HUD Generally Ensured That Purchasers Followed the Requirements Outlined in the Conveyance, Assumption, and Assignment Contracts, but Improvements Are Needed | Office of Inspector General, Department of Housing and Urban Development

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Recommendation Number: 2017-KC-0010-001-A
Status: Closed
Date Issued: September 29, 2017

Closed Date:

January 22, 2020

Update the terms in the purchase agreement to ensure that the agreements define “extenuating circumstance” in reference to foreclosure avoidance, establish how long stabilization outcomes can continue to be reported as planned, and establish financial or other penalties to hold purchasers accountable in instances of nonreporting and noncompliance.

Publication Report

2017-KC-0010 | September 29, 2017

HUD Generally Ensured That Purchasers In Its Note Sales Program Followed the Requirements Outlined in the Conveyance, Assumption, and Assignment Contracts, but Improvements Are Needed

The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General audited HUD’s rulemaking process for its single family note sales program. This is the second in a series of audits on the note sales program. The… more