Transcription of FHA’s Single Family Housing Loan Quality …
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FHA’s Single Family Housing Loan Quality …
FHA Office of Single Family Housing June 15, 2015 FHA s Single Family Housing loan Quality assessment methodology (Defect Taxonomy) June 18, 2015 1 FHA s Single Family Housing loan Quality assessment methodology , June 18, 2015 1 FHA manages a variety of risks in operating its Single Family insurance Programs. FHA is committed to achieving the appropriate balance between managing these risks and achieving FHA s mission to meet the Housing needs of its targeted population. To that end, FHA has further refined its risk management processes. Background Risk Management Tools* Performing and Early Payment Default Reviews ( loan -Level) Lender Self Report Reviews ( loan -Level) Claim Reviews ( loan -Level) Lender Monitoring Reviews (Lender) Compare Ratio / Credit Watch & Lender Insurance Monitoring (Lender) Lender Annual Recertification (Lender) Consequences* Feedback to / discussion with lender Corrective action by lender Indemnification request / demand Increase in loans sampled Suspension or Withdrawal of LI privileges Referral to Mortgagee Review Board Monetary Penalties Indemnification Probation / Suspension / Withdrawal of FHA approval / Letter of reprimand Referra
FHA’s Single Family Housing Loan Quality Assessment Methodology, June 18, 2015 2 2 Purpose: Managing Compliance Risk As noted previously, FHA has a wide variety of resources and tools available to manage compliance risk and will exercise
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