The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General audited Bank of America because it has released more than 47,000 Federal Housing Administration (FHA)-insured loans into the Distressed Asset Stabilization Program (DASP) note sales program. Since its inception, DASP has facilitated the sale of more than 108,000 FHA loans, which means that Bank of America accounts for nearly half of the entire program. This is the fourth in a series of audits on DASP. The first three audits (2017-KC-0006, 2017-KC-0010, and 2018-KC-0003) examined HUD and focused on the program’s requirements, processes, controls, and oversight. Our audit objective for this audit was to determine whether Bank of America properly followed all loss mitigation requirements for loans released into DASP.We found that Bank of America followed the loss mitigation requirements for all of the loans we reviewed. For those loans without a completed loss mitigation process, the main reasons loss mitigation was not performed related to a lack of homeowner participation or homeowner documentation.This report contains no recommendations.
| Report Date | Agency Reviewed / Investigated | Report Title | Type | Location | |
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| Department of Housing and Urban Development | Bank of America, Plano, TX, Followed the Loss Mitigation Requirements for All of the Loans Reviewed | Audit | Agency-Wide | View Report | |
| Department of the Treasury | Operation Inherent Resolve - Summary of Work Performed by the Department of the Treasury and Office of Inspector General Related to Terrorist Financing, ISIS, and Anti-Money Laundering for Second Quarter Fiscal Year 2019 | Other | Agency-Wide | View Report | |
| U.S. Agency for International Development | Closeout Compliance Examination of Saqqa & Khoudary Company Ltd for Subcontract Agreement Under Prime, The Morganti Group Inc., Task Order AID-294-TO-15-00008, Al Atatrah and Nuseirat Reservoirs and Pumping Facilities Project in West Bank and Gaza, Novemb | Other |
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| U.S. Agency for International Development | Costs Representation Statement Closeout Audit of World Learning, Task Order AID-294-TO-13-00008, Master's Scholarship Program (MSP) in West Bank and Gaza, January 1 to September 29, 2017 | Other |
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| Department of Energy | Audit Coverage of Cost Allowability for URS | CH2M Oak Ridge LLC During Fiscal Years 2014 through 2016 under Department of Energy Contract No. DE-SC0004645 | Inspection / Evaluation |
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View Report | |
| Department of Defense | Audit of Payments to the DoD for Medical Services Provided to Department of Veterans Affairs Beneficiaries at Selected Army Medical Centers | Audit | Agency-Wide | View Report | |
| Department of State | Audit of the Office of Nonproliferation and Disarmament Fund Financial and Contract Activities During FY 2016 and FY 2017 | Audit | Agency-Wide | View Report | |
| Environmental Protection Agency | Management Alert: Certain Toxic Release Inventory Data Disclosed to the Public Are Inaccurate | Audit | Agency-Wide | View Report | |
| U.S. Agency for International Development | Fund Accountability Statement Audit of USAID Resources Managed by Partner Mikrokreditna Fondacija Tuzla, Solar Energy as the Future of Sustainable Development Program in Bosnia and Herzegovina, Agreement AID-168-A-11-00005, for the Year Ended December 31, | Other |
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| U.S. Agency for International Development | Close-out Audit of Save a Child's Heart's Fund Accountability Statement for Funds Under Cooperative Agreement AID-294-13-00016, For the Period January 1, 2016 to September 15, 2016 | Other |
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View Report | |
