We audited the Texas General Land Office’s Community Development Block Grant Disaster Recovery (CDBG-DR) grant that it used to rehabilitate or reconstruct 125 homes affected by Hurricane Ike in 2008. Texas General Land Office contracted with the Deep East Texas Council of Governments, in Jasper, TX, to operate its program. We reviewed Texas General Land Office and its subrecipient as part of our annual
The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General audited Bank of America because it has released more than 47,000 Federal Housing Administration (FHA)-insured loans into the Distressed Asset Stabilization Program (DASP) note sales program.
April 09, 2019
The Texas General Land Office, Austin, TX, Should Strengthen Its Capacity To Administer Its Hurricane Harvey Disaster Grants
We reviewed the Texas General Land Office in accordance with the U.S.
May 07, 2018
JPMorgan Chase Complied with the Market Rate Requirement for FHA Home Affordable Modification Program Stand-Alone Partial Claims
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 rat
September 15, 2017
Final Civil Action: Financial Freedom, a Division of CIT Bank, N.A., Settled Allegations of Failing To Comply With HUD’s Federal Housing Administration Servicing Requirements for HECM Claims
The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General (OIG), assisted the U.S. Department of Justice (DOJ), Washington, DC, and the U.S.
August 21, 2017
Reverse Mortgage Solutions, Inc., Settled Alleged Violations of Federal Housing Administration Loan Requirements Related to Home Equity Conversion Mortgages
The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General (OIG), assisted in an investigation into alleged violations by Reverse Mortgage Solutions, Inc., of Federal Housing Administration (FHA) regulations related to its Home Equity Conversion Mortgage (HECM) program. The investigation began due to a qui tam filed under the False Claims Act, 31 U.S.C. (United States Code) 3729, in the U.S.
September 28, 2015
Cornerstone Home Lending, Houston, TX, Did Not Adequately Underwrite 16 Loans, Violated the Real Estate Settlement Procedures Act, and Did Not Implement an Adequate Quality Control Plan During Our Review Period
We audited Cornerstone Home Lending, formerly known as Cornerstone Mortgage Company. We selected Cornerstone based upon a high default rate at Cornerstone’s Branch 87 in 2007 through 2009. Our audit objectives were to determine whether Cornerstone (1) complied with HUD and Federal Housing Administration (FHA) regulations when originating and underwriting FHA-insured mortgages and (2) implemented a quality control plan that met requ
September 26, 2014
The State of Texas’ Contractor Did Not Perform Adequate Hurricane Dolly Damage Inspections and Failed To Meet Critical Performance Benchmarks
We audited the State of Texas’ Community Development Block Grant Disaster Recovery Program based on a hotline complaint, which alleged mismanagement of the Lower Rio Grande Valley Development Council’s Disaster Recovery housing program. The complainant also made allegations concerning excessive home costs and ineligible homeowners. Our audit objectives were to determine whether the State (1) ensured that the contractor limited the
July 15, 2014
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.
April 18, 2013
Ofori & Associates, PC, Hartford, CT, Did Not Always Comply With Its REO Contract and Marketing Plan Requirements
We audited Ofori & Associates, PC, regarding its U.S. Department of Housing and Urban Development (HUD) real estate-owned (REO) Management and Marketing (M&M) III program. This review was part of the Office of Inspector General’s efforts to improve the integrity of the single-family insurance program.
February 18, 2013