We reviewed Bank of America's (servicer) home equity conversion mortgage (HECM) servicing division located in Seattle, Washington. Bank of America is one of the largest lenders of HECM mortgages for properties located in the five southwest states in the U. S. Department of Housing and Urban Development's (HUD) Region VI jurisdiction.
July 29, 2009
Eagle Home Mortgage, Kirkland, Washington, Did Not Always Comply with HUD Guidelines When Underwriting Federal Housing Administration-Insured Loans
We audited single-family loan originations at Eagle Home Mortgage (Eagle Mortgage), located in Kirkland, Washington, to determine whether it originated Federal Housing Administration (FHA)-insured loans in accordance with U.S. Department of Housing and Urban Development (HUD) requirements. Eagle Mortgage did not always originate FHA insured loans in accordance with HUD requirements.
July 20, 2009
The John C. Cannon Retirement and Assisted Living Residence, Seattle, Washington, Violated Its Regulatory Agreement
At the request of the Region X Multifamily Hub, we audited the John C Cannon Retirement and Assisted Living Residence (project) to determine if the project owner used project funds in accordance with the regulatory agreement.
April 15, 2009
A Plus Mortgage Inc., Tukwila, WA, Overcharged Borrowers and Allowed Independent Contractors and Unapproved Branches to Originate Loans
We audited A Plus Mortgage, Inc. (A Plus), to determine whether (1) the fees charged to Federal Housing Administration (FHA) borrowers by A Plus were appropriate under U.S. Department of Housing and Urban Development (HUD), FHA, and Real Estate Settlement Procedures Act (RESPA) regulations and (2) the loan officers originating FHA-insured loans were employees of A Plus.
May 07, 2008