Financial Risk and Accountability | Office of Inspector General, Department of Housing and Urban Development

HUD Did Not Have Adequate Controls To Ensure That Partial Claim Notes for FHA Loans Were Properly Tracked for Future Collection

We audited the U.S.

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HUD Did Not Always Identify and Collect Partial Claims Out of Surplus Proceeds From Nonconveyance Foreclosures

The U.S.

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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.[1] Our audit objective was to determine whether Towne Mortgage properly implemented its Loss Mitigation program for FHA-insured loans in accordance with the U.S.

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HUD’s DASP Note Sales Generally Resulted in Lower Loss Rates Than Conveyance Claims

The U.S.

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Final Civil Action: Deloitte & Touché, LLP, Settled Allegations That It Failed To Conduct Taylor, Bean & Whitaker Mortgage Corporation’s Audits in Conformance With Generally Accepted Auditing Standards

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On February 28, 2018, Deloitte entered into a settlement agreement with the Federal Government, agreeing to pay $149.5 million, of which $115 million was restitution. Deloitte settled allegations for alleged conduct in connection with its role as the independent outside auditor of TBW for TBW’s fiscal years that ended April 30, 2002, through April 30, 2008. The settlement agreement was neither an admission of liability by Deloitte nor a concession by the United States that its claims were not well founded.