All American Home Mortgage Corp., Brooklyn, NY, Did Not Always Comply With HUD-FHA Loan Underwriting Requirements
We completed an audit of All American Home Mortgage Corp., a nonsupervised lender located in Brooklyn, NY. Our audit objectives were to determine whether All American officials (1) approved Federal Housing Administration (FHA)-insured loans in accordance with the requirements of the U.S. Department of Housing and Urban Development (HUD)-FHA, and (2) implemented a quality control plan in accordance with HUD-FHA requirements.
All American...
Septiembre 06, 2011
Report
#2011-NY-1014
Ameritrust Mortgage Bankers, Inc., Lake Success, NY, Did Not Always Comply With HUD-FHA Loan Origination and Quality Control Requirements
We completed an audit of Ameritrust Mortgage Bankers, Inc., a nonsupervised lender* located in Lake Success. Our audit objectives were to determine whether Ameritrust officials (1) approved FHA-insured loans in accordance with the requirements of the U.S. Department of Housing and Urban Development (HUD)-FHA, and (2) implemented a quality control plan in accordance with HUD-FHA requirements.
Ameritrust officials did not always approve FHA-...
Agosto 16, 2011
Report
#2011-NY-1012
The City of Rochester, New York's Management Controls Over the Asset Control Area Program Needs Improvement To Comply With All Requirements
We completed an audit of the City of Rochester's (City) asset control area (ACA) program as part of a nationwide audit of the U.S. Department of Housing and Urban Development's (HUD) monitoring of ACA participants. The objective of the audit was to determine whether the City administered its ACA program in compliance with program requirements to increase homeownership for low and moderate income borrowers and contribute to the...
Febrero 11, 2009
Report
#2009-NY-1007
Wells Fargo Bank NA, Rochester, New York, Branch Office, Did Not Always Comply with HUD/FHA Loan Origination Requirements
We completed an audit of Wells Fargo Bank NA, Rochester, New York, Branch Office (Wells Fargo), a national bank and supervised lender. The audit objectives were to determine whether Wells Fargo (1) approved insured loans in accordance with U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) requirements, which include following prudent lending practices, and (2) developed and implemented a quality control...
Agosto 26, 2008
Report
#2008-NY-1010
Richard A. Hutchens Associates, Management Agent, Buffalo, New York, Used Project Funds for Ineligible and/or Unsupported Cost
We completed an audit of Richard A. Hutchens and Associates (agent) pertaining to its management of the financial operations of Cayuga Village and Touraine Apartments. The objectives of our audit were to determine whether the agent used project funds in accordance with the regulatory agreement and HUD requirements. Specifically, to determine whether the agent (1) provided adequate documentation to support the reasonableness of payments made to...
Diciembre 04, 2007
Report
#2008-NY-1002