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Single-Family Housing: HUD's Risk-Based Oversight of Appraisers Could Be Enhanced

Description: A letter report issued by the Government Accountability Office with an abstract that begins "Incomplete or inaccurate appraisals resulting in property overvaluations may expose the Department of Housing and Urban Development's (HUD) Single-Family Mortgage Insurance programs--which insured about 3.7million single-family mortgage loans with a total value of about $425 billion in fiscal years 2001 through 2003--to greater financial risks. In 1999, GAO reported on the need for improvements in HUD's oversight of appraisers, which has historically been a challenge for the department. Also, in the past, GAO reported that, due in part to poor oversight of appraisers, HUD's Single-Family Mortgage Insurance programs remained a high-risk area. GAO conducted this review as a follow up to the 1999 report. This report examines (1) how HUD ensures that appraisers it approves are qualified to perform FHA appraisals, (2) the extent to which HUD employs a risk-based monitoring approach, and (3) HUD's efforts to take enforcement action against noncompliant appraisers."
Date: November 5, 2004
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Single-Family Housing: Progress Made, but Opportunities Exist to Improve HUD's Oversight of FHA Lenders

Description: A letter report issued by the Government Accountability Office with an abstract that begins "Every year, the Department of Housing and Urban Development (HUD), through its Federal Housing Administration (FHA), insures billions of dollars in home mortgage loans made by private lenders. Oversight of lenders has historically been a challenge for HUD. In January 2003, GAO reported that, due in part to poor lender oversight, HUD's single-family mortgage insurance programs remained a high-risk area. This report examines (1) how well HUD follows its guidance when granting lenders direct endorsement authority (the ability to underwrite loans and determine their eligibility for FHA mortgage insurance without HUD's prior review), (2) the extent to which HUD uses a risk-based approach when monitoring FHA lenders, and (3) the extent to which HUD holds accountable lenders that it identifies as not complying with its performance requirements."
Date: November 12, 2004
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Single-Family Housing: Weaknesses in HUD's Oversight of the FHA Appraisal Process

Description: A letter report issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO reviewed the Federal Housing Administration's (FHA) appraisal process, focusing on: (1) how well the Department of Housing and Urban Development (HUD) is monitoring the performance of the appraisers on its roster and implementing procedures for addressing consumers' complaints about FHA appraisals; (2) the extent to which HUD is holding appraisers accountable for poor-quality FHA appraisals; (3) the extent to which HUD is holding lenders responsible for the quality of the FHA appraisals they use; and (4) how HUD ensures that appraisers on its roster are qualified to perform FHA appraisals."
Date: April 16, 1999
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Single-Family Housing: Stronger Measures Needed to Encourage Better Performance by Management and Marketing Contractors

Description: Testimony issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO discussed the Department of Housing and Urban Development's (HUD) single family housing program, focusing on the implementation of its management and marketing contracts."
Date: May 16, 2000
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Single-Family Housing: Opportunities to Improve Federal Foreclosure and Property Sale Processes

Description: A letter report issued by the General Accounting Office with an abstract that begins "Federal programs in the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), and the Rural Housing Service (RHS) promote mortgage financing for low-income, first-time, minority, veteran, and rural home buyers. Congress has also chartered private corporations--Fannie Mae and Freddie Mac--to provide mortgage lending and to promote homeownership opportunities. Many homeowners fall behind in their mortgage payments each year due to unemployment, health problems, or the death of a provider. To avoid high cost foreclosure proceedings when home buyers fall behind on their obligations, FHA, VA, and RHS instruct mortgage servicers, typically large financial institutions, to assist the home buyers in bringing their mortgage payments current. Despite these efforts, in 118,000 cases in 2000 the mortgage servicers engaged in various foreclosure proceedings under the direction of the organizations. FHA procedures delay the initiation of critical steps necessary to preserve the value of foreclosed properties and to sell them quickly. Although Fannie Mae, Freddie Mac, VA, and RHS designate one entity as responsible for the custody, maintenance, and sale of foreclosed properties, FHA divides these responsibilities between its mortgage servicers and management and marketing contractors, which operate largely independently of one another. Determining the organizations' comparative performance in selling foreclosed properties is difficult because FHA and RHS do not collect all of the data necessary for comparison. However, on the basis of available data, it takes nearly 90 days longer to acquire and sell FHA foreclosed properties than VA properties, and about 130 to 145 days longer to acquire and sell FHA properties than RHS, Fannie Mae, and Freddie Mac properties."
Date: April 17, 2002
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Single-Family Housing: Current Information Systems Do Not Fully Support the Business Processes at HUD's Homeownership Centers

Description: A letter report issued by the General Accounting Office with an abstract that begins "The Federal Housing Administration's (FHA) homeownership centers use more than 20 different information systems implemented by the Department of Housing and Urban Development (HUD) headquarters, including seven major systems, databases developed by the centers, and various different telephone systems. Some of these technologies were implemented before FHA formed the centers and transferred some responsibilities to lenders and contractors. Others were implemented later, to help FHA staff oversee lenders and contractors and provide customer service. Although homeownership center staff have developed specialized databases to help them better meet their responsibilities, neither FHA's single-family information systems nor its telephone systems adequately support the centers' efforts. To better ensure that FHA's single-family information systems support current center operations, HUD is developing a systems blueprint, or enterprise architecture. HUD's Office of the Chief Information Officer plans to finish defining the current capabilities of FHA's information systems by the fall of 2001 and to have partially defined the desired capabilities of all the Department's information systems by January 2002."
Date: October 24, 2001
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Single-Family Housing: Cost, Benefit, and Compliance Issues Raise Questions about HUD's Discount Sales Program

Description: A letter report issued by the General Accounting Office with an abstract that begins "In 2001, the Department of Housing and Urban Development's (HUD) Inspector General reported on serious problems in HUD's Discount Sales Program, under which nonprofit organizations purchase HUD-owned properties at a discount, rehabilitate them, and resell them to low- and moderate-income homebuyers. The objectives of the program are to expand affordable housing opportunities, help revitalize neighborhoods, and reduce HUD's property inventory in a timely, efficient, and cost-effective manner. Although the Inspector General recommended that the agency suspend the program and evaluate its viability, HUD did neither. GAO was asked to assess (1) the costs of the program to HUD, (2) the benefits of the program to homebuyers, and (3) HUD's efforts to monitor participating nonprofits and enforce program requirements."
Date: January 30, 2004
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Single-Family Housing: Better Strategic Human Capital Management Needed at HUD's Homeownership Centers

Description: A letter report issued by the General Accounting Office with an abstract that begins "The Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), insures billions of dollars in home mortgage loans made by private lenders. HUD's 2020 Management Reform Plan, issued in 1997, sought to downsize and reform the agency, including its single-family mortgage insurance program. As part of its 2020 plan, HUD consolidated the single-family program's field activities at four new regional homeownership centers and specified resources for the centers. Although HUD has substantially streamlined FHA's single-family mortgage insurance programs, human capital issues remain a concern. This report reviews HUD's implementation of the homeownership center concept under the 2020 plan, focusing on (1) the deployment of center staff, (2) the training provided to the center staff, and (3) the centers' monitoring of contractors. GAO found that nearly half of the centers' staff remain in 71 field offices across the country, even though HUD envisioned that only a third of the staff would stay in the field offices. The deployment of staff across the centers is not consistent with their workload, and, as a result, the centers are having trouble supervising and making effective use of staff. GAO also found that HUD has not developed a standardized training curriculum for center staff. The centers have had difficulty using their training funds effectively because HUD provided them late in the fiscal year and then pulled back some funds before they could be used. Finally, increased responsibilities and staff shortage have caused the centers to expand their use of contractors. However, the centers' ability to monitor contractors has not kept pace with their growing reliance on them."
Date: July 26, 2001
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Single-Family Housing: Stronger Measures Needed to Encourage Better Performance by Management and Marketing Contractors

Description: A letter report issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO provided information on the Department of Housing and Urban Development's (HUD) management and marketing contracts of single-family housing, focusing on HUD's: (1) experience with the contractors who manage and market these properties; and (2) progress in reducing its single-family property inventory."
Date: May 12, 2000
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Single-Family Housing: Stronger Oversight of FHA Lenders Could Reduce HUD's Insurance Risk

Description: A letter report issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO provided information on the Department of Housing and Urban Development's (HUD) oversight of lenders participating in its Federal Housing Administration's (FHA) mortgage insurance programs for single-family homes, focusing on: (1) how HUD ensures that lenders granted direct endorsement authority by FHA are qualified to receive such authority; (2) the extent to which HUD focuses on high-risk lenders in monitoring the lenders participating in FHA's mortgage insurance programs; and (3) the extent to which HUD holding lenders are accountable for poor performance."
Date: April 28, 2000
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Single-Family Housing: Stronger Oversight of FHA Lenders Could Reduce HUD's Insurance Risk

Description: Testimony issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO discussed the Department of Housing and Urban Development's (HUD) oversight of Federal Housing Administration (FHA) lenders."
Date: June 29, 2000
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department