Health Concepts Ltd’s., Providence, RI Service Charges at FHA-Insured Nursing Homes Did Not Always Comply With Management Agreements.
We audited Health Concepts Ltd., a management agent that administers six Federal Housing Administration (FHA)-insured nursing homes. We conducted this audit based on our review of the Pine Grove Health Center. The review found that Pine Grove’s owners paid salaries for onsite staff that were covered under the management agreement and charged for services that should have been included in the management fee. Our objectives for this
April 21, 2017
Staffing Costs and Charges at Pine Grove Health Center, Pascoag, RI, Did Not Always Comply With Regulatory Requirements and Management Agreements
We audited the Federal Housing Administration-insured Burrillville Nursing Home, Incorporated, doing business as Pine Grove Health Center, based on a U.S.
January 23, 2017
The Owner and Former Management Agent for Baldwin Creek Apartments, Fort Wayne, IN, Did Not Always Operate the Project in Accordance With HUD’s Requirements and the Regulatory Agreement
We audited Baldwin Creek Apartments as part of the activities in our fiscal year 2016 annual audit plan. We selected the project based on our analysis of risk factors related to multifamily projects in Region 5’s jurisdiction1. Our objective was to determine whether the project’s owner and management agents operated the project in accordance with the U.S.
September 30, 2016
First Source Bank, South Bend, IN, Did Not Always Properly Implement Its Loss Mitigation and Quality Control Programs in Accordance With HUD Requirements
We audited First Source Bank, a Federal Housing Administration (FHA) supervised lender located in South Bend, IN. We selected First Source based on our analysis of risk factors of single-family loan servicers in Region 5’s jurisdiction4. Our audit objectives were to determine whether First Source (1) consistently and appropriately applied loss mitigation options for eligible borrowers, (2) accurately reported the default and 90-da
September 11, 2015
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.
August 02, 2012
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) mortgage servicers (Bank of America, Wells Fargo Bank, CitiMortgage, JP Morgan Chase, and Ally Financial, Incorporated) we reviewed Wells Fargo’s foreclosure and claims processes.
March 12, 2012
Wells Fargo Home Mortgage, Fort Mill, SC, Did Not Always Approve FHA-HAMP Loans or Trial Plans in Accordance With Rules and Regulations
We performed a limited review of Wells Fargo Home Mortgage (Wells Fargo) as a result of our internal audit of the Federal Housing Administration’s (FHA) Home Affordable Modification Program (HAMP). During the audit, we visited Wells Fargo and reviewed a limited number of loans to determine whether the National Servicing Center implemented and operated FHA-HAMP in accordance with rules and regulations.
June 07, 2011
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
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.
August 03, 2010