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    Date Issued
    Weststar Mortgage Corporation, Albuquerque, NM, Did Not Comply With HUD FHA Single Family Requirements for 10 Loans Reviewed
    We audited Weststar Mortgage Corporation, a Federal Housing Administration (FHA) nonsupervised direct endorsement lender located in Albuquerque, NM. We selected Weststar for review based on a risk assessment of lenders in New Mexico. Our objective was to determine whether Weststar complied with U. S. Department of Housing and Urban Development (HUD) and FHA loan origination requirements for loans on which the borrowers defaulted and FHA paid…
    August 02, 2012
    Report
    #2012-FW-1012
    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