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Report Fraud, Waste and Abuse
  • Recommendation Number: 2018-CH-1005-001-B
  • Status: Closed
  • Date Issued: September 18, 2018
Closed Date:
September 25, 2019

Provide verification to HUD that it has taken the appropriate action to correct its delinquent or default status code reporting for the borrowers affected as a result of its system change.

Publication Report

2018-CH-1005 | September 18, 2018

Towne Mortgage Company, Troy, MI, Generally Implemented Its Loss Mitigation Program in Accordance With HUD’s Requirements

We audited Towne Mortgage Company, a Federal Housing Administration (FHA) nonsupervised lender, as part of the activities in our fiscal year 2018 annual audit plan.  We selected Towne Mortgage based on our analysis of risk factors for single-family… more

Related Recommendations

Housing

  •  
    Status
      Open
      Closed
    2018-CH-1005-001-A
    Closed on September 25, 2019

    Implement adequate procedures and controls to ensure that borrowers’ delinquent and default information is accurately reported.

  •  
    Status
      Open
      Closed
    2018-CH-1005-001-C
    Closed on September 25, 2019

    Ensure that staff responsible for making entries into its servicing system is properly trained and understands HUD’s reporting requirements.