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HUD OIG is auditing barriers impacting borrowers who were attempting to avoid FHA foreclosures. There were 85,000 FHA foreclosures started in 2022 following the conclusion of the COVID-19 foreclosure moratorium. Our audit objective is to assess the challenges facing FHA borrowers trying to avoid foreclosure.
HUD OIG is auditing the changing hazard insurance market on FHA borrowers and FHA. Our review will involve the review of hazard insurance cost data from January 1, 2018, through July 31, 2024, in Florida, Texas, Louisiana, and California overlayed with FEMA high-risk disaster maps and risk exposure associated with FHA insured homes in those states. Our objective is to assess the impact of the changing hazard insurance market on FHA borrowers and the Mutual Mortgage Insurance Fund.
We audited the U.S. Department of Housing and Urban Development (HUD), Office of Multifamily Housing Programs’ efforts to address multifamily mortgage application processing delays. When applications for these loans are delayed, it slows the production and availability of affordable multifamily housing units. During the COVID-19 pandemic, HUD took action to eliminate a backlog of over 500 applications waiting to be assigned to underwriters for review.
We audited HUD’s management of its FHA appraiser roster to determine whether the roster was accurate and reliable. We selected this review because a prior audit identified weaknesses related to roster oversight and because this topic aligns with HUD’s strategic goals related to promoting home ownership and strengthening its internal capacity, as well as increased interest in the appraisal process. HUD’s FHA appraiser roster was generally reliable. HUD’s system controls prevented ineligible appraisers from being assigned appraisals on FHA-insured propertie
HUD OIG is auditing HUD’s monitoring of its Field Service Management (FSM) property preservation and protection services. Our review will involve the assessment of 80 monitoring sample items and cover the period of November 1, 2022, through October 31, 2023. The objective of our audit is to determine if HUD adequately monitored its Field Service Management contractors’ property preservation and protection services.
Update Handbook 4000.1 to require servicers to share information regarding foreclosure moratoriums with borrowers.
Simplify the process for accessing its FAQs on Single Family’s website, including adding a clickable link on its website home page that will take borrowers directly to the FAQs.
Servicers followed the COVID-19 pandemic foreclosure moratorium requirements. However, they could have better communicated the moratorium requirements to delinquent borrowers who were subject to foreclosure proceedings. This situation occurred because HUD did not require servicers to notify borrowers directly about the foreclosure moratorium and that occupancy would pause the foreclosure process. Borrowers who were not informed about the moratorium or impacts of vacancy could have abandoned their homes, not realizing that remaining in the home would have affor
Implement an improved process to review and update program controls before each sale to achieve its mission objectives.
Implement improved verification checks to prevent participation of restricted entities.
