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HUD OIG is auditing the risk to the FHA fund from uninsured flood damage. The objective of this audit is to determine whether borrowers of FHA-insured loans maintained proper flood insurance coverage. This audit will cover FHA-insured forward and reverse mortgages active throughout calendar year 2020.
HUD OIG is auditing HUD’s oversight of Federal Housing Administration (FHA) refunds. FHA insures mortgages to increase homeownership opportunities. An upfront insurance premium, paid at the time of closing, is refundable if the loan ends early, whether through sale, foreclosure, or refinancing. We received a hotline complaint describing roadblocks to obtaining refunds.
HUD OIG is researching prior audits of HUD’s Single Family Default Monitoring System to provide HUD information regarding lessons learned and risks identified in these prior audits. The forbearances will result in increased claims filed against the insurance fund. The lessons learned from prior audits identify what actions HUD should take now to ensure program integrity and mitigate the risk of financial loss for COVID-19 related forbearance assistance and foreclosure moratorium related to single family loans.
