Final Action Memorandum: Purchaser of HUD-Insured Single-Family Property Settled Allegations of Causing the Submission of a False Claim
The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General (OIG), reviewed preforeclosure sales under the Federal Housing Administration (FHA) program in the St. Louis, MO, area. We found that the purchaser of a property being sold in a preforeclosure sale entered into a consulting agreement with the realtor. The agreement required that when the purchaser later sold the property, he would pay half of the...
Febrero 22, 2017
Final Civil Action: City First Mortgage Services, LLC, and Van Wagoner Investment Company Settled Allegations of Making False Certifications
Based on a request from the Assistant U.S. Attorney’s Office in Salt Lake City, UT, we provided information about single-family lenders with high default rates. We then reviewed the available case binders for 38 loans for which the Federal Housing Administration (FHA) had paid claims that were underwritten by City First Mortgage Services, LLC. We completed the review and referred alleged violations to the U.S. Department of Housing and...
Septiembre 12, 2016
Deutsche Bank Berkshire Mortgage, Inc., Bethesda, MD, Acquired a $45.6 Million Loan That Was Not Properly Underwritten in Accordance With HUD's Multifamily Accelerated Processing Program
We audited the underwriting of a $45.6 million mortgage loan that was acquired by Deutsche Bank Berkshire Mortgage, Inc. (the Lender) to rehabilitate Wingate Towers and Garden Apartments. The audit was performed based on a request from the U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Development. The Lender acquired and became responsible for the loan origination activities, personnel, books and...
Marzo 22, 2011