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The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General audited LoanCare, LLC, Virginia Beach, VA regarding its post-foreclosure activities as a single family master subservicer for the Government National Mortgage Association (Ginnie Mae).  Our objective was to determine whether LoanCare conveyed foreclosed-upon properties held on behalf of Ginnie Mae, filed claims with FHA, and remitted the funds to Ginnie Mae on time.

LoanCare did not always (1) convey foreclosed-upon properties to FHA within 30 days of acquiring possession and title, (2) file the part B portion of its conveyance claim within 45 days of the date the deed was filed for record or within 15 days of the title approval letter date, and (3) remit FHA claim funds to Ginnie Mae within 2 business days.

We recommend that Ginnie Mae require LoanCare to repay any additional costs associated with the violations noted.