FHA terminates more than a dozen HUD mortgage originators and underwriters
The Federal Housing Administration terminated agreements with 15 originators and seven underwriters approved for mortgage insurance from the Department of Housing and Urban Development, according to a recent Federal Register. HUD has the right to relinquish federal backing to mortgagees that have a default and claim rate exceeding both the national average and 200% of the average default and claim rate in the pertinent geographic area. HUD also has the right to terminate underwriters under the same criteria, however, the default and claim rate must be above 250% of the geographic average. The FHA pulled HUD approval from the following mortgage companies:
- Access Mortgage Services Inc. of Woodbridge, N.J.
- Equity Source Home Loans of Lakewood and Morganville, N.J.
- Valor Financial Services of Rolling Meadows, Ill.
- Metro Finance Corp. of Aurora, Ill.
- Benefit Funding Corp. of Beltsville, Md.
- Equitable Trust Mortgage Corp. of Baltimore
- Birmingham Bancorp Mortgage Corp. of West Bloomberg, Mich.
- MVB Mortgage Corp. of Southfield, Mich.
- Moncor Inc. of Wheat Ridge, Colo.
- Homeland Lending Inc. of Plant City, Fla.
- Freedom Mortgage Corp. of Fishers, Ind.
- Dedicated Mortgage Associates of Hudson, N.H.
- Anchor Mortgage of Las Vegas
- Signature One Mortgage of Las Vegas
- First Performance Mortgage Corp. of Bessemer, Ala.