Evaluation of Home Equity Conversion Mortgage Loan Payments Made After Death of Borrower
HUD OIG conducted an evaluation of Home Equity Conversion Mortgage (HECM) Loan Payments Made After Death of Borrower.
CTX Mortgage Company LLC, Dallas TX, Allowed the Recording of Prohibited Restrictive Covenants
We conducted a limited review of Federal Housing Administration (FHA) loans underwritten by CTX Mortgage Company LLC. We selected the lender based on the results of an auditability survey, which determined that CTX Mortgage allowed prohibited restrictive covenants to be filed against Federal Housing Administration (FHA)-insured properties.
Pulte Mortgage LLC, Englewood, CO, Allowed the Recording of Prohibited Restrictive Covenants
We conducted a limited review of Federal Housing Administration (FHA) loans underwritten by Pulte Mortgage LLC. We selected the lender based on the results of an auditability survey, which determined that Pulte Mortgage allowed prohibited restrictive covenants to be filed against Federal Housing Administration (FHA)-insured properties.
Assurity Financial Services, LLC, Englewood, CO, Did Not Properly Underwrite a Selection of FHA Loans
We performed a review of 20 Federal Housing Administration (FHA) loans underwritten by Assurity Financial Services, LLC (Assurity). Our review objective was to determine whether Assurity underwrote the 20 loans in accordance with Federal Housing Administration (FHA) requirements. This review is part of Operation Watchdog, an Office of Inspector General (OIG) initiative to review the underwriting of 15 direct endorsement lenders at the suggestion of the FHA Commissioner.
Crossfire Financial Network, Miami, FL, Did Not Follow HUD Requirements in Approving FHA Loans and Implementing Its Quality Control Program
HUD OIG performed an audit of Crossfire Financial Network, Inc., d/b/a CFN Mortgage Capital (Crossfire), a Federal Housing Administration (FHA) approved direct endorsement lender located in Miami, Florida. The review was performed based on the lender’s volume of loans underwritten and its default rate. The purpose of the audit was to determine whether the lender followed the U.S. Department of Housing and Urban Development’s (HUD) requirements when (1) originating and underwriting loans and (2) implementing its quality control program.
Nationwide Home Loans, Miami, FL, Did Not Follow HUD Requirements in Approving FHA Loans and Implementing Its Quality Control Program
HUD OIG performed an audit of Nationwide Home Loans, Inc. (Nationwide), a Federal Housing Administration (FHA) approved direct endorsement lender located in Miami, Florida. The review was performed based on the lender’s high default rates. The purpose of the audit was to determine whether the lender followed the U.S.