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We audited the HUD Office of Housing Counseling to assess its processes for achieving its goal to advance homeownership through prepurchase and postpurchase homeownership counseling, including its use of performance metrics and the collection and use of outcome data. We selected this review because housing counseling plays a significant role in improving housing outcomes for home buyers, homeowners, and renters.
We audited the U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Housing Programs’ monitoring of civil rights compliance. Robust monitoring for civil rights compliance is critical to HUD’s goals to support underserved communities. Our audit objective was to assess the extent to which HUD monitored civil rights compliance in its program activities.
Require Carrington to implement improved controls to prevent manual errors by performing additional review of all foreclosure actions and performing timely review of all documentation provided by the borrowers and third parties.
Require Carrington to update its policies and procedures to comply with HUD requirements by reviewing eligible borrowers for streamlined options without unnecessary documents, notifying borrowers if they are ineligible for any loss mitigation options, and using best efforts to review borrowers for loss mitigation within 37 days of the foreclosure sale date.
Require Carrington to perform a review of loans affected by the system errors and when appropriate, remedy the borrowers or HUD.
Require Carrington to remedy HUD and the 27 borrowers in our sample with improper foreclosure filings and take administrative actions if appropriate.
We audited loanDepot.com to evaluate its quality control (QC) program for originating and underwriting Single Family Federal Housing Administration (FHA)-insured loans. We selected loanDepot for review based on its loan volume and delinquency rate and because its rate of self-reporting loans to HUD when it identified fraud, material misrepresentations, and other material findings that it could not mitigate was below average for more than a 5-year period.
Require MidFirst to update its policies and procedures to comply with HUD requirements by placing foreclosure holds for loss mitigation requests made before the first legal filing.
Analyze MidFirst’s resolution of the manual process issues identified during its 2022 quality control review to verify that it remedied the borrowers or HUD and corrected the issues identified related to manual processing.
Require MidFirst to remedy the 24 borrowers in our sample with improper foreclosure filings or take administrative actions if appropriate.
