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Glenbrook Manor Could Not Always Show That Project Costs Were Eligible and Supported in Accordance With HUD Requirements
We audited the multifamily project, Glenbrook Manor, in Stamford, CT, based on a request by officials from the U.S.
HUD Did Not Always Follow Applicable Requirements or Use Best Practices in the Procurement and Administration of Its Multifamily Servicing Contract
We audited the U.S.
HUD Policies Did Not Always Ensure That HECM Borrowers Complied With Residency Requirement
We audited the U.S.
HUD Did Not Always Provide Adequate Oversight of Its Property-Flipping Waiver Requirements
We audited the U.S.
The Owner and Former Management Agents Lacked Adequate Controls Over the Operation of Lake Village of Fairlane Apartments, Dearborn, MI
We audited Lake Village of Fairlane Apartments as part of the activities in our fiscal year 2014 annual audit plan. We selected the project based on a referral from the U.S.
Prudential Huntoon Paige Associates, LTD Did Not Underwrite and Process a $49 Million Loan in Accordance With HUD Requirements
We audited Prudential’s underwriting of a $49 million mortgage loan to develop the Preserve at Alafia, a multifamily project located in Riverview, FL. We initiated the review based on the early default, assignment, and significant amount of the project. Our objective was to determine whether Prudential underwrote and processed the loan for the Preserve of Alafia according to the U.S.
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