Option One Parent Gets S&L OK

Tax return giant H&R Block has received final approval to start a savings and loan, a move that will allow the depository to purchase mortgages from its subprime affiliate, Option One Mortgage, a top-10-ranked nonconforming lender.The Office of Thrift Supervision gave H&R Block final approval on March 15, noting that it had received "numerous" comment letters on the application, most of them opposed. "Commenters expressed concerns about the ability of the mortgage companies' borrowers to receive the best loan product for which they qualify," the agency said. The thrift will be headquartered in Kansas City, Mo., which will serve as the bank's Community Reinvestment Act designation area. (For more details, see the March 20 issue of National Mortgage News.)