Provident Bank, Iselin, NJ, Needs To Improve Controls Over Its Servicing of FHA-Insured Mortgages and Loss Mitigation Efforts
We completed a review of Provident Bank’s servicing of Federal Housing Administration (FHA)-insured mortgages and its implementation of the U.S. Department of Housing and Urban Development’s (HUD) Loss Mitigation program. We selected Provident Bank based on an Office of Inspector General risk assessment of single-family lenders.
November 29, 2015
Mortgage Now, Inc., Shrewsbury, NJ, Did Not Always Comply With HUD's Underwriting and Quality Control Requirements
The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General audited Mortgage Now Inc., a Federal Housing Administration (FHA)-approved nonsupervised direct endorsement lender approved to originate, underwrite, and submit mortgages for insurance. We selected Mortgage Now based on its compare ratio of 223 percent for a 2-year FHA performance period.
September 28, 2012
Gloucester Township, NJ, Did Not Always Administer Its Community Development Block Grant Recovery Act Funds According to Applicable Requirements
We audited Gloucester Township, NJ's administration of its Community Development Block Grant funds that it received under the American Recovery and Reinvestment Act of 2009. We selected the Township for an audit because we received two complaints alleging that it misused stimulus funds and overpaid for services and because of our mandate to audit Recovery Act activities.
March 14, 2012
MLD Mortgage, Inc., Florham Park, NJ, Did Not Always Comply With HUD-FHA Loan Origination and Quality Control Requirements
We audited Mortgage Lending Direct, Inc. (MLD), a nonsupervised lender (see footnote -1)located in Florham Park, NJ, in support of the U.S. Department of Housing and Urban Development (HUD), Office of the Inspector General’s (OIG) goal of improving the integrity of the single-family insurance program.
February 05, 2012
Infinity Home Mortgage Company, Inc., Cherry Hill, NJ, Did Not Implement a Quality Control Plan in Accordance With HUD Requirements
We audited Infinity Home Mortgage Company, Inc. (Infinity Home Mortgage), a nonsupervised lender approved to originate Federal Housing Administration (FHA) single-family mortgage loans. We selected Infinity Home Mortgage because its default rate for the State of Pennsylvania was significantly higher than the average default rate for the State. Our objective was to determine whether Infinity Home Mortgage complied with U.S.
March 31, 2010
Ark Mortgage, Incorporated, North Brunswick, New Jersey, Did Not Always Comply with HUD/FHA Loan Origination Requirements
We completed an audit of Ark Mortgage, Incorporated (Ark Mortgage), a nonsupervised direct endorsement lender located in North Brunswick, New Jersey. The audit objectives were to determine whether Ark Mortgage officials (1) originated insured loans in accordance with U.S.
November 23, 2009
Jersey Mortgage Company, Cranford, New Jersey, Did Not Always Comply with HUD/FHA Loan Underwriting Requirements
We completed an audit of Jersey Mortgage Company (Jersey Mortgage), a nonsupervised lender located in Cranford, New Jersey. The audit objectives were to determine whether Jersey Mortgage (1) approved Federal Housing Administration (FHA)-insured loans in accordance with the requirements of the U.S.
October 09, 2009
The City of Camden, New Jersey, Did Not Always Administer Its Asset Control Area Program in Compliance with HUD Requirements
We audited the City of Camden's (City) asset control area (ACA) program following a request from the U.S. Department of Housing and Urban Development's (HUD) Office of Single Family Asset Management for a review of the City's compliance with its ACA agreement with HUD.
January 29, 2009
Mortgage Access Corporation, Morris Plains, New Jersey, Did Not Always Comply with HUD/FHA Loan Origination Requirements
We completed an audit of Mortgage Access Corporation, doing business as Weichert Financial Services, a nonsupervised lender located in Morris Plains, New Jersey. The audit objectives were to determine whether Mortgage Access Corporation (1) approved insured loans in accordance with U.S.
May 12, 2008