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Crime, Fraud, Waste, and Abuse

FHA Single Family Early Payment Default Oversight

We are initiating an audit related to FHA single family early payment default underwriting. An early payment default refers to mortgages that become 60 Days delinquent within the first six payments; the immediacy of these defaults may reflect a defect in the underwriting standards. The objective of our audit is to determine whether there are gaps in HUD's controls to ensure len ders follow FHA rules for underwriting and reporting on single family FHA loans. 

 

Potential Fraud Risks and Schemes for HUD’s Single Family Housing Program

Beginning in 2021, the U.S. Department of Housing and Urban Development (HUD) Office of Inspector General (OIG) conducted several audits to assess HUD’s anti-fraud efforts and to develop inventories of fraud risks for several of its programs.  Our previous work found that HUD’s fraud risk management program was in its early stages of development and we recommended that HUD perform program-specific fraud risk assessments and incorporate these assessments into an agency-wide plan to further advance its program.

HUD’s Office of Single Family Housing’s Efforts to Increase the Supply of Affordable Housing Had Minimal Effect

We audited the U.S. Department of Housing and Urban Development’s (HUD) Office of Single Family Housing’s efforts to increase the supply of affordable housing.  Our audit objective was to determine whether HUD met its intended outcome to increase the supply of affordable housing to owner-occupants, governmental entities, and HUD-approved non-profits by expanding the exclusive listing periods for its Real Estate Owned (REO) properties and Claims Without Conveyance of Title (CWCOT) program.

External Single-Family Origination and Underwriting

HUD OIG is auditing a nationwide lender headquartered in the State of Wisconsin that originates and underwrites FHA single family loans. This review will focus on more than 3,700 loans closed totaling approximately $1 billion. Our objective is to determine whether the lender followed FHA rules and regulations for assets, income, liabilities, and credit when originating and underwriting single family FHA loans.

 

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