| Text of Recommendation | We recommend that HUD's Deputy Assistant Secretary for Single Family Housing require the lenders to support that the borrower for FHA case number 451-1165810 was not reimbursed for the cost of labor or indemnify the loan with an estimated loss amount of $83,715, based on the loss severity rate of 50 percent of the unpaid principal balance of $167,429 as of January 29, 2015. |
|---|---|
| Recommendation Number | 2015-CH-0001-001-C |
| Recommendation Status | Open |
| Recommendation Questioned Costs | $83,715 |
| Recommendation Funds for Better Use | $0 |
| Submitting OIG | |
|---|---|
| Report Title | HUD Did Not Always Provide Adequate Oversight of Its Section 203(k) Rehabilitation Loan Mortgage Insurance Program |
| Report Submitting OIG-Specific Report Number | 2015-CH-0001 |
| Report Date Issued | Friday, July 31, 2015 |
| Report Questioned Costs | $0 |
| Report Funds for Better Use | $0 |