The Offices of Audit and Evaluation supervise and conduct independent and objective audits, evaluations, and other reviews of U.S. Department of Housing and Urban Development (HUD) programs and activities to ensure they operate economically, efficiently, and effectively. This page contains links to our audit and evaluation reports and memoranda.
Approximately 31,500 FHA-Insured Loans Did Not Maintain the Required Flood Insurance Coverage in 2020
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…
March 22, 2022
Report
#2022-KC-0002