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More Lenders Lose FHA Approval

Credit Watch terminations

Nov. 3, 2010

By MortgageDaily.com staff


The Federal Housing Administration reported the latest round of mortgagees to either lose FHA approval or lose their direct endorsement authority.

FHA Commissioner David H. Stevens reported the terminations in a public filing by the U.S. Department of Housing and Urban development.

Mortgagees were terminated under the Credit Watch Termination Initiative in August and September. HUD determined that the mortgagees had a default and claim rate that was 200 percent worse than the HUD field office's rate as of March 31.

HUD often lists a company's headquarters address even though a terminated branch might have been located elsewhere.

Nationwide Home Loans Inc. in Miami was among the mortgagees listed with at least one branch that lost its origination agreement, as was Q Financial Direct in Doral, Fla.

In Englewood, N.J., Globe Mortgage America lost its approval, as did Dominion First Mortgage Corp. in Manassas, Va., and Access National Mortgage Corp. in Reston, Va.

In the Midwest, Chicago-based BJV Financial Bank Services Inc. was terminated as a mortgagee, as was Farmington Hills, Mich.-based D and R Mortgage Corp. and Folsom, Pa.-based Capital Financial Mortgage Corp.

Further West, in Centennial, Colo, a branch of Omni Capital Group LLC lost its origination agreement, as did Universal American Mortgage Co. in Aliso Viejo, Calif.

Loans already approved or closed can still be submitted for endorsement.

Terminated mortgagees can re-apply for FHA approval after six months.

Several more mortgagees, including D and R Mortgage, lost their direct endorsement approval authority, FHA said.

Mount Laurel, N.J.-based Freedom Mortgage Corp. had two branches on this list, while Benefit Funding Corp. in Beltsville, Md., was listed once. In Georgia, Atlanta-based Pine State Mortgage Corp. was on the list as was Norcross-based Liberty Mortgage Corp.

Indianapolis-based Nichols Mortgage Services Inc., Southlake, Texas-based Alacrity Lending Co. and Sacramento, Calif.-based Summit Funding Inc. were also on the list of mortgagees to lose direct endorsement authority.

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