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Report Fraud, Waste and Abuse
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    Date Issued
    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 18, 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 13, 2012
    Memorandum
    #2013-BO-1801
    Semper Home Loans, Inc., Providence, RI, Needs To Improve Its Quality Control Process for Loan Origination and Updating of Mortgage Records
    We audited Semper Home Loans, Inc. (Semper), a Federal Housing Administration (FHA) lender approved to underwrite and close mortgage loans without prior FHA review or approval. We selected Semper because its early payment default rate was higher than the default rate in the local area in which it does business. Our audit objectives were to determine (1) whether Semper acted in a prudent manner and complied with U.S. Department of Housing and…
    March 01, 2011
    Report
    #2011-BO-1005
    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…
    September 01, 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 higher…
    July 24, 2008
    Report
    #2008-BO-1007