MULTIFAMILY HOUSING: Improvements Needed in HUD's Oversight of Lenders That Underwrite FHA-Insured Loans

Abstract

FHA insures several billion dollars in mortgages for multifamily housing properties each year. Given the size of this financial commitment and the MAP (Multifamily Accelerated Processing) program's delegation of significant loan underwriting responsibilities to lenders, it is important that HUD have sufficient controls to mitigate the program's financial risks. Although HUD has established processes and procedures for this purpose, it has not always consistently or effectively implemented them. Weaknesses in HUD's lender approval and monitoring efforts, in particular, underscore the need for improvements in its oversight of MAP lenders.

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Document Details

Document Type
Technical Report
Publication Date
Jul 01, 2002
Accession Number
ADA404131

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  • Stanley J. Czerwinski

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  • United States Government Accountability Office

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