Mortgagee Review Board Administrative Actions Termination of Lender Approval for Renewal Noncompliance

AGENCY:

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

ACTION:

Notice.

SUMMARY:

In compliance with section 202(c) of the National Housing Act, and 24 CFR 25.10, this notice advises of the cause and description of certain administrative actions taken by HUD's Mortgagee Review Board (MRB) against HUD-approved mortgagees. The MRB terminated 123 Title I and Title II lender approvals during the six month period ending March 31, 2007, for failure to submit an acceptable annual audited financial statement and/or payment of the annual fee required to renew their FHA lender approval.

FOR FURTHER INFORMATION CONTACT:

Joy Hadley, Director, Office of Lender Activities and Program Compliance, 451 Seventh Street, SW., Room B-133-P3214, Washington, DC 20410-8000, telephone: (202) 708-1515. (This is not a toll-free number.) A Telecommunications Device for Hearing- and Speech-Impaired Individuals (TTY) is available at (800) 877-8339 (Federal Information Relay Service).

SUPPLEMENTARY INFORMATION:

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), and 23 CFR 25.10 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. The MRB terminated 123 Title I and Title II lender approvals during the six month period ending March 31, 2007, for failure to submit an acceptable annual audited financial statement and/or payment of the annual fee required to renew their FHA lender approval.

ACTION:

Termination of HUD/FHA Title I and Title II lender approval.

CAUSE:

Failure to submit an acceptable annual audited financial statement and/or payment of the annual fee required to renew their FHA lender approval.