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CTX Branch Among 15 Lenders to Lose FHA Approval

HUD announces Credit Watch terminations

January 15, 2004


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.

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