FHA Single Family Housing Policy Handbook 4000.1, V. QUALITY CONTROL, OVERSIGHT, AND COMPLIANCE > B. Quality Control of Other Participants > 1. Direct Endorsement Underwriter (03/14/2016) — b. Quality Control Plan Findings and Corrective Action
HUD effective date: 09/30/2016 · section V.B.3 · Handbook 4000.1
FHA Single Family Housing Policy Handbook 4000.1, Part V — 3. Real Estate Brokers (09/30/2016).
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Verbatim provisions from FHA Single Family Housing Policy Handbook 4000.1, V. QUALITY CONTROL, OVERSIGHT, AND COMPLIANCE > B. Quality Control of Other Participants > 1. Direct Endorsement Underwriter (03/14/2016) — b. Quality Control Plan Findings and Corrective Action — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
FHA Single Family Housing Policy Handbook 4000.1, Part V
b. Quality Control Plan Findings and Corrective Action (03/14/2016) i. Records of Quality Control Findings The nonprofit must maintain records of QC Findings and actions taken, periodic reports, and review procedures. Reports must identify areas of deficiency, including the agency’s policies and procedures, errors and omissions, and unacceptable patterns or trends. All violations of law or regulation, any known false statement, or fraud or program abuse must be reported to FHA, the Office of Inspector General (OIG), and the appropriate federal, state or local law enforcement agency. ii. Corrective Action The nonprofit must maintain a copy of the corrective actions taken when Findings are discovered. Findings that result in changes to managerial staff or expose any deviance to previously approved processes must be brought to the attention of FHA upon discovery. c. Fraud, Misrepresentation, and Other Findings (03/14/2016) i. Standard The nonprofit must take prompt, effective, and corrective measures to investigate and document suspected instances of fraud, misrepresentation, and other related Findings. ii. Internal Reporting to Senior Management The nonprofit’s QC Plan must contain a process for its QC staff to promptly report and document Findings delivered to senior management. Nonprofit staff must report Findings to senior management no more than 15 business days from the date of discovery. iii. External Reporting to FHA The nonprofit’s senior management must contact the FHA Resource Center at answers@hud.gov to submit QC Findings. FHA will review the Findings and determine the appropriate course of action.
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Source of record: https://claudeforcompliance.com/regs/hud-4000-1-v-3-real-estate-brokers/
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