Federal Housing Administration: Monitoring of Single Family Mortgages Needs Improvement
RCED-91-11
Published: Feb 07, 1991. Publicly Released: Feb 07, 1991.
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Highlights
GAO reviewed the Federal Housing Administration's (FHA) Section 203(b) mortgage insurance program for single family homes, focusing on how FHA field offices monitored the processing and approval of program participant applications.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Department of Housing and Urban Development | In order to improve implementation of the Section 203(b) monitoring system and to provide the information necessary to determine if appropriate monitoring and corrective actions have been taken, the Secretary of Housing and Urban Development (HUD) should direct the Assistant Secretary for Housing--Federal Housing Commissioner, to develop a concise, easily updated list of the procedures for the Section 203(b) program's monitoring operation, indexed to more detailed guidance documents. |
Closed – Implemented
A summary of monitoring procedures was signed and distributed to HUD field offices on August 5, 1992.
|
| Department of Housing and Urban Development | In order to improve implementation of the Section 203(b) monitoring system and to provide the information necessary to determine if appropriate monitoring and corrective actions have been taken, the Secretary of Housing and Urban Development should direct the Assistant Secretary for Housing--Federal Housing Commissioner, to require documentation of the performance and results of all monitoring and corrective actions. |
Closed – Implemented
The summary of monitoring procedures distributed to HUD field offices on August 5, 1992 contained documentation requirements for each procedure.
|
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Topics
Banking regulationFederal aid for housingHousing programsInternal controlsLending institutionsMonitoringMortgage loansMortgage programsMortgage protection insuranceNoncompliance