, Suite 210, Conroe,

TX 77385.

San Antonio ...... 4/30/2010 Denver


Jagle and Associates, LLC ....................... 900 N. Federal Highway, Suite 240, Boca

Raton, FL 33432.

Miami ................ 2/18/2010 Atlanta


Loanmans Mortgage Store, LLC d/b/a

Hamilton Lending.

602 S. Marina Drive, Gilbert, AZ 85233 .. Omaha .............. 4/23/2010 Denver


Morrison Capital Corporation, Inc ............. 251 S.W. Noel Street, Lees Summit, MO

64063.

Kansas City ...... 4/30/2010 Denver


Neighborhood Funding, Inc ...................... 8910 N. Dale Mabry Highway, Suite 18,

Tampa, FL 33614.

Atlanta .............. 2/18/2010 Atlanta


Newport Shores Mortgage, Inc ................. 1526 York Road, Lutherville Timonium,

MD 21093.

Greensboro ...... 2/18/2010 Atlanta


Paraiso, LLC ............................................. 5505 Roswell Road, NE., Suite 250, Atlanta,

GA 30342.

Atlanta .............. 2/18/2010 Atlanta


Pinnacle Mortgage Funding, LLC ............. 250 E. 96th, Suite 125, Indianapolis, IN

46240.

Indianapolis ...... 2/18/2010 Denver


Premium Capital Funding, LLC d/b/a

Topdot Mortgage.

125 Jericho Turnpike, Suite 400, Jericho,

NY 11753–1030.

Jacksonville ...... 2/18/2010 Atlanta


Premium Capital Funding, LLC d/b/a

Topdot Mortgage.

125 Jericho Turnpike, Suite 400, Jericho,

NY 11753–1030.

Atlanta .............. 2/18/2010 Atlanta


Premium Capital Funding, LLC d/b/a

Topdot Mortgage.

125 Jericho Turnpike, Suite 400, Jericho,

NY 11753–1030.

Baltimore .......... 2/18/2010 Philadelphia


Premium Capital Funding, LLC d/b/a

Topdot Mortgage.

125 Jericho Turnpike, Suite 400, Jericho,

NY 11753–1030.

Richmond ......... 2/18/2010 Philadelphia


Republic State Mortgage .......................... 2715 Bissonnet Street, Suite 102, Houston,

TX 77005.

Dallas ................ 4/30/2010 Denver


Tamayo Financial Services, Inc ................ 16123 La Grange Road, Orland Park, IL Chicago ............ 4/30/2010 Atlanta


The First Fidelity Mortgage Group d/b/a

First Fidelity Mortgage.

9607 Belair Road, Baltimore, MD 21236 Columbia .......... 2/18/2010 Atlanta


The First Fidelity Mortgage Group d/b/a

First Fidelity Mortgage.

9607 Belair Road, Baltimore, MD 21236 Greensboro ...... 2/18/2010 Atlanta


Weststar Mortgage Group ........................ 2155 Louisiana Boulevard, NE., Albuquerque,

NM 87110.

Dallas ................ 4/28/2010 Denver



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