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Date Issued

Housing

  •  
    Status
      Open
      Closed
    2024-FO-0002-001-C
    Closed on Abril 08, 2024

    Consider accounting implications to the gross HECM loans receivable balance for the $20 million lost in security interests.

  •  
    Status
      Open
      Closed
    2024-FO-0002-001-D
    Closed on Mayo 07, 2024

    Record an adjusting entry to remove the duplicate $44 million from the gross HECM loans receivable balance as of September 30, 2023.

  •  
    Status
      Open
      Closed
    2024-FO-0002-001-F
    Closed on Agosto 14, 2024

    Develop and enhance training for servicing the HECM portfolio.

  •  
    Status
      Open
      Closed
    2024-FO-0002-001-G
    Closed on Agosto 15, 2024

    Develop corrective procedures to bring the HECM portfolio servicing current, initiate collection proceedings for due and payable loans, redeem the tax certificates for properties for which FHA lost its security interest, and implement a solution to monitor tax payments to prevent tax delinquencies and avoid FHA’s risk of loss in loan security interest.

Housing

  •  
    Status
      Open
      Closed
    2023-NY-0001-001-C
    Closed on Mayo 26, 2023

    We recommend that the Deputy Assistant Secretary for Single Family Housing update its COVID-19 Resources for Homeowners webpage to include details about the protections and loss mitigation options available for homeowners with FHA-insured reverse mortgages. This information could include (1) instructions for requesting an extension, (2) a statement notifying homeowners that they should not be charged late fees or penalties, (3) a chart showing the extension periods and related deadlines, and (4) information on the various loss mitigation options available for homeowners with FHA-insured reverse mortgages who are exiting a COVID-19 HECM extension.

Housing

  •  
    Status
      Open
      Closed
    2023-FO-0003-001-I
    Closed on Agosto 01, 2024

    Develop effective detective controls to ensure HECM loan receivables are accurate and complete, exist, and FHA appropriately holds or controls the rights to any collateral property in connection with the receivable.

  •  
    Status
      Open
      Closed
    2023-FO-0003-001-L
    Closed on Septiembre 29, 2023

    Coordinate with the NSC to conduct a detailed review of the HECM assigned notes portfolio to identify and record all default events that have occurred to date and initiate collection proceedings in accordance with the applicable HUD Handbooks.

  •  
    Status
      Open
      Closed
    2023-FO-0003-001-M
    Closed on Mayo 30, 2024

    Coordinate with the NSC and the OCPO to determine whether the information technology system could be enhanced to track the annual payment of state property taxes for the HECM portfolio.

Housing

  •  
    Status
      Open
      Closed
    2022-KC-0002-001-D
    Closed on Junio 21, 2023

    Consult with the Office of General Counsel to review the language in the statutes, regulations, and handbooks and if warranted, make adjustments to the HECM handbook to ensure consistency with the statute and regulation.

Housing

  •  
    Status
      Open
      Closed
    2022-PH-0801-001-A
    Closed on Mayo 28, 2025

    We recommend that the Office of Single Family Housing coordinate its efforts with the Office of Public and Indian Housing and the Office of Multifamily Housing Programs to further ensure that appropriate controls are in place to prevent HECM borrowers from violating principal residency requirements.

Housing

  •  
    Status
      Open
      Closed
    2022-FO-0003-001-F
    Closed on Septiembre 30, 2022

    Strengthen controls over the preparation of HECM-related reconciliations, reviews, and oversight by ensuring that (1) program personnel preparing such reconciliations understand how such reconciliations impact financial accounting and reporting and (2) financial personnel sufficiently understand programs and systems to determine their general ledger impact.

  •  
    Status
      Open
      Closed
    2022-FO-0003-002-C
    Closed on Septiembre 30, 2022

    Perform a comprehensive review of the SF and HECM model documentation and update the specific sections with the current practices and procedures required to execute the model activities.

Housing

  •  
    Status
      Open
      Closed
    2020-FO-0001-001-A
    Closed on Septiembre 28, 2020

    Ensure that the HECM cash flow model assumptions capture all valid assignments or provide an analysis showing that the model results are not biased due to the exclusion of valid HECM assignments.

Housing

  •  
    Status
      Open
      Closed
    2019-FO-0002-001-B
    Closed on Septiembre 30, 2019

    Revise the modeling policies and procedures to use the established HECM loan limits in the HECM LLG cash flow model.

  •  
    Status
      Open
      Closed
    2019-FO-0002-001-C
    Closed on Septiembre 30, 2019

    Develop alternative policies and procedures that would enable the use of the final single-family LLG cash flow model results and HECM return on notes cash flow model results in the final ROA models.

  •  
    Status
      Open
      Closed
    2019-FO-0002-001-D
    Closed on Septiembre 30, 2019

    Reassess the HECM assumption that mortgages with an unpaid principal balance greater than the maximum claim amount will not be assigned to HUD and perform the following: (1) compare this assumption to historical experience, (2) document the basis for selecting the assumption as opposed to alternative assumptions, and (3) determine the impact of this assumption and the associated risk.

  •  
    Status
      Open
      Closed
    2019-FO-0002-001-E
    Closed on Septiembre 23, 2019

    Reassess the model design that was implemented to avoid the double counting of the cash flows for HECM mortgages in the LLG cash flow and ROA models and perform the following: (1) determine whether there are alternative methodologies that will not result in the exclusion of cash flows in both models, (2) document the basis of the selected methodology, and (3) determine the impact and risk of the selected methodology.

  •  
    Status
      Open
      Closed
    2019-FO-0002-001-F
    Closed on Marzo 26, 2019

    Restate the fiscal year 2017 financial statements to correct the impact of using the improper discounting methodology in the HECM ROA model in fiscal year 2017.

General Counsel

  •  
    Status
      Open
      Closed
    2018-CF-1801-001-A
    $4,000
    Questioned Costs

    Recommendations with questioned costs identify costs: (A] resulting from an alleged violation of a law, regulation, contract, grant, or other document or agreement governing the use of Federal funds; (B] that are not supported by adequate documentation (also known as an unsupported cost]; or (C] that appear unnecessary or unreasonable.

    Closed on Marzo 23, 2018

    Acknowledge that the attached settlement agreement for $4,000 represents an amount due HUD from MetLife.

  •  
    Status
      Open
      Closed
    2018-CF-1801-001-B
    $95,769
    Funds Put to Better Use

    Recommendations that funds be put to better use estimate funds that could be used more efficiently. For example, recommendations that funds be put to better use could result in reductions in spending, deobligation of funds, or avoidance of unnecessary spending.

    Closed on Junio 17, 2025

    Enforce the indemnification agreement in the attached settlement agreement to prevent an estimated $95,769 loss to HUD. This represents an amount due HUD from MetLife for indemnifying and holding HUD harmless for any and all losses HUD incurs or has incurred in connection with FHA loan number 137-4740973.