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Access National Mortgage Corporation, Denver, CO, Did Not Follow HUD Requirements When Submitting Two of Its Loans for Endorsement

The U.S. Department of Housing and Urban Development’s (HUD) Office of Inspector General audited Access National Mortgage Corporation (Access National) to determine whether it complied with HUD regulations, procedures, and instructions in originating, underwriting, and submitting for endorsement the FHA-insured loans selected for review.

Access National generally complied with HUD regulations, procedures, and instructions in the origination and underwriting of 23 insured loans selected for review. However, it did not comply with U.S. Department of Housing and Urban Development (HUD) regulations, procedures, and instructions for two loans it submitted to HUD for insurance endorsement. It submitted the loans, totaling more than $410,000, for endorsement when the loan payments were not current.

We recommend that HUD require Access National to reimburse it for any future losses on the two loans that were incorrectly submitted. We also recommend that HUD ensure that Access National implements policies to ensure that loans are current when submitted to HUD for endorsement.