In accordance with our audit plan we audited the U.S. Department of Housing and Urban Development’s (HUD) Philadelphia, PA, Homeownership Center’s quality assurance procedures for monitoring originations of Federal Housing Administration (FHA) single-family mortgage loans. Our audit objective was to determine whether the Homeownership Center properly monitored single-family loan originations in its jurisdiction by implementing quality assurance procedures for single-family mortgage loan originations in compliance with HUD requirements. We found that the Homeownership Center generally monitored loan originations in its jurisdiction in compliance with HUD requirements. It met or exceeded its lender review target goals for each performance period within the audit period. It also properly reviewed loan originations for compliance with HUD requirements regarding borrowers’ cash assets used to meet the minimum required investment, employment and income records, liabilities, and credit characteristics.
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