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Mortgagee Review Board; Administrative Actions

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Office of the Assistant Secretary for Housing-Federal Housing Commissioner, HUD.




In compliance with Section 202(c) of the National Housing Act, notice is hereby given of the cause and description of administrative actions taken by HUD's Mortgagee Review Board against HUD-approved mortgagees.

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Phillip A. Murray, Director, Office of Lender Activities and Program Compliance, Room B-133-3214 Plaza, 451 7th Street, SW, Washington, DC 20410, telephone: (202)708-1515. (This is not a toll-free number.) A Telecommunications Device for Hearing and Speech-Individuals (TTY) is available at 1-800-877-8339 (Federal Information Relay Service).

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Section 202(c)(5) of the National Housing Act (added by Section 142 of the Department of Housing and Urban Development Reform Act of 1989, Pub. L. 101-235, approved December 15, 1989), requires that HUD “publish a description of and the cause for administrative actions against a HUD-approved mortgagee” by the Department's Mortgagee Review Board. In compliance with the requirements of Section 202(c)(5), notice is hereby given of administrative actions that have been taken by the Mortgagee Review Board from October 1, 1999 through March 31, 2000.

1. Title I Lenders and Title II Mortgagees that failed to comply with HUD/FHA requirements for the submission of an audited annual financial statement and/or payment of the annual recertification fee.

Action: Withdrawal of HUD/FHA Title I lender approval and Title II mortgagee approval.

Cause: Failure to submit to the Department the required annual audited financial statement, an acceptable annual audited financial statement, and/or remit the required annual recertification fee.

Title I_Lenders Withdrawn Between October 1, 1999 and March 31, 2000

Lender nameCityState
Abundant Financial IncInglewoodCA
American Financial Resources IncPhoenixAZ
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Ameritex Residential Mtg IncHurstTX
First Federal BancorpPomonaCA
Gibraltar Financial CorpSanta AnaCA
Michigan Mortgage Lenders Corp.Bloomfield HillsMI
Mid-America Loan—Mtg Co IncHot SpringsAR
One Stop Loan Shop IncStudio CityCA
RC Mortgage IncRancho CucamongaCA
Rockwell Equities IncOld BrookvilleNY
Shamrock Corp dba AMS America's Mtg ServCarlsbadCA
Total Financial Services IncPalm DesertCA
United Mortgagee IncVirginia BeachVA

Title II_Mortgagees Withdrawn Between October 1, 1999 and March 31, 2000

Mortgagee nameCityState
Affordable Home Mortgage Loans Inv IncPort CharlotteFL
Ameritex Residential Mtgs IncHurstTX
Casa Financial DE AmericaModestoCA
Community Home Mortgage IncMaconMO
First Federal Bancorp dba American MtgPomonaCA
Gibraltar Financial CorpSanta AnaCA
Home Financial Services IncBerwynIL
Home Lending LCLandoverMD
Hyde Park Cooperative BankHyde ParkMA
John Dennis IncVenturaCA
M Capital CorpOrangeCA
Mortgage PlaceOklahoma CityOK
One Stop Loan Shop IncEncinoCA
RC Mortgage IncRancho CucamongaCA
Rockwell Equities IncJerichoNY
Sovereign Mortgage Group IncAtlantaGA
Sun America Mortgage CorpCovinaCA
WSB Mortgage Co of NJ IncWest MilfordNJ
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William C. Apgar,

Assistant Secretary for Housing-Federal Housing Commissioner, Chairman Mortgagee Review Board.

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[FR Doc. 00-15859 Filed 6-22-00; 8:45 am]