Mortgage loans (1 - 10 of 37 items)
Mandate on Department of Housing and Urban Development's Alternative Credit Pilot Program
GAO-10-876R: Published: Jul 30, 2010. Publicly Released: Jul 30, 2010.
When potential borrowers apply for a mortgage loan, lenders typically use borrowers' credit scores--which are based on their credit payment histories, debt, length of credit history, new credit accounts or requests, and types of credit used--to help determine their creditworthiness. However, some borrowers have limited or no credit histories, and lenders are unable to determine their creditworthin...
Mortgage Financing: HUD Could Realize Additional Benefits from Its Mortgage Scorecard
GAO-06-435: Published: Apr 13, 2006. Publicly Released: May 15, 2006.
Along with private mortgage providers, the Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) has been impacted by technological advances that began in the mid-1990s and that have significantly affected the way the mortgage industry works. As a result, in 2004, FHA implemented Technology Open to Approved Lenders (TOTAL) Scorecard--an automated tool that evalua...
Federal Housing Administration: Managing Risks from a New Zero Down Payment Product
GAO-05-857T: Published: Jun 30, 2005. Publicly Released: Jun 30, 2005.
To assist Congress in considering legislation to authorize the Secretary of the Department of Housing and Urban Development (HUD) to carry out a pilot program to insure zero down payment mortgages, this testimony provides information about practices mortgage institutions use in designing and implementing low and no down payment products. It also contains information about how these practices could...
Mortgage Financing: Actions Needed to Help FHA Manage Risks from New Mortgage Loan Products
GAO-05-194: Published: Feb 11, 2005. Publicly Released: Mar 14, 2005.
The U.S. 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. FHA insures low down payment loans and a number of parties have made proposals to either eliminate or otherwise change FHA's borrower contribution requirements. GAO was asked to (1) identify the key characteristics...
Single-Family Housing: Progress Made, but Opportunities Exist to Improve HUD's Oversight of FHA Lenders
GAO-05-13: Published: Nov 12, 2004. Publicly Released: Nov 12, 2004.
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...
Home Inspections: Many Buyers Benefit from Inspections, but Mandating Their Use Is Questionable
GAO-04-462: Published: Apr 30, 2004. Publicly Released: Jun 1, 2004.
In the 1990s, the Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) dealt with a series of instances where buyers had not been notified of serious problems revealed by their appraisals. This led to several reforms, some of which allegedly may have caused some buyers to forgo home inspections, confusing that service with appraisals. Advocates of mandating home...
Multifamily Housing: Improvements Needed in HUD's Oversight of Lenders That Underwrite FHA-Insured Loans
GAO-02-680: Published: Jul 19, 2002. Publicly Released: Aug 1, 2002.
Each year, the Federal Housing Administration (FHA) insures billions of dollars in multifamily housing mortgage loans to help construct, rehabilitate, purchase, and refinance apartments and health care facilities. However, the Department of Housing and Urban Development (HUD) lacks assurances that the lenders approved for the Multifamily Accelerated Processing (MAP) program always meet all of HUD'...
Single-Family Housing: Stronger Oversight of FHA Lenders Could Reduce HUD's Insurance Risk
RCED-00-112: Published: Apr 28, 2000. Publicly Released: Jun 26, 2000.
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...
Multifamily Housing: Impact of Loan Sales on Tenants and Properties Varies by Property
RCED-00-31: Published: Jan 20, 2000. Publicly Released: Jan 20, 2000.
Pursuant to a congressional request, GAO provided information on the impact of loan sales on tenants and properties, focusing on: (1) the impact on tenants as project-based assistance contracts expire; and (2) the steps that the Department of Housing and Urban Development (HUD) has taken to ensure that mortgage purchasers honor the tenant protections.GAO noted that: (1) at the partially assisted p...
Homeownership: Problems Persist With HUD's 203(k) Home Rehabilitation Loan Program
RCED-99-124: Published: Jun 14, 1999. Publicly Released: Jul 1, 1999.
Pursuant to a congressional request, GAO reviewed the Department of Housing and Urban Development's (HUD) management of its 203(k) Home Rehabilitation Mortgage Insurance program, focusing on: (1) the risk the 203(k) program poses to the Federal Housing Administration's (FHA) insurance fund relative to the 203(b) program; (2) HUD's efforts to correct program deficiencies identified by HUD's Inspect...