oversight

Department of Housing and Urban Development: Loan Origination and Foreclosed Property Management Processes

Published by the Government Accountability Office on 1999-11-19.

Below is a raw (and likely hideous) rendition of the original report. (PDF)

;cGAO    Accountability   * Integrity * Reliability

United States General Accounting Office                                            Accounting and Information
Washington, DC 20548                                                                     Management Division



           B-284041


           November 19, 1999

           The Honorable Stephen Horn
           Chairman, Subcommittee on Government Management,
             Information and Technology
           Committee on Government Reform
           House of Representatives

           The Honorable Christopher Bond
           Chairman, Subcommittee on Veterans Affairs,
             HUD and Independent Agencies
           Committee on Appropriations
           United States Senate

           Subject: Departmentof Housing and Urban Development: Loan Originationand
                    ForeclosedPropertyManagementProcesses

          This letter summarizes the information provided during October 14, 1999, and
          October 18, 1999, briefings to your offices. You had asked us to determine (1) the
          extent to which the Department of Housing and Urban Development (HUD) had
          established adequate loan origination procedures and consistently applied them to
          determine whether loan applicants comply with the program's statutory, regulatory,
          and eligibility requirements and have any outstanding delinquent federal debt and (2)
          whether HUD's Management and Marketing (M&M) contractors were adequately
          documenting the actions taken to preserve, protect, and maintain HUD's foreclosed
          properties.

          As agreed, we examined HUD's single-family insured loans, principally Section 203
          (b) loans. Today, private sector lenders participating in HUD's Direct Endorsement
          lending program' process nearly all the new loans originated under this program.
          HUD requires these lenders to screen loan applicants for outstanding delinquent
          federal debt as called for by the Debt Collection Improvement Act of 1996 (DCIA).
          Once a loan is approved, these lenders typically service the loan, including making
          collection efforts in the event the loan becomes delinquent. When collection efforts
          fail, however, the lenders generally foreclose on the loan, file an insurance claim with


          'Under HUD's Direct Endorsement lending program, approved lenders are responsible for all aspects
          of the loan origination and approval process, including making eligibility determinations.


                           GAO/AIMD-00-41R HUD's Loan Origination and Foreclosed Property Management Processes
B-284041

HUD, and then convey the property to HUD. HUD then assigns the foreclosed
properties to its M&M contractors to manage and market.

The enclosed briefing slides highlight the results of our work and the information we
provided during the briefings.

Results in Brief

In our loan origination work, we found that HUD had established adequate policies
and procedures for its Direct Endorsement (DE) lenders to follow when making loan
eligibility determinations, including procedures to screen loan applicants for
outstanding delinquent federal debt. Based upon our evaluation of a nationwide
statistical sample of loans originated during the first 6 months of fiscal year 1999, we
also found that the loan files prepared by the DE lenders to obtain HUD's insurance
endorsement consistently contained all the documentation required by HUD to
support their eligibility determinations 2 In addition, we found that the DE lenders
consistently used both the Credit Alert Interactive Voice Response System (CA-VRS)
as well as private sector credit reports to determine whether loan applicants had any
outstanding delinquent federal debts.

For programs like HUD's Direct Endorsement program, where lenders initiate and
approve transactions that are guaranteed by the federal government, effective
oversight controls must be in place. HUD has a lender oversight program in place.
However, in fiscal years 1997 and 1998, auditors of HUD's consolidated financial
statements identified and reported weaknesses in this program and made
recommendations to HUD to improve its lender oversight. One cited weakness was
HUD's failure to timely follow up on the results of its post-endorsement reviews that
identified risky underwriting practices. HUD officials told us that they have taken
actions they believe will address the auditor's concerns. These actions will be
evaluated as part of the fiscal year 1999 financial statement audit.

In our work on HUD's foreclosed properties, we found that beginning in March 1999,
HUD entered into M&M contracts with private sector firms to manage and market its
inventory of foreclosed properties. A key requirement of the M&M contracts is that
firms take appropriate actions to preserve, maintain, and protect HUD's properties
until the properties are sold. The contracts further require the M&M contractors to
maintain individual property files that contain evidence of the preservation,
maintenance, and protection of the properties.

We found that the M&M property files we examined lacked adequate documentary
evidence that the M&M contractors were fulfilling their contractual obligation to
HUD to preserve, maintain, and protect HUD's properties. For example, several files

2We did not go to lender locations to review lender files or reperform the lenders' loan undermriting
procedures.

3CAIVRS is an automated database maintained by HUD that identifies individuals who have delinquent
federal debts.


Page 2    GAO/AIMD-00-41R HUD's Loan Origination and Foreclosed Property Management Processes
B-284041

did not contain the date the property was assigned to the M&M contractor making it
nearly impossible for us to determine whether the contractors were performing
required tasks, such as property inspections, within the time frames specified in their
contracts. Also, documentation of the resolution of issues identified during property
inspections was lacking. Our findings were supported by the findings of HUD's
national file review contractor who reviewed more than 4,000 property files a month
in July and August 1999.

To HUD's credit, we found that HUD's established oversight process, which includes
examining the M&M contractor property files and other tools, identified these M&M
contractor documentation issues in a timely manner. Further, the department has
communicated these identified deficiencies to its M&M contractors, required some
contractors to prepare written recovery plans specifying how identified problems will
be addressed, and recently terminated its largest M&M contractor due in part to its
failure to maintain adequate property files.

ScoDe and Methodology

To fulfill our objective regarding HUD's loan origination processes, we obtained and
reviewed applicable HUD policies and procedures, interviewed HUD officials
responsible for HUD's insurance and underwriting operations, and reviewed the
results of HUD's most recent financial statement audits. We also selected and
evaluated a nationwide statistical sample of 99 loans originated during the first 6
months of fiscal year 1999 to determine if lenders followed HUD's requirements for
documenting loan eligibility determinations, including evidence that loan applicants
were screened for delinquent federal debts. We did not reperform the lenders' loan
underwriting procedures.

To fulfill our objective regarding HUD's M&M contractors, we reviewed the
requirements of the M&M contracts as well as HUD's policies for monitoring the
performance of its M&M contractors. We interviewed officials in HUD's Single
Family Asset Management Division and met with HUD's national file review
contractor to obtain (1) an understanding of the process used to select and review
the M&M property files each month and (2) the results of the contractor's July and
August 1999 property file reviews. We compared the results of these reviews to the
initial results we obtained in evaluating a separate statistical sample of foreclosed
properties. We ultimately terminated our review of this sample because of the
documentation deficiencies that we and HUD's national fie review contractor found.
We did not visit any of HUD's foreclosed properties nor did we assess the actions
HUD or the M&M contractors have taken to address the identified deficiencies.

We are currently performing other work on HUD's single-family property disposition
program that will provide additional information about HUD's oversight of its M&M
contractors and the actions HUD and its M&M contractors have taken as a result of
the oversight findings. We anticipate completion of this work next year.

We conducted our work from April 1999 through October 1999 in accordance with
generally accepted government auditing standards. We requested comments on our

Page 3   GAO/AIMD-00-41R HUD's Loan Origination and Foreclosed Property Management Processes
B-284041

draft briefing slides from HUD officials, who generally agreed with the infonmation in
the slides. We incorporated their comments as appropriate.



We are sending copies of this letter to the Honorable Jim Turner and the Honorable
Barbara A. Mikulski, Ranking Minority Members of your Committees; the Honorable
Andrew Cuomo, Secretary of Housing and Urban Development; the Honorable
Jacob J. Lew, Director of the Office of Management and Budget; and other interested
parties. Copies will also be made available to others upon request.

If you have any questions about this letter or the earlier briefings, please contact me
at (202) 512-9508 or Shirley Abel, Assistant Director, at (202) 512-9516. A key
contributor to this assignment was Phillip McIntyre.




Linda M. Calbom
Director, Resources, Community,
  and Economic Development, Accounting
  and Financial Management Issues

Enclosure




(913874)

Page 4     GAO/AIMD-00-41R HUD's Loan Origination and Foreclosed Property Management Processes
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