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HUD Terminates Mortgagees With High Defaults

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Julio E. Sune Jr. (FL)

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Florida
HUD TERMINATES THE APPROVAL OF MORE MORTGAGEES THAT HAD A DEFAULT IN LOANS THAT EXCEEDED THE NORM BY 200%

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. For the thirteenth review period, HUD is only terminating the Agreement of mortgagees whose default and claim rate exceeds both the national rate and 300 percent of the field office rate.

Effect: Termination of the Agreement precludes that branch(s) of the mortgagee from originating FHA-insured single-family mortgages within the area of the HUD field office(s) listed in this notice. Mortgagees authorized to purchase, hold, or service FHA insured mortgages may continue to do so.

Action: The following mortgagees have had their Agreements terminated by HUD:

Mortgagee name Mortgagee address HUD Office jurisdictions Termination Effective date HOC

American Capital Mortgage Bankers LTD. 1981 Marcus Ave Ste C112, Lake Success, NY 1/9/03 Philadelphia.

American International Mortgage Bankers Inc. 2001 Marcus Ave Ste S168, Lake Success, NY 1/9/03 Philadelphia.

Automated Financial Services 5500 S Redwood Road Ste 201, Salt Lake City, UT 01/09/2003 Denver.

Century Funding LTD 4128 Steve Reynolds Blvd, Norcross, GA 30093. 1/09/2003 Atlanta.

Cornerstone Mortgage Group LTD 1055 East Tropicana Ste 425, Las Vegas, NV 89119. 01/10/2003 Santa Ana.

Discover Mortgage Inc 5736 Osuna NE 9, Albuquerque, NM 01/09/2003 Denver.

Encore Mortgage Service 1010 Laurel Oak Corp Ctr 301, Voorhees, NJ 01/10/2003 Philadelphia.

Hennessy Mortgage Group Inc 904 N Crowley Road Ste D, Crowley, TX 01/09/2003 Denver.

Home Mortgage Inc 7200 W 13TH Ste 4, Wichita, KS 67212. KS 01/10/2003 Denver.

Southern Finance Mortgage Corp 10251 Sunset Drive Ste 103, Miami, FL 01/13/2003 Atlanta.

US Mortgage Finance Corp 602 Chadds Ford Ave, Chadds Ford, PA 11/17/2002 Philadelphia.

White Oak Mortgage Group LLC 7101 Creedmoor Rd, Ste 101, Raleigh, NC 27613. 11/17/2002 Philadelphia.
(68 FR 13941 3/21/03)

:ph34r:
 
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