Final Civil Action: BSR Trust, LLC, Settled Allegations of Making False Claims Related to Section 8 Housing Assistance Payments
On April 17, 2018, the Office of Program Enforcement issued a letter stating that it had reached a resolution under a Program Fraud Civil Remedies Act of 1986 case regarding Summit Bradford Apartments located in Tulsa, OK, following its review. The Government alleged that the owner submitted 40 false claims under the Act.
May 21, 2018
NOVA Financial & Investment Corporation’s FHA-Insured Loans With Downpayment Assistance Gifts Did Not Always Meet HUD Requirements
We audited NOVA Financial & Investment Corporation based on a referral from the U.S.
July 09, 2015
Final Civil Action – Borrower Settled Allegations of Not Complying With the Primary Residence Requirement of the Federal Housing Administration Program
HUD OIG conducted a civil investigation of an alleged loan origination fraud scheme involving a cash-out refinance loan that was insured by the Federal Housing Administration (FHA). FHA provides mortgage insurance on loans made by FHA-approved lenders to creditworthy borrowers. Borrowers must occupy the properties as their primary residence for at least 1 year. Borrowers certify to their intent to occupy the property when signing
March 27, 2015
Allen Mortgage, LLC, Centennial Park, AZ, Did Not Comply With HUD Requirements for Underwriting FHA Loans and Fully Implement Its Quality Control Program in Accordance With HUD’s Requirements
The U.S. Department of Housing and Urban Development, Office of Inspector General audited Allen Mortgage, Limited Liability Company, a Federal Housing Administration (FHA) nonsupervised lender. We selected Allen Mortgage for audit based on its high default and claim rate for the FHA-insured loans sponsored in Region 5.
September 30, 2012
As part of the Office of Inspector General’s (OIG) nationwide effort to review the foreclosure practices of the five largest Federal Housing Administration (FHA) mortgage servicers (Bank of America, Wells Fargo Bank, CitiMortgage, JP Morgan Chase, and Ally Financial, Incorporated) we reviewed Wells Fargo’s foreclosure and claims processes.
March 12, 2012
Metlife Bank's Scottsdale, AZ, Branch Office Did Not Follow FHA-Insured Loan Underwriting and Quality Control Requirements
We audited the Federal Housing Administration (FHA)-insured loan process at MetLife Bank’s (lender) branch in Scottsdale, AZ, to determine whether the lender underwrote FHA-insured loans and implemented a quality control plan in accordance with U.S. Department of Housing and Urban Development (HUD) requirements.
January 25, 2012
Wells Fargo Home Mortgage, Fort Mill, SC, Did Not Always Approve FHA-HAMP Loans or Trial Plans in Accordance With Rules and Regulations
We performed a limited review of Wells Fargo Home Mortgage (Wells Fargo) as a result of our internal audit of the Federal Housing Administration’s (FHA) Home Affordable Modification Program (HAMP). During the audit, we visited Wells Fargo and reviewed a limited number of loans to determine whether the National Servicing Center implemented and operated FHA-HAMP in accordance with rules and regulations.
June 07, 2011
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.
April 08, 2011
Review of Compliance With the Real Estate Settlement Procedures Act by DHI Mortgage, LTD, and Its Closing Agents
We reviewed Federal Housing Administration (FHA)-insured loan settlement documents from two branches of DHI Mortgage Company, LTD (DHI Mortgage), in Arizona. During a previous audit of loan origination by the same branches (audit report number 2009-LA-1018), there was information indicating that the Real Estate Settlement Procedures Act (Act) might have been violated; however, we were unable to report on the issue at the time.
February 08, 2011