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HUD Announces More Loan Originator Terminations
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You're Now Reading:
HUD Announces More Loan Originator Terminations
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
HUD Announces More Loan Originator Terminations
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January 26, 2011 (Shirley Allen)
mortgage-termination-image
The Department of Housing and Urban Development (HUD) announced that it is terminating Origination Agreements with 15 lenders due to higher than normal default rates on loans endorsed by the Mortgagees. Reinstatement is possible if the affected branch or branches have been terminated for at least six months and the lender continues to be an approved mortgagee.

Under the Agreement, the mortgagee is authorized to originate single-family mortgage loans and submit them to FHA for insurance endorsement. The Agreement may be terminated on the basis of poor performance of FHA-insured mortgage loans originated by the mortgagee.

Regulations under the agreement 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.

Below is a list of the affected mortgagees:

Mortgagee Name Mortgagee Branch Office
Access Mortgage Services Inc Woodbridge, NJ
Anchor Mortgage Las Vegas, NV
Benefit Funding Corp Beltsville, MD
Birmingham Bancorp Mortgage Corp West Bloomfield, MI
Dedicated Mortgage Associates LLC Hudson, NH
Equitable Trust Mortgage Corp Baltimore, MD
Equity Source Home Loans LLC Lakewood, NJ and Morganville, NJ
First Performance Mortgage Corp Bessemer, AL
Freedom Mortgage Corp Fishers, IN
Homeland Lending Inc Plant City, FL
Metro Finance Corp Aurora, IL
Moncor Inc Wheat Ridge, CO
MVB Mortgage Corp Southfield, MI
Signature One Mortgage Inc Las Vegas, NV
Valor Financial Services LLC Rolling Meadows, IL

Tags: HUD, mortgage originators, mortgages, single-family mortgage loans, FHA insured mortgage loans, loan defaults

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at Mortgageloanrateupdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

January 26, 2011 (Shirley Allen)
mortgage-termination-image
The Department of Housing and Urban Development (HUD) announced that it is terminating Origination Agreements with 15 lenders due to higher than normal default rates on loans endorsed by the Mortgagees. Reinstatement is possible if the affected branch or branches have been terminated for at least six months and the lender continues to be an approved mortgagee.

Under the Agreement, the mortgagee is authorized to originate single-family mortgage loans and submit them to FHA for insurance endorsement. The Agreement may be terminated on the basis of poor performance of FHA-insured mortgage loans originated by the mortgagee.

Regulations under the agreement 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.

Below is a list of the affected mortgagees:

Mortgagee Name Mortgagee Branch Office
Access Mortgage Services Inc Woodbridge, NJ
Anchor Mortgage Las Vegas, NV
Benefit Funding Corp Beltsville, MD
Birmingham Bancorp Mortgage Corp West Bloomfield, MI
Dedicated Mortgage Associates LLC Hudson, NH
Equitable Trust Mortgage Corp Baltimore, MD
Equity Source Home Loans LLC Lakewood, NJ and Morganville, NJ
First Performance Mortgage Corp Bessemer, AL
Freedom Mortgage Corp Fishers, IN
Homeland Lending Inc Plant City, FL
Metro Finance Corp Aurora, IL
Moncor Inc Wheat Ridge, CO
MVB Mortgage Corp Southfield, MI
Signature One Mortgage Inc Las Vegas, NV
Valor Financial Services LLC Rolling Meadows, IL

Tags: HUD, mortgage originators, mortgages, single-family mortgage loans, FHA insured mortgage loans, loan defaults

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

January 26, 2011 (Shirley Allen)
mortgage-termination-image
The Department of Housing and Urban Development (HUD) announced that it is terminating Origination Agreements with 15 lenders due to higher than normal default rates on loans endorsed by the Mortgagees. Reinstatement is possible if the affected branch or branches have been terminated for at least six months and the lender continues to be an approved mortgagee.

Under the Agreement, the mortgagee is authorized to originate single-family mortgage loans and submit them to FHA for insurance endorsement. The Agreement may be terminated on the basis of poor performance of FHA-insured mortgage loans originated by the mortgagee.

Regulations under the agreement 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.

Below is a list of the affected mortgagees:

Mortgagee Name Mortgagee Branch Office
Access Mortgage Services Inc Woodbridge, NJ
Anchor Mortgage Las Vegas, NV
Benefit Funding Corp Beltsville, MD
Birmingham Bancorp Mortgage Corp West Bloomfield, MI
Dedicated Mortgage Associates LLC Hudson, NH
Equitable Trust Mortgage Corp Baltimore, MD
Equity Source Home Loans LLC Lakewood, NJ and Morganville, NJ
First Performance Mortgage Corp Bessemer, AL
Freedom Mortgage Corp Fishers, IN
Homeland Lending Inc Plant City, FL
Metro Finance Corp Aurora, IL
Moncor Inc Wheat Ridge, CO
MVB Mortgage Corp Southfield, MI
Signature One Mortgage Inc Las Vegas, NV
Valor Financial Services LLC Rolling Meadows, IL

Tags: HUD, mortgage originators, mortgages, single-family mortgage loans, FHA insured mortgage loans, loan defaults

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.