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Report Fraud, Waste and Abuse
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    Date Issued
    First Source Bank, South Bend, IN, Did Not Always Properly Implement Its Loss Mitigation and Quality Control Programs in Accordance With HUD Requirements
    We audited First Source Bank, a Federal Housing Administration (FHA) supervised lender located in South Bend, IN.  We selected First Source based on our analysis of risk factors of single-family loan servicers in Region 5’s jurisdiction4.   Our audit objectives were to determine whether First Source (1) consistently and appropriately applied loss mitigation options for eligible borrowers, (2) accurately reported the default and…
    September 11, 2015
    Report
    #2015-CH-1006
    New England Regional Mortgage Corporation, Salem, NH, Generally Complied With HUD Requirements for Loan Origination but Did Not Properly Underwrite One Loan
    We audited New England Regional Mortgage Corporation (Corporation), a Federal Housing Administration (FHA) lender approved to underwrite and close mortgage loans without prior FHA review or approval. We selected the Corporation because its early payment default rate for insured single-family loans originated between January 1, 2008, and December 31, 2009, was significantly higher than the default rate in the local area in which it does business…
    August 03, 2010
    Report
    #2010-BO-1007