The Department of Housing and Urban Development (HUD) recently acknowledged that its processes could be improved. The acknowledgement was made after the Office of Inspector General released a review of HUD’s oversight of the CARES Act forbearance program.
The CARES Act forbearance program aims to provide relief to homeowners whose mortgages have been impacted by the COVID-19 pandemic. The OIG review suggested the program had numerous shortcomings, such as issuing payments without ensuring the servicer applied the payments correctly. Despite the review, HUD stated that the OIG may not have taken into account the unprecedented circumstances caused by the pandemic.
Main Points:
• The Department of Housing and Urban Development acknowledged its processes could be improved after a review by the Office of Inspector General
• The review suggested the CARES Act forbearance program, which provides relief to homeowners affected by the pandemic, had multiple shortcomings
• HUD said the OIG did not take into account the unprecedented circumstances due to the pandemic when conducting the review
You can read this full article at: https://www.housingwire.com/articles/hud-watchdog-oversight-of-temporary-covid-19-forbearances-is-lacking/(subscription required)
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