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Tuscan Homes I and II in Hartford, CT, Was Not Always Managed in Accordance With Its Regulatory Agreement and HUD Requirements

We audited Tuscan Homes I and II, a multifamily project located in Hartford, CT, because our risk assessment ranked the project as the highest risk multifamily project in New England.  Our audit objective was to determine whether the owner managed the project in accordance with its regulatory agreement and U.S.

The Management Agent for Lake View Towers Apartments, Chicago, IL, Did Not Always Comply With HUD’s Section 8 HAP Program Requirements

We audited the Lake View Towers Apartments’ Section 8 housing assistance payments program based on our analysis of risk factors related to multifamily projects in Region 5’s jurisdiction and the activities included in our fiscal year 2019 annual audit plan.  Our audit objective was to determine whether the management agent administered the project’s program in accordance with the owner’s contract with the U.S. Department of Housing and Urban Development (HUD) and its own requirements.

PK Management, LLC, Richmond Heights, OH, Did Not Always Maintain Documentation Required to Support Housing Assistance Payments

We audited PK Management, LLC, based on (1) media coverage of problems associated with Essex Village, an apartment complex in Virginia that it managed, and (2) issues identified in our prior audit of PK Management in Birmingham, AL.  Our audit objective was to determine whether PK Management assisted eligible tenants and maintained documentation to support the housing assistance payments it received for residents of the properties it managed in the Philadelphia region.

HUD Completed the Agreed-Upon Corrective Actions for One of the Two Recommendations Reviewed From Prior OIG Audit Report 2015-LA-0001 on FHA-HAMP Partial Claims

We completed a corrective action verification (CAV) of recommendations 1A and 1C from prior OIG audit report 2015-LA-0001 (issued April 20, 2015).  The CAV was initiated based on preliminary analysis, which identified potential ineligible partial claims.  The prior audit determined that the Federal Housing Administration’s (FHA) claim payment system failed to identify two types of ineligible partial claims.  As part of its response to the audit report, HUD’s Office of Finance and Budget agreed to implement new system controls to prevent the problems from recurr

FHA Improperly Paid Partial Claims That Did Not Reinstate Their Related Loans

The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General audited the Federal Housing Administration (FHA) based on the results of another audit, which found that the lender improperly filed for partial claims before completing the loan modifications and reinstating the loans.  Our audit objective was to determine whether FHA improperly paid partial claims that did not reinstate the delinquent loans.

Bank of America, Plano, TX, Followed the Loss Mitigation Requirements for All of the Loans Reviewed

The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General audited Bank of America because it has released more than 47,000 Federal Housing Administration (FHA)-insured loans into the Distressed Asset Stabilization Program (DASP) note sales program.  Since its inception, DASP has facilitated the sale of more than 108,000 FHA loans, which means that Bank of America accounts for nearly half of the entire program.  This is the fourth in a series of audits on DASP.

Final Civil Action - Gateway Funding Diversified Mortgage Services, LP, Now Known as Finance of America Mortgage, LLC, Settled Allegations of Failing To Comply With HUD’s Federal Housing Administration Loan Requirements

The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General (OIG), assisted the U.S. Department of Justice (DOJ) and the U.S. Attorney’s Office for the Northern District of New York in a civil investigation of Gateway Funding Diversified Mortgage Services, LP, now known as Finance of America Mortgage, LLC (FAM).  Gateway was a Federal Housing Administration (FHA)-approved mortgage lender.  On May 31, 2015, FAM’s parent company acquired Gateway.  FAM has its principal place of business in Horsham, PA.