Federal Housing Administration: Monitoring of Single Family Mortgages Needs Improvement
GENERAL ACCOUNTING OFFICE WASHINGTON DC RESOURCES COMMUNITY AND ECONOMIC DEVELOPMENT DIV
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Through a review of agency materials and discussions with FHA officials, we identified 25 2 headquarters and 23 field office monitoring activities, or procedures, which contained monitoring and corrective actions. FHA uses the procedures in its review of the mortgage credit, valuation, and loan management areas of the Section 203b insurance program. In fiscal year 1988, Los Angeles did not fully comply with 9 of its 22 applicable monitoring action requirements and 5 of 15 applicable corrective action requirements, Tampa did not fully comply with 8 of the 22 applicable monitoring action requirements and 8 of the 16 applicable corrective action requirements. In addition, we could not determine compliance with 4 monitoring action requirements and up to 10 corrective action requirements in Los Angeles and Tampa because either they had not been documented of FHAs guidance was not sufficiently specified to determine when corrective actions should have been taken. We determined compliance with the 9 remaining monitoring action requirements bot no applicable corrective actions in Los Angeles and 10 monitoring and 3 corrective actions in Tampa. FHA headquarters complied with the two applicable procedures that we reviewed.
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