home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

FHA News | Government Resources | M o r t g a g e e Letters | FHA Statistics
FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.



CTX Branch Among 15 Lenders to Lose FHA Approval

HUD announces Credit Watch terminations

January 15, 2004

By COCO SALAZAR


HUD terminated origination approval agreements for fifteen lenders, including a branch lender of a large Dallas-headquartered mortgage company.

Poor performance in originating mortgage loans led HUD, or the U.S. Department of Housing and Urban Development, to terminate several lenders' participation in the Federal Housing Administration (FHA) mortgage insurance program, according to a Federal Register notice dated Jan. 12.

HUD said it can terminate participation for any lender having a default and claim rate, for loans endorsed within the past two years, that exceeds both the national rate and 200% of the local HUD Field office rate. However, this time, termination was based on a rate exceeding 225% of the field office rate.

One lender exceeding the default and claims rates was the Springfield, Ill. jurisdiction of CTX Mortgage Company's branch located in Gurnee. According to a company spokesman, this jurisdiction represented a negligible part of the branch's production -- at one point it had only 8 FHA loan originations. He pointed out that most, or above 90%, of the volume, springs from the Chicago jurisdiction and said the company has no current plans to reapply for FHA origination approval at the Springfield origination arm.

Lenders have the option to reapply for FHA origination approval after a 6-month period if they continue to meet FHA lending requirements, and if the Secretary determines the underlying factors leading to termination have been remedied.

Included on HUD's termination list are the following companies:

Mortgagee Name
City, State


Ace Mortgage Funding Inc.
Indianapolis, IN
All American Home Mortgage Corp.
New York, NY
Central Bank for Savings
Jackson, MS
De Oro Inc.
Phoenix, AZ
International Home Capital Corp.
Las Vegas, NV
Major Mortgage Corp.
Detroit, MI
Mid America Mortgage
Chicago, IL
Mortgageastern Financial Services
Denver, CO
Suburban Mortgage Inc.
Denver, CO
Transland Financial Service Inc.
Nashville, TN
Transland Financial Service Inc.
Memphis, TN
Trust America Mortgage Inc.
Coral Gables, FL
Fresno, CA
United Mortgage Investors Inc.
Atlanta, GA


click here to read about previous Credit Watch termination


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.

email: [email protected]


SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders