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FGMSD-76-54 1 (1976-05-05)

handle is hein.gao/gaobaabit0001 and id is 1 raw text is: UNITZED ST;TS GEiWPL ACOOUYT1 Owi.2 ' ;-,-;-5-. : wAS HIs-oT ,, D.C. 2o~ DIVISION OF V1N&CI AN O {Aly GCrNCAL_ MANAG :MZN2T STUO14S B-114860 The Honorable The Secretary of Housing and Urban Development Dear Mrs. Hills: LM09826i This is an interim report on our eview of the Department of Housing and Urban Development's (HUD's) ac- 5lW ,y co5ut. 1-for billing and collecting FederJ Uoszit-, A-nira-tin FHA mortgage insurance premiums f-o, mor tgageesj The primary purpose of this repirt is to bring to your attention the need to take prompt and aggressive action to collect millions of dollars of delinquent mortgage premiums due from mortgagees, MILLIONS OF DDLLARS IN DELITNQUET ISSjPNCE PR-'.IUMS NOT COLLEPCTEP- HUD's acqounting records show that as of February 1, 1976, mortgagees were delinquent in paying mortgage insurance premiums amounting to over $20 million. FHA administers mortgage insurance programs under which lending institutions (mortgagees) are insured against loss in financing mortgages on housing. The homeowners (mort- gagors) pay the insurance premiums monthly to the mortgagees. HUD's Office of Finance and Accountiig procedures provide for annual billing of the mortgagees for premiums due on the mortgage anniversary dates. The proc-dures also require that mortgagees be notified of delinquent premiums if payment has not been received within 20 days after the due date. HUD officials said their policy is to send a letter to iortgagees after premiums are 60 days dalinquent stating that, if pay- ment is not received within 15 days, the case will be re- ferred to HUD's General Counsel for necessary action. HUD's accounting records show that as of Februpr. 1, 1976, about 6,400 mortgagees were delinquent in paying about 285,000 mortgage insurance premiums amountin to over $20 million. Of this amount, $8.7 million haa been delin- quent for 6 months or longer. Although HUD had not col- lected the premiums from the mortgagees, the insurance BEST DOCUMENT AVAILABLE

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