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We performed a limited review of Midland Mortgage Company (Midland) as a result of our internal audit of the Federal Housing Administration (FHA) – Home Affordable Modification Program (HAMP). Our objective was to determine whether Midland followed U. S. Department of Housing and Urban Development (HUD) rules and regulations when processing defaulted loans for the FHA-HAMP loss mitigation option.

Overall, Midland complied with FHA-HAMP rules and regulations. Our limited review of 15 loans showed Midland did not always check for borrower eligibility or assign the appropriate maturity date for FHA-HAMP partial claim. Midland has developed processes to ensure it complies with FHA-HAMP rules and regulations for the two areas of previous noncompliance.

While Midland implemented several recommendations during the review to correct issues of noncompliance detailed in this report, we recommended that the Acting Director of the Office of Single Family Asset Management require Midland to correct the maturity dates on the legal documents for the three FHA-HAMP loans identified during our review.