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We reviewed the general and application controls over the Federal Housing Administration’s subsidiary ledger as part of the internal control assessments required for the fiscal year 2014 financial statement audit under the Chief Financial Officer’s Act of 1990. Our objective was to review the effectiveness of general and application controls over the subsidiary ledger for compliance with the U.S.
We reviewed the general and application controls over the U.S.
We completed a review of First Niagara Bank’s servicing of Federal Housing Administration (FHA)-insured mortgages and its implementation of the U.S.
HUD OIG assisted in an investigation into alleged violations of Federal Housing Administration (FHA) regulations applicable to the direct endorsement program by Golden First Mortgage Corporation and its owner. Golden First is a former FHA-approved mortgage lender, with its principal place of business located in Great Neck, NY. Golden First participated in the direct endorsement program from 1989 until 2010. As a direct endorsement lender, Golden First had the authority to approve mortgage loans for FHA insurance. On April 4, 2013, and August 13, 2013,&nb
HUD OIG assisted the U.S.
We audited the U.S.
We audited the U.S.
The U.S. Department of Housing and Urban Development – Office of Inspector General audited HUD’s Federal Housing Administrations single family mortgage seven-loan limit. We initiated this review based on issues identified in an audit of the Wyoming Housing Opportunities Association in memorandum 2013-DE-1801. Our objective was to determine the impact of investor loan properties on the FHA fund. We found multiple instances of investors deferring maintenance on their investment property.
We audited Cornerstone Home Lending, formerly known as Cornerstone Mortgage Company. We selected Cornerstone based upon a high default rate at Cornerstone’s Branch 87 in 2007 through 2009. Our audit objectives were to determine whether Cornerstone (1) complied with HUD and Federal Housing Administration (FHA) regulations when originating and underwriting FHA-insured mortgages and (2) implemented a quality control plan that met requirements. During the review period, Cornerstone (1) did not comply with HUD and FHA requirements when underwriting 16 of 34 loans,
We conducted a civil fraud review of an alleged loan origination fraud scheme involving a loan officer that assisted a borrower to purchase a home under the U.S.
