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Final Civil Action – Golden First Mortgage Corporation and Its Owner Settled Alleged Violations of Failing To Comply With Federal Housing Administration Underwriting Requirements (FHA ID #34475)

HUD OIG assisted in an investigation into alleged violations of Federal Housing Administration (FHA) regulations applicable to the direct endorsement program by Golden First Mortgage Corporation and its owner.  Golden First is a former FHA-approved mortgage lender, with its principal place of business located in Great Neck, NY.  Golden First participated in the direct endorsement program from 1989 until 2010.  As a direct endorsement lender, Golden First had the authority to approve mortgage loans for FHA insurance.  On April 4, 2013, and August 13, 2013,&nb

Peoples Home Equity, Inc., Brentwood, TN, Did Not Follow HUD Requirements in Approving FHA Loans and Implementing Its Quality Control Program

We audited Peoples Home Equity, Inc.(Peoples), a Federal Housing Administration (FHA) approved nonsupervised direct endorsement lender located in Brentwood, TN.  We selected Peoples based on its high default rates.  The audit was part of our annual audit plan to review single family programs and lenders.  Our audit objectives were to determine whether Peoples complied with HUD requirements when it originated and underwrote FHA loans, and implemented its quality control program.  Peoples did not always originate and underwrite FHA insured loans in accordance

Memorandum Report on the Office of Inspector General’s Internal Audit of HUD’s Single Family Seven-Loan Limit

The U.S. Department of Housing and Urban Development – Office of Inspector General audited HUD’s Federal Housing Administrations single family mortgage seven-loan limit.  We initiated this review based on issues identified in an audit of the Wyoming Housing Opportunities Association in memorandum 2013-DE-1801.  Our objective was to determine the impact of investor loan properties on the FHA fund.  We found multiple instances of investors deferring maintenance on their investment property.

EverBank Did Not Properly Determine Mortgagor Eligibility for FHA’s Preforeclosure Sale Program

We audited EverBank’s Preforeclosure Sale Program because it had the highest Florida preforeclosure sale claims of all servicing lenders located in Florida and more than 50 percent of its Florida Federal Housing Administration (FHA) claims were from preforeclosure sales with more than $12.9 million paid from 2011 through 2013.  Our objective was to determine whether EverBank properly determined that mortgagors were eligible to participate in FHA’s Preforeclosure Sale Program. EverBank did not properly determine that mortgagors were eligible to participate in FHA’s Preforec

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