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VA and HUD Can Improve Service and Reduce Processing Costs in Insuring Home Mortgage Loans

AFMD-82-15 Published: Jun 11, 1982. Publicly Released: Jun 11, 1982.
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Highlights

GAO reviewed the underwriting activities used by the Veterans Administration (VA) and the Department of Housing and Urban Development (HUD) to grant and insure mortgage loans.

Recommendations

Recommendations for Executive Action

Agency Affected Recommendation Status
Veterans Administration The Administrator of Veterans Affairs should obtain participation from more lenders in its automatic lender procedure.
Closed – Implemented
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Department of Housing and Urban Development The Secretary of HUD should extend HUD-delegated processing authority nationwide and encourage qualified lenders to participate by eliminating the outreach requirement.
Closed – Implemented
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Department of Housing and Urban Development The Secretary of HUD should establish a system for assessing and reporting on the quality of lender performance.
Closed – Implemented
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Veterans Administration The Administrator of Veterans Affairs should extend coverage of its automatic lender procedures to include determination of property values based on appraisals by VA approved appraisers.
Closed – Not Implemented
VA disagrees with the recommendation to have property values determined by lenders.

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Topics

Cost controlMortgage programsMortgage protection insuranceProgram managementAppraisalsVeteransMortgage loansUnderwriting standardsHousingMortgages