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We audited the Pennsylvania Housing Finance Agency’s implementation of the U.S. Department of Housing and Urban Development’s (HUD) Loss Mitigation program for loans insured by the Federal Housing Administration (FHA).  We conducted the audit because the Agency had the largest active portfolio and the largest number of delinquent loans for servicers located in Pennsylvania as of October 2014.  Our objectives were to determine whether the Agency (1) properly implemented HUD’s Loss Mitigation program, (2) properly initiated foreclosures without using loss mitigation, (3) complied with HUD reporting requirements, and (4) developed and implemented its quality control program in accordance with HUD requirements.  The Agency properly implemented HUD’s Loss Mitigation program and initiated foreclosures without using loss mitigation for the FHA-insured loans reviewed.  It also complied with HUD reporting requirements and developed and implemented a quality control plan in accordance with HUD requirements.  Therefore, this report contains no recommendations.