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    Date Issued
    The Avesta Housing Management Corporation Did Not Properly Follow HUD Rules and Regulations
    We audited the Avesta Housing Management Corporation (Avesta), located in Portland, ME, in response to a request from the U.S. Department of Housing and Urban Development’s (HUD) Manchester, NH, Office of Housing field office. The request came after the completion of an Office of Inspector General (OIG) audit of the Orchard Court project. Avesta was the previous manager of Orchard Court and is the current manager of 30 other HUD projects.…
    September 03, 2010
    Report
    #2010-BO-1008
    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