Key Considerations From Prior Audits of the Single Family Default Monitoring System and the Partial Claim Loss Mitigation Option
Audit · Department of Housing and Urban Development OIG · 2021-03-12 · about Department of Housing and Urban Development
Report
Title
Key Considerations From Prior Audits of the Single Family Default Monitoring System and the Partial Claim Loss Mitigation Option
Submitting OIG
Department of Housing and Urban Development OIG
Component agency
Department of Housing and Urban Development
Type
Audit
Publication date
2021-03-12
Summary
We prepared this memorandum to provide the Office of Housing at the U.S. Department of Housing and Urban Development (HUD) with key considerations from prior audits of the HUD Single Family Default Monitoring System (SFDMS) and the partial claim loss mitigation option. These audits identified HUD’s lack of effective controls to ensure that lenders reported default information accurately and in a timely manner, lenders promptly filed and reported partial claims, and partial claims fully reinstated delinquent loans.