Reports
Federal Student Aid's Processes for R2T4 Waivers Loan Cancellations and Pell Exclusions
The purpose of the audit is to determine whether Federal Student Aid has adequate processes (1) for students who withdrew because of the coronavirus pandemic, to waive the return of Title IV (R2T4) requirements, cancel Direct Loans received during the payment period, and exclude Pell Grants received during the payment period from Federal Pell lifetime usage; and (2) for schools to report the number and amounts of R2T4 waivers applied.
External COVID-19 Loss Mitigation
HUD OIG is conducting a review of a nationwide mortgage servicing company that provides servicing and origination for FHA loans. In the summer of 2021, FHA introduced new recovery loss mitigation options for borrowers exiting forbearance, which will provide a path to deep and sustained recovery for borrowers who were significantly impacted by the pandemic by reinstating their loans from a delinquent to current status. Our objective is to determine if the servicer provided all available options to borrowers with FHA insured loans to help them stay in their homes after the COVID-19 forbearance ended.
COVID-19 Loss Mitigation
HUD OIG is conducting an audit of COVID-19 loss mitigation. In the summer of 2021, FHA introduced new recovery loss mitigation options for borrowers exiting forbearance, which will provide a path to deep and sustained recovery for borrowers who were significantly impacted by the pandemic by reinstating their loans from a delinquent to current status. Our audit objective is to determine if delinquent borrowers of FHA-insured loans received all available options to stay in their homes after forbearance ended.
The Department’s Use of Pandemic Assistance Administration Funds
The objective of our review is to determine the Department’s progress on spending program administration funds authorized by coronavirus response and relief laws, including how those funds have been used to date and the Department’s plans for using remaining funds.