We audited RMS & Associates’ Federal Housing Administration (FHA) loan origination because it was one of the top lenders that originated FHA-insured loans with downpayment assistance from the City of Las Vegas.  A previous U.S. Department of Housing and Urban Development, Office of Inspector General (HUD OIG), audit (Evergreen Home Loans, 2016-LA-1011) found that Evergreen originated FHA-insured loans in connection with the City of Las…

We audited SecurityNational Mortgage Company’s Federal Housing Administration (FHA) loan origination because it was among the top lenders that originated FHA-insured loans with downpayment assistance from the City of Las Vegas.  A previous U.S. Department of Housing and Urban Development, Office of Inspector General (HUD OIG), audit (Evergreen Home Loans, 2016-LA-1011) found that Evergreen originated FHA-insured loans in connection with…

We audited Venta Financial Group’s Federal Housing Administration (FHA) loan origination because it was one of the top lenders that originated FHA-insured loans with downpayment assistance from the City of Las Vegas.  A previous U.S. Department of Housing and Urban Development, Office of Inspector General (HUD OIG) audit (Evergreen Home Loans, 2016-LA-1011) found that Evergreen originated FHA-insured loans in connection with the City of…

The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General (OIG), assisted HUD’s Office of Program Enforcement in the civil investigation of American Midwest Mortgage Corporation.  American’s principal place of business is located in Cleveland, OH.  American became an FHA-approved direct endorsement lender on August 28, 1983.  The direct endorsement lender program authorizes private-sector mortgage…

We performed a survey of Evergreen Moneysource Mortgage Company, doing business as Evergreen Home Loans, regarding its Federal Housing Administration (FHA) loan origination process.  The review was part of our efforts to improve the integrity of single-family insurance programs.  We selected Evergreen’s Las Vegas branch because of its compare ratio.  Our audit objective was to determine whether Evergreen’s Las Vegas branch…

We audited the Federal Housing Administration (FHA)-insured loan process at All Western Mortgage’s Las Vegas, NV, home office as part of our efforts to improve the integrity of the single-family insurance programs. We selected All Western Mortgage because it is one of the top 10 originators in Nevada and the U.S. Department of Housing and Urban Development’s (HUD) Quality Assurance Division had not performed a review since 2005. The…

In conjunction with our external audit of Innotion Enterprises, Inc. (Audit Report #2012-LA-1010), we reviewed termite inspection passthrough costs that it submitted to the U.S. Department of Housing and Urban Development (HUD) for payment as part of its real estate-owned (REO) Management and Marketing III (M&M III) program field service manager contract. We selected Innotion’s Las Vegas, NV, branch based on the size and scope of its…

We audited the U.S. Department of Housing and Urban Development (HUD) real estate-owned (REO) Management and Marketing (M&M) III program at Innotion Enterprises, Inc., to determine whether Innotion performed property preservation and protection services according to contract requirements. The review was part of our efforts to improve the integrity of the single-family insurance programs. We selected Innotion’s Las Vegas, NV, branch based…

The U.S. Department of Housing and Urban Development, Office of Inspector General audited Nations Lending Corporation, a Federal Housing Administration (FHA)-approved nonsupervised direct endorsement lender approved to originate, underwrite, and submit mortgages for insurance under the U.S. Department of Housing and Urban Development’s (HUD) direct endorsement program. We selected Nations for audit based on our risk assessment of single-family…

As part of the Office of Inspector General’s (OIG) nationwide effort to review the foreclosure practices of the five largest Federal Housing Administration (FHA) servicers (Bank of America, Wells Fargo Bank, CitiMortgage, Ally Financial, Incorporated, and JPMorgan Chase Bank), we reviewed JPMorgan Chase Bank’s (Chase) foreclosure and claims processes. In addition to this memorandum, OIG issued separate memorandums for each of the other four…

We audited the Federal Housing Administration (FHA)-insured loan process at Universal American Mortgage Company (lender) to determine whether the lender complied with U.S. Department of Housing and Urban Development (HUD) regulations, procedures, and instructions in the origination and quality control review of FHA-insured loans. The review was part of our efforts to improve the integrity of the single-family insurance programs. We selected…

The U.S. Department of Housing and Urban Development (HUD) audited PNC Mortgage (PNC), a Federal Housing Administration (FHA)-approved nonsupervised lender and servicer. We selected PNC for audit based on a citizen’s complaint regarding National City Mortgage Corporation (National City). PNC acquired National City in December 2008. Therefore, the report will be addressed to the current entity. Our objective was to determine whether PNC…

The U.S. Department of Housing and Urban Development’s (HUD) Office of Inspector General performed an audit of Consumer Credit Counseling Services of the Midwest (Consumer Credit), an affiliate of the National Foundation for Credit Counseling, Inc. (National Foundation). We selected Consumer Credit based on a citizen’s complaint received by our office. Our objective was to determine whether Consumer Credit complied with HUD’s requirements for…

The U.S. Department of Housing and Urban Development’s (HUD) Office of Inspector General audited National Home Management Solutions (National Home), HUD’s management and marketing contractor for HUD real estate-owned properties in Ohio. We selected National Home based on a citizen’s complaint received by our office. Our objective was to determine whether National Home complied with HUD’s requirements regarding the sale of HUD single-family real…

The U.S. Department of Housing and Urban Development’s (HUD) Office of Inspector General performed an audit of Leader Financial Services (Leader), a Government National Mortgage Association (Ginnie Mae) issuer servicing Federal Housing Administration (FHA)-insured loans. We initiated the audit based on the 62 percent delinquency rate of Leader’s mortgage-servicing package purchased from Fidelity Home Mortgage Corporation (Fidelity). Our…

We completed a review of First Source Financial USA (First Source), a former nonsupervised loan correspondent approved to originate FHA-insured loans. The objective was to determine whether First Source originated FHA loans and had a quality control plan that complied with HUD rules and regulations. We reviewed 20 loans amounting to more than $2.5 million that were in claim status. Our review disclosed that First Source: (1) allowed…