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Develop a plan and a timeline that ensures all due and payable partial claims are transferred to the FOC, and subsequently processed by the FOC.
We contracted with the independent public accounting firm of CliftonLarsonAllen LLP (CLA) to audit the financial statements of FHA as of and for the fiscal years ended September 30, 2023 and 2022, and to provide reports on FHA’s (1) internal control over financial reporting and (2) compliance with laws, regulations, contracts, and grant agreements and other matters. Our contract with CLA required that the audit be performed in accordance with U.S.
HUD OIG is auditing the Office of Multifamily Housing's monitoring of civil rights compliance. Fair housing and civil rights are critical in making sure all Americans have equal access to the housing of their choice. The audit objective is to assess the extent to which HUD's Office of Multifamily Housing monitored civil rights compliance in their program activities.
HUD OIG is auditing the Office of Asset Sales’ HUD-Held Vacant Loan Sales (HLVS) program, which is another disposition option for defaulted, formerly FHA single-family reverse mortgage loans owned and competitively auctioned by HUD to reduce losses and improve recoveries to FHA’s Mutual Mortgage Insurance Fund. The HLVS 2022-1 sale was held in December 2021 and included 1,605 settled loans with an unpaid loan balance of $398.6 million, with 50% percent of the loans sold to nonprofit organizations.
Design and implement a data-driven methodology to determine the appropriate mix of origination and servicing monitoring and desk reviews.
Update the Save Your Home - Tips to Avoid Foreclosure brochure to include new loss mitigation options as they are introduced and require servicers to send this additional information to delinquent homeowners. This could be done as a redesign of the existing brochure or as addendums to the brochure for temporary programs.
Update HUD’s FHA FAQs to clarify current loss mitigation requirements and ensure that outdated guidance is removed.
Provide additional guidance and training to servicers to address common loss mitigation issues found during this audit.
Engage with the servicers in our sample to determine reasons for noncompliance and develop a plan to mitigate it going forward.
