Walter Pierluisi Isern, Eduardo Pierluisi Isern, and American Management and Administration Corporation Sentenced for Federal Program Theft in Excess of $3.7 Million
SAN JUAN, Puerto Rico –Today, United States District Court Judge Camille Vélez Rivé sentenced Walter Pierluisi Isern, Eduardo Pierluisi Isern, and American Management and Administration Corporation (AMAC). The defendants pleaded guilty in April to one count of Theft of Federal Program Funds in Read More
July 11, 2023
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Press Release
Nationstar Generally Did Not Meet HUD Requirements When Providing Loss Mitigation to Borrowers of Delinquent FHA-Insured Loans
Review the sampled loans for which borrowers did not receive appropriate loss mitigation options to ensure that the borrowers were remedied by Nationstar, if possible, and take administrative actions if appropriate.
Open Recommendation
Nationstar Generally Did Not Meet HUD Requirements When Providing Loss Mitigation to Borrowers of Delinquent FHA-Insured Loans
Implement controls and provide employee training to help prevent noncompliance in loss mitigation.
Open Recommendation
Nationstar Generally Did Not Meet HUD Requirements When Providing Loss Mitigation to Borrowers of Delinquent FHA-Insured Loans
Update and implement controls to the Nationstar internal system to ensure the correct application of COVID-19 partial claims.
Open Recommendation
Nationstar Generally Did Not Meet HUD Requirements When Providing Loss Mitigation to Borrowers of Delinquent FHA-Insured Loans
Identify loans with COVID-19 recovery partial claims that were affected by the improper application of partial claims funds and update the accounts.
Open Recommendation
Nationstar Generally Did Not Meet HUD Requirements When Providing Loss Mitigation to Borrowers of Delinquent FHA-Insured Loans
Identify FHA borrowers who received a non-HUD-approved loss mitigation option and ensure that the borrowers receive an updated approved HUD loss mitigation option.
Open Recommendation
Nationstar Generally Did Not Meet HUD Requirements When Providing Loss Mitigation to Borrowers of Delinquent FHA-Insured Loans
Update the servicing script to include information related to the HAF program, identify borrowers who may benefit from HAF, and conduct outreach to these borrowers.
Open Recommendation
Servicers Generally Did Not Meet HUD Requirements When Providing Loss Mitigation Assistance to Borrowers With Delinquent FHA-Insured Loans
Review the loans in our sample that did not receive appropriate loss mitigation options to ensure that the borrowers were remedied by the servicers, when possible, and take administrative actions if appropriate.
Open Recommendation
Servicers Generally Did Not Meet HUD Requirements When Providing Loss Mitigation Assistance to Borrowers With Delinquent FHA-Insured Loans
Engage with the servicers in our sample to determine reasons for noncompliance and develop a plan to mitigate it going forward.
Open Recommendation
Servicers Generally Did Not Meet HUD Requirements When Providing Loss Mitigation Assistance to Borrowers With Delinquent FHA-Insured Loans
Provide additional guidance and training to servicers to address common loss mitigation issues found during this audit.
Open Recommendation
Servicers Generally Did Not Meet HUD Requirements When Providing Loss Mitigation Assistance to Borrowers With Delinquent FHA-Insured Loans
Update HUD’s FHA FAQs to clarify current loss mitigation requirements and ensure that outdated guidance is removed.
Open Recommendation
Servicers Generally Did Not Meet HUD Requirements When Providing Loss Mitigation Assistance to Borrowers With Delinquent FHA-Insured Loans
Update the Save Your Home - Tips to Avoid Foreclosure brochure to include new loss mitigation options as they are introduced and require servicers to send this additional information to delinquent homeowners. This could be done as a redesign of the existing brochure or as addendums to the Read More
Open Recommendation
Servicers Generally Did Not Meet HUD Requirements When Providing Loss Mitigation Assistance to Borrowers With Delinquent FHA-Insured Loans
Design and implement a data-driven methodology to determine the appropriate mix of origination and servicing monitoring and desk reviews.
Open Recommendation
The Virgin Islands Housing Finance Authority's Administration of Its Non-Federal Match Program for Community Development Block Grant Disaster Recovery Funds Had Weaknesses
We recommend that the Deputy Assistant Secretary instruct the Virgin Islands Housing Finance Authority to develop and implement procedures, including financial controls, to enhance its tracking of payments made with CDBG-DR funds and payments made with FEMA funds to ensure that payments are not Read More
Open Recommendation
The Virgin Islands Housing Finance Authority's Administration of Its Non-Federal Match Program for Community Development Block Grant Disaster Recovery Funds Had Weaknesses
We recommend that the Deputy Assistant Secretary instruct the Virgin Islands Housing Finance Authority to enforce its subrecipient agreement requirement to submit monthly status reports.
Open Recommendation
The Virgin Islands Housing Finance Authority's Administration of Its Non-Federal Match Program for Community Development Block Grant Disaster Recovery Funds Had Weaknesses
We recommend that the Deputy Assistant Secretary instruct the Virgin Islands Housing Finance Authority to develop and implement procedures to ensure that all Match Program activities are monitored, and guidance is provided to its Match Program recipients.
Open Recommendation
The Virgin Islands Housing Finance Authority's Administration of Its Non-Federal Match Program for Community Development Block Grant Disaster Recovery Funds Had Weaknesses
We recommend that the Deputy Assistant Secretary instruct the Virgin Islands Housing Finance Authority to develop and implement detailed policies and procedures to guide staff in reporting performance outcomes in the QPR and on its disaster recovery website.
Open Recommendation
The Virgin Islands Housing Finance Authority's Administration of Its Non-Federal Match Program for Community Development Block Grant Disaster Recovery Funds Had Weaknesses
We recommend that the Deputy Assistant Secretary instruct the Virgin Islands Housing Finance Authority to revise its policies and procedures to include requirements to document its basis for activities’ meeting the national objective, including the rationale for the service area used and a list of Read More
Open Recommendation
The Virgin Islands Housing Finance Authority's Administration of Its Non-Federal Match Program for Community Development Block Grant Disaster Recovery Funds Had Weaknesses
We recommend that the Deputy Assistant Secretary instruct the Virgin Islands Housing Finance Authority to conduct training for Authority staff on the newly developed or revised policies and procedures
Open Recommendation
The Virgin Islands Housing Finance Authority's Administration of Its Non-Federal Match Program for Community Development Block Grant Disaster Recovery Funds Had Weaknesses
We recommend that the Deputy Assistant Secretary work with the Authority to assess the risk of potential improper payment for projects PW273 and PW100 and vouchers 576322, 583423, and 578761.
Open Recommendation