Summit Construction and Environmental Services, LLC, Richmond, VA Generally Complied With Requirements for Lead-Based Paint Evaluations
We audited Summit Construction and Environmental Services, LLC, because we received an anonymous complaint alleging that Summit Construction (1) did not perform lead-based paint evaluations in a timely manner, (2) did not produce adequate lead-based paint inspection reports in accordance with applicable requirements, and (3) showed favoritism toward certain contractors performing lead-paint inspections. Our objective was to determine…
September 25, 2019
Report
#2019-PH-1005
The Virginia Housing Development Authority, Richmond, VA, Did Not Always Accurately Report Its Servicing Actions in HUD’s Single Family Default Monitoring System
We audited the Virginia Housing Development Authority’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 Authority had the largest active portfolio and the largest number of delinquent loans for servicers located in Virginia as of October 31, 2014. Our objectives were to determine…
September 30, 2015
Report
#2015-PH-1007
LoanCare Did Not Always File Claims for Foreclosed-Upon Properties Held on Behalf of Ginnie Mae and Convey Them to FHA in a Timely Manner
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…
September 30, 2015
Report
#2015-KC-1012
Prospect Mortgage, LLC, Fairfax, VA, Generally Complied With HUD Requirements Regarding FHA-Insured Single-Family Loans
We audited the Fairfax, VA, branch office (branch office) of Prospect Mortgage, LLC (Prospect Mortgage), because it had one of the highest default rates for U.S. Department of Housing and Urban Development (HUD)-approved lenders for loans issued in the State of Maryland. Our objective was to determine whether Prospect Mortgage and its branch office complied with HUD regulations, procedures, and instructions in the origination and quality…
June 22, 2010
Report
#2010-PH-1010
J.P. Morgan Chase Bank, Newark, Delaware, Generally Complied with HUD's Origination and Quality Control Requirements for FHA-Insured Single-Family Loans
We audited the Newark, Delaware, branch office (branch office) of J.P. Morgan Chase bank (J.P. Morgan Chase), a supervised direct endorsement lender approved to originate Federal Housing Administration (FHA) single-family mortgage loans. We selected the branch office because its default rate was above the state’s average default rate. Our objective was to determine whether J.P. Morgan Chase complied with U.S. Department of Housing and Urban…
July 28, 2009
Report
#2009-PH-1010
Wells Fargo Home Mortgage, Newark, Delaware, Did Not Always Comply with HUD Requirements in the Origination of FHA-Insured Single-Family Loans
We audited the Newark, Delaware, branch office (branch office) of Wells Fargo Home Mortgage (Wells Fargo). The branch office is mainly responsible for underwriting loans for 22 Wells Fargo sales branch offices in Pennsylvania. We selected the branch office because of its relatively high default rate, compared with the average default rate for the state of Pennsylvania. Our objective was to determine whether the branch office complied with U.S.…
July 31, 2008
Report
#2008-PH-1011