James B. Nutter Did Not Meet HUD’s or Its Own Quality Control Requirements Regarding the Number of Loans to Review | Office of Inspector General, Department of Housing and Urban Development

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September 03, 2008

Housing

2008-KC-1005

ig0871005.pdf

The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General, reviewed James B. Nutter and Company's (J.B. Nutter) quality control program. Our objective was to determine whether J.B. Nutter followed HUD's quality control requirements for home equity conversion mortgages insured by the Federal Housing Administration (FHA).

We concluded that for six months in 2007 and 2008, J.B. Nutter did not meet HUD's or its own quality control requirements regarding the number of loans to review. We recommended that HUD ensure that J.B. Nutter follows HUD requirements regarding the minimum number of endorsed loans to be reviewed for quality control purposes.