JPMorgan Chase Complied with the Market Rate Requirement for FHA Home Affordable Modification Program Stand-Alone Partial Claims | Office of Inspector General, Department of Housing and Urban Development

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September 15, 2017

Housing

2017-AT-1012

2017-AT-1012.pdf

We audited JPMorgan Chase’s (Chase) Federal Housing Administration Home Affordable Modification Program (FHA-HAMP) stand-alone partial claims. We selected Chase for review based on our analysis of risk factors of loan servicers that filed FHA-HAMP stand-alone partial claims and in accordance with our annual audit plan. Our audit objective was to determine whether Chase complied with the FHA-HAMP stand-alone partial claim market rate requirement set by the U.S. Department of Housing and Urban Development (HUD).

Chase complied with the FHA-HAMP stand-alone partial claim market rate requirement set by HUD. Specifically, for all 14 FHA-HAMP stand-alone partial claim cases reviewed, Chase ensured that the borrower’s mortgage interest rate was at or below the market mortgage interest rate as required.