Carl I. Brown Mortgage, Downers Grove, IL

Published by the Department of Housing and Urban Development, Office of Inspector General on 1995-10-05.

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

October 5, 1995

MEMORANDUM FOR: Beverly Bishop, Director of Housing,
       Illinois State Office

FROM: Dale L. Chouteau, District Inspector General for
   Audit, Midwest

SUBJECT: Carl I. Brown Mortgage
    Single Family Mortgage Insurance Program
    Downers Grove, Illinois

We have completed a survey of Carl I. Brown Mortgage's branch office,
located in Downers Grove, Illinois. The objective of the survey was to
evaluate Carl I. Brown Mortgage's internal controls relating to the
origination of HUD/FHA insured loans from its Downers Grove office. The
survey did not include a review of Carl I. Brown's headquarters office in
Kansas City, Missouri, or any of the firm's other branch offices.

Carl I. Brown Mortgage is a direct endorsement mortgagee. It originates
and services HUD insured loans in 46 states. It also services loans
purchased from other mortgage companies. It does not have any
Section 221 or 235 loans in its portfolio.

The scope of our survey included interviews with staff from HUD's Office
of Housing - Single Family Production Branch, HUD's Office of Lender
Activities and Land Sales Registration - Monitoring Division, and Carl I.
Brown Mortgage. We also reviewed HUD's case files and Carl I. Brown's
loan origination records. The survey covered the period from July 1,
1993 to June 30, 1995.

Based upon our survey results, we found no basis for a detailed audit.

If you have any questions, please contact me at (312) 353-7832.