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2022-KC-0001-001-C
Status
Closed
Date Issued
December 15, 2021
Closed Date
December 15, 2021
OIG Component Office
Audit
Ensure that this information is distributed to delinquent borrowers so it can benefit the greatest number of borrowers to put $5.43 billion to better use by avoiding potential future losses on 112,160 loans.
Program Office
Housing
Questioned Costs
$0.00
Better Funds Use
$5,430,000,000.00
Publication Report Number
2022-KC-0001

Related Recommendations

Recomendation Status Date Issued Summary
2022-KC-0001-001-A Closed December 15, 2021 Perform data analysis of FHA’s portfolio to identify borrowers who are delinquent and did not fully benefit from the COVID-19 forbearance, including those in bankruptcy;
2022-KC-0001-001-B Closed December 15, 2021 Develop a standardized brochure or informational pamphlet that would inform delinquent borrowers of their right to a forbearance under the CARES Act; and
2022-KC-0001-002-A Closed December 15, 2021 Review the 21 loans with improperly administered forbearance to ensure that the borrowers were remedied by the servicers, if possible, and ensure that these servicers updated their forbearance procedures to prevent future noncompliance.
2022-KC-0001-002-B Closed December 15, 2021 Ensure that the issues found during our audit are incorporated into QAD’s servicing monitoring reviews.
2022-KC-0001-002-C Closed December 15, 2021 Provide additional guidance to the servicers so they will limit their communication and collection efforts for the borrowers in forbearance.