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Report Fraud, Waste and Abuse
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    Date Issued
    Eustis Mortgage Did Not Always Operate Its FHA Program In Accordance With HUD Requirements
    We audited Eustis Mortgage Corporation, a Federal Housing Administration (FHA) direct endorsement lender located in New Orleans, LA. We selected Eustis Mortgage as a result of our regional risk analysis and the U.S. Department of Housing and Urban Development’s (HUD), Office of Inspector General’s (OIG) annual audit plan goal to review single-family programs and lenders. Our objective was to determine whether Eustis Mortgage (1) complied with…
    March 20, 2013
    Report
    #2013-FW-1002
    Ofori & Associates, PC, Hartford, CT, Did Not Always Comply With Its REO Contract and Marketing Plan Requirements
    We audited Ofori & Associates, PC, regarding its U.S. Department of Housing and Urban Development (HUD) real estate-owned (REO) Management and Marketing (M&M) III program. This review was part of the Office of Inspector General’s efforts to improve the integrity of the single-family insurance program. Our audit objective was to determine whether Ofori complied with case processing requirements and timeframes to obtain the highest net…
    February 17, 2013
    Report
    #2013-BO-1001
    Prysma Lending Group, LLC, Danbury, CT, Complied With HUD-FHA Loan Origination and Quality Control Requirements
    We audited Prysma Lending Group, LLC, a nonsupervised lender, located in Danbury, CT, in support of the U.S. Department of Housing and Urban Development (HUD), Office of Inspector General’s (OIG) goal of improving the integrity of the single-family insurance program. We selected Prysma for audit because its 3.28 percent default rate for Federal Housing Administration (FHA)-insured single-family loans with beginning amortization dates between…
    November 12, 2012
    Memorandum
    #2013-BO-1801
    Webster Bank, Cheshire, CT, Did Not Properly Underwrite a selection of FHA Loans
    We conducted a review of Federal Housing Administration (FHA) loans underwritten by Webster Bank (Webster), an FHA direct endorsement lender. This review was conducted as part of our “Operation Watchdog” initiative to review the underwriting of 15 direct endorsement lenders at the suggestion of the FHA Commissioner. The Commissioner expressed concern regarding the increasing claim rates against the FHA insurance fund for failed loans. The…
    August 31, 2010
    Memorandum
    #2010-NY-1805
    Countrywide Bank, Milford and Madison, Connecticut, Did Not Comply with Certain HUD Requirements in Administering Its Federal Housing Administration Insured Loan Programs
    We audited the Milford, Connecticut, branch office of Countrywide Bank, FSB (Countrywide), which is a supervised national bank approved by the U.S. Department of Housing and Urban Development (HUD) to originate, underwrite, and service Federal Housing Administration (FHA) single-family insured loans. We selected the Milford, Connecticut, branch office largely based on a lender risk analysis, which showed that the loans it originated had a…
    July 23, 2008
    Report
    #2008-BO-1007