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The U.S. Department of Housing and Urban Development's Office of Inspector General audited First National Bank of Gillette, Wyoming, a Federal Housing Administration (FHA)-approved direct endorsement lender, to determine whether it properly processed insured loans and to determine whether its quality control plan met the U.S. Department of Housing and Urban Development's (HUD) requirements. First National Bank did not follow HUD regulations when originating and underwriting 18 FHA loans. In addition, First National Bank did not have a written quality control plan, and its third-party contractor, who performed the quality control reviews, did not perform all reviews in accordance with HUD requirements.

We recommend that the Assistant Secretary for Housing - Federal Housing Commissioner require First National Bank to bring its procedures for the origination and underwriting of insured loans into full compliance with HUD regulations and to develop and implement a written quality control plan.