Develop a control to detect loans that did not maintain the required flood insurance to put $1.5 billion to better use by avoiding potential future costs to the FHA insurance fund from inadequately insured properties. Corrective Action Taken In November 2022, FHA published the Acceptance of Private Flood Insurance for FHA-Insured Mortgages final rule (Docket No. FR-6084-F-02) in the Federal Register and issued Mortgagee Letter 2022...

The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General (OIG), completed a corrective action verification (CAV) of recommendations from four prior home equity conversion mortgage (HECM) audit reports.  The CAV was initiated because protecting the Federal Housing Administration (FHA) mutual mortgage insurance fund is one of HUD’s top management challenges.  The prior audits determined that HUD...

Based on a complaint and a request from the U.S. Department of Housing and Urban Development’s Office of Public and Indian Housing (HUD PIH), we audited the Bay City Housing Authority, Bay City, TX.  The complainant’s allegations included improper procurement of an attorney and board meetings held without proper notice.  HUD PIH expressed concerns regarding the Authority’s financial records and policy adherence.  Our...