Audit Memorandum Report

INTRODUCTION We have completed a review of the Home Equity Conversion Mortgage (HECM) Program.. • Interviewed personnel within the and servicing mortgagees to gain an understanding of the  policies, quality controls, and servicing procedures.. • Performed a series of tests on our universe to: (1) ensure the borrower and/or co-borrower s Social Security Numbers (SSNs) were valid and issued to an individual 62 years of age or older (2) verify that the “date of birth” field in HUD systems represented individual borrowers 62 years of age or older and (3) verify the “street address” field in HUD systems to determine if any cases listed a “P.O.. 5 FINDING 2 (REPAIRS NOT DOCUMENTED OR COMPLETED IN A TIMELY MANNER) We determined that the lender did not complete form HUD-92051, Compliance Inspection Report, in 4 of the 54 case files we reviewed that had repair rider agreements (7.41 percent estimate of actual error) to document that repairs were finished in accordance with these agreements.. Before conducting comprehensive reviews of cases endorsed exclusively in the New England Regi