We audited JPMorgan Chase’s (Chase) Federal Housing Administration Home Affordable Modification Program (FHA-HAMP) stand-alone partial claims. We selected Chase for review based on our analysis of risk factors of loan servicers that filed FHA-HAMP stand-alone partial claims and in accordance with our annual audit plan. Our audit objective was to determine whether Chase complied with the FHA-HAMP stand-alone partial claim market rate requirement set by the U.S. Department of Housing and Urban Development (HUD).
Chase complied with the FHA-HAMP stand-alone partial claim market rate requirement set by HUD. Specifically, for all 14 FHA-HAMP stand-alone partial claim cases reviewed, Chase ensured that the borrower’s mortgage interest rate was at or below the market mortgage interest rate as required.