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HUD OIG is auditing the Office of Multifamily Housing’s controlling participation of Section 8 Project-Based Rental Assistance. Specifically, we are looking at HUD’s approval of controlling participants for ownership in Multifamily Section 8 properties. The audit objective is to determine whether HUD has approved poor performing controlling participants for additional properties.
We audited lender reporting of COVID-19 forbearances for Federal Housing Administration (FHA)-insured loans in the Single Family Default Monitoring System (SFDMS). We compared default reporting data from SFDMS to loan data provided by five sampled servicing lenders that serviced a third of the FHA single-family portfolio. Our audit objective was to determine whether COVID-19 forbearance data available in SFDMS were consistent with the information maintained by loan servicers.
The U.S.
We prepared this memorandum to provide the Office of Housing at the U.S.
HUD OIG is auditing the risk to the FHA fund from uninsured flood damage. The objective of this audit is to determine whether borrowers of FHA-insured loans maintained proper flood insurance coverage. This audit will cover FHA-insured forward and reverse mortgages active throughout calendar year 2020.
In June 2020, we received letters from members of Congress, including the chairpersons of the House Committee on Financial Services and Oversight and Investigation Subcommittee, expressing concern that the U.S.
HUD OIG is conducting a review of HUD's Office of Residential Care Facilities. Media reports have shown that the COVID-19 virus impacted nursing homes nationwide. Our audit objective is to determine the biggest challenges that nursing home owners face related to COVID-19 and whether they are prepared to meet their future financial obligations.
We prepared this memorandum to provide the Office of Housing at the U.S. Department of Housing and Urban Development (HUD) with key considerations from prior audits of the HUD Single Family Default Monitoring System (SFDMS) and the partial claim loss mitigation option. These audits identified HUD’s lack of effective controls to ensure that lenders reported default information accurately and in a timely manner, lenders promptly filed and reported partial claims, and partial claims fully reinstated delinquent loans.
