HUD Did Not Implement Adequate Grant Closeout and Reporting Processes To Ensure Consistent Application of GONE Act Requirements
We audited the U.S. Department of Housing and Urban Development’s (HUD) grant closeout processes and compliance with the Grants Oversight and New Efficiency (GONE) Act. The GONE Act required that we conduct a risk assessment to determine whether an audit of HUD’s grant closeout process was warranted. We initiated this review based on the results of our risk assessment conducted in fiscal year 2018, which found that an audit was...
Marzo 09, 2022
Final Civil Action: City First Mortgage Services, LLC, and Van Wagoner Investment Company Settled Allegations of Making False Certifications
Based on a request from the Assistant U.S. Attorney’s Office in Salt Lake City, UT, we provided information about single-family lenders with high default rates. We then reviewed the available case binders for 38 loans for which the Federal Housing Administration (FHA) had paid claims that were underwritten by City First Mortgage Services, LLC. We completed the review and referred alleged violations to the U.S. Department of Housing and...
Septiembre 12, 2016
Deutsche Bank Berkshire Mortgage, Inc., Bethesda, MD, Acquired a $45.6 Million Loan That Was Not Properly Underwritten in Accordance With HUD's Multifamily Accelerated Processing Program
We audited the underwriting of a $45.6 million mortgage loan that was acquired by Deutsche Bank Berkshire Mortgage, Inc. (the Lender) to rehabilitate Wingate Towers and Garden Apartments. The audit was performed based on a request from the U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Development. The Lender acquired and became responsible for the loan origination activities, personnel, books and...
Marzo 22, 2011