Towne Mortgage Company, Troy, MI, Generally Implemented Its Loss Mitigation Program in Accordance With HUD’s Requirements
We audited Towne Mortgage Company, a Federal Housing Administration (FHA) nonsupervised lender, as part of the activities in our fiscal year 2018 annual audit plan. We selected Towne Mortgage based on our analysis of risk factors for single-family servicing lenders in Region 5’s jurisdiction. Our audit objective was to determine whether Towne Mortgage properly implemented its Loss Mitigation program for FHA-insured loans in acco
September 18, 2018
Member First Mortgage, LLC, Grand Rapids, MI, Generally Implemented Its Loss Mitigation and Quality Control Programs in Accordance With HUD’s Requirements
We audited Member First Mortgage, Limited Liability Company, a Federal Housing Administration (FHA) nonsupervised servicer as part of the activities in our fiscal year 2015 annual audit plan. We selected Member First based upon our analysis of risk factors for single-family servicing lenders in Region 5’s jurisdiction. Our audit objectives were to determine whether (1) Member First complied with the U.S.
September 10, 2015
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.
March 01, 2011
Michaelson, Connor, and Boul, Southfield, MI, Did Not Provide Adequate Oversight of Closings on the Sales of HUD Real Estate-Owned Homes
The U.S. Department of Housing and Urban Development’s (HUD) Office of Inspector General (OIG) audited Michaelson, Connor, and Boul, Incorporated (MCB), a management and marketing contractor for HUD real estate-owned properties in Michigan. We selected MCB based on the results of our audit of Custom Closing, a HUD-designated closing agent for the State of Michigan (see OIG audit report #2009-CH-1021, issued September 2009).
September 15, 2010
Custom Closing Services, Incorporated, Farmington Hills, Michigan, Did Not Always Comply with Its Contract When Closing Sales of HUD Real Estate-Owned Properties
The U.S. Department of Housing and Urban Development's (HUD) Office of Inspector General performed an audit of Custom Closing Services, Incorporated (Custom), a contractor closing sales of HUD real estate-owned properties in the state of Michigan. The audit was conducted based on a complaint to our hotline alleging that Custom caused significant delays in the closing of HUD homes in Michigan.
September 30, 2009