HUD Can Improve Oversight of Its Temporary Endorsement Policy for Loans in COVID-19 Forbearance
Audit · Department of Housing and Urban Development OIG · 2023-05-15 · about Department of Housing and Urban Development
Report
Title
HUD Can Improve Oversight of Its Temporary Endorsement Policy for Loans in COVID-19 Forbearance
Submitting OIG
Department of Housing and Urban Development OIG
Component agency
Department of Housing and Urban Development
Type
Audit
Publication date
2023-05-15
Summary
We audited the U.S. Department of Housing and Urban Development’s (HUD) temporary policy for endorsement of loans with COVID-19 forbearance activity because an analysis of data in HUD’s systems showed that there may have been loans that did not comply with the policy’s requirements. The policy was one aspect of HUD’s broader emergency response to COVID-19, which also included an eviction moratorium and loan forbearance for borrowers experiencing financial hardship.
Recommendations (1)
#
Status
Text
2023-NY-0002-001-D
Open
For any of the 3,024 loans found to be subject to the temporary policy or otherwise ineligible for insurance, require the lenders to execute indemnification agreements covering a period of at least 5 years or reimburse HUD for any claims to put up to…