About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

RCED-84-119 1 (1984-03-05)

handle is hein.gao/gaobabnhg0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE Ae WASHINGTON, D.C. 20548 March 5, 1984 RESOURCES. COMMUNrnV. AND ECONOMIC DEVELOPMENT DIVISION B-214393 4 j-,,- ON The Honorable Mary Rose Oakar House of Representatives Dear Ms. Oakar: Subject: Excessive Assumption Fees Charged on Federal Home Loan Mortgage Corporation Mortgages , (RCED-84-119) On August 25, 1983, you!requested an investigation into the fees, points, and other charges levied by lenders on mortgages sold to the Federal Home Loan Mortgage Corporation that are assumed when the mortgaged ptoperties are sold Or transferred to a new borrower., Specifically, you asked that we , determine the per- vasiveness of overcharges, the reasons why corporation auditors did not uncover excessive fees charged by lenders, the feasibility of establishing a flat fee or some regulation of the assumption fee, and the adequacy of corporation oversight and enforcement policies regarding overcharges by savings and loan associations. In several meetings and telephone conversations with your office, we discussed the Corporation's --establishment of a hot line for complaints on over- charges, --inquiry process for investigating complaints and ensuring that appropriate refunds are made, --revisions to its audit procedures requiring seller/ servicers (lenders who sell mortgages to and then service mortgages for the Corporation) to include steps to analyze such fees when routine audits are made, and --efforts to formulate a new policy on assumption fees. During these discussions, we advised your office that based on our discussions with the Corporation's Director, Loan Servicing; Vice President, Congressional and Governmental Relations; and Northeast Regional Office Loan Servicing Director; our review of corporation procedures and related correspondence; and the results of the Corporation actions discussed earlier, we believe the Corporation is giving the assumption fee problem top priority and that its inquiry procedures appear to be working. (388187)

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most