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Develop a control to detect loans that did not maintain the required flood insurance to put $1.5 billion to better use by avoiding potential future costs to the FHA insurance fund from inadequately insured properties.
Corrective Action Taken
HUD OIG is reviewing HUD's corrective actions in response to four specific recommendations made in audit reports 2012-PH-0004, 2013-PH-0002, 2014-PH-0001, and 2015-PH-0004. Our prior audits showed that HUD’s controls did not always ensure that HECM loan borrowers complied with program residency requirements. The audits included a recommendation to prevent and mitigate instances of borrowers violating the principal residency requirements. The objective of our audit is to determine whether HUD's actions to address the recommendations were adequate.
