The acting head of the U.S. Department of Housing and Urban Development (HUD) Office of the Inspector General (OIG) has issued an updated memorandum of open priority recommendations that aim to increase the department’s efficiency and address key management challenges.

The memo, issued this week by Stephen M. Begg — who is serving as the acting inspector general of the department — said that the recommendations “will have the most significant impact on increasing efficiency in HUD programs” and will assist in efforts to reduce “fraud and wasteful spending.”

The memo explains that 24 recommendations from prior years remain open, while seven new ones have been added.

Resolving these 31 recommendations in particular would impact the department’s ability to mitigate waste and fraud, could positively impact the living conditions for those residing in HUD-assisted housing, and would also improve HUD’s ongoing technology modernization efforts.

Fraud, counterparty risk

At the top of the memo’s list is mitigating fraud risk. A chief recommendation is for HUD to “perform a complete fraud risk assessment of all programs and use the results to develop and implement an agency-wide plan to mitigate those risks. … Doing so will help HUD manage fraud risk proactively and better prevent fraud rather than chase it.”

Improper payments to the department’s largest grant programs also need to be addressed, the memo said.

“The OIG has identified that, for 7 consecutive years, HUD has been unable to accurately estimate the amount of potential improper and unknown payments in its PIH Tenant-Based Rental Assistance (TBRA) program and the Multifamily Housing Project-Based Rental Assistance (PBRA) program,” the memo explained.

“These are the two largest program expenditures in HUD’s portfolio, representing approximately 62% of HUD’s total expenditures, and are the two programs most at risk of making improper payments.”

The last year that the department reported a compliant estimate for these programs was 2016, when payments to them totaled $30.7 billion. Of that amount, $1.7 billion was made improperly, HUD estimated at the time.

The OIG also recommended that whistleblower protections are bolstered, since those working as contractors, subcontractors, grantees and subgrantees “play a critical role in identifying fraud, waste, and abuse in HUD programs.”

Mitigating counterparty risks should also be a priority for the department, the OIG said, due to the importance of the Federal Housing Administration (FHA)’s mortgage insurance programs.

“[FHA] relies on mortgage lenders and servicers, or counterparties, to provide loans to eligible borrowers and to service properties in accordance with HUD’s requirements,” the memo said.

“OIG recommended in 2014, 2018, and 2019 that FHA enhance several internal controls to better prevent ineligible borrowers with delinquent federal debt from obtaining HUD-insured mortgage loans.”

This would help keep “billions of dollars in mortgage loan balances out of FHA’s insurance fund and reduce the risk that losses on the loans impact taxpayers.”

Health and safety, technology

The department also continues to face “significant challenges” in promoting health and safety practices within HUD-assisted rental housing, the OIG said.

“From 2020 to 2023, the OIG made eight health and safety priority recommendations that HUD has not yet addressed,” including those that “urge HUD to take steps to reduce tenants’ exposure to lead hazards in assisted housing,” the memo explained.

The OIG recommends that HUD require property owners to document their compliance with lead control practices; implement a lower “intervention threshold” when lead is detected in a child’s blood; implement an action plan for oversight of lead in multifamily properties; and “address potential causes of variances” in reporting of lead poisoning at public housing authorities (PHAs).

IT modernization and improved procurement practices are also listed as open recommendations of priority.

The OIG has consistently recommended that the department take action to improve its information security infrastructure “to better protect sensitive HUD systems and data, including requiring the use of multifactor authentication, blocking unauthorized software and operating systems from executing on HUD’s network, and improving HUD’s compliance with cybersecurity and supply chain risk management program requirements.”

An additional technology recommendation this year centers on protection of sensitive, private data in HUD’s IT systems. This is something that the OIG has sounded the alarm about several times in past years.

St Albans Stud homestead is coming on the market. Picture: Alison Wynd

A historic Geelong mansion that played a big part in one of the most famous Melbourne Cup stories of all time is being prepared to hit the market.

St Albans Stud has a direct link to 10 Melbourne Cup winners and another 13 through breeding lines, according to the Australian Racing Museum, but the eastern Geelong property’s role in Phar Lap’s 1930 victory is probably its most famous.

Legend goes that Phar Lap trainer Harry Telford quietly asked then-owners whether he could hide the famous horse in secret at St Albans Stud after an apparent shooting attempt on Derby Day.

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That year ‘Big Red’ had won his first Cox Plate and was looking unbeatable for the first Tuesday in November.

But at Caulfield on the Saturday before the race, the champion thoroughbred was returning to the stables after trackwork when he was apparently shot at from a nearby vehicle.

Whether it was connections to notorious gangster Squizzy Taylor or bookies who stood to lose big time when the short-priced favourite won, or whether there was even a gun has been subject of much debate, but there is no doubting St Albans Stud’s early pedigree.

A copy of a photo of Phar Lap, surrounded by guards, at St Albans Stud in November 1930.

The grand veranda is one of the home’s most striking features.

The mansion designed by Melbourne architect James T Conlan and built in 1873 for prominent horse trainer James Wilson and plays a big role in the suburb to this day, from the original gatehouse intact on Wilsons Rd, nearby streets named after Melbourne Cup winners, and several significant trees dotted around the area.

Numerous horses, including Melbourne Cup winner Carbine, were buried on the old farm, leading to a VCAT heritage ruling in 2024 surrounding a landmark tree that marked a gravesite potentially affected by a subdivision proposal in a nearby neighbourhood.

Geelong businessman Dean Montgomery has owned the 30-room brick mansion since 2010.

Whitford, Newtown agent Peter Fort, who is preparing to list the mansion for sale, said it’s a special home which the owners had maintained and improved.

This Homestead Drive historic property is coming on the market. Picture: Alison Wynd

An interior photo shows the grandeur of St Albans Homestead from when it was last sold.

“It’s just one of those unique properties, the vendor hasn’t changed it dramatically, the footprint or anything like that. He really is a true custodian to those period-style homes,” Mr Fort said.

“What he has done is countless amount of maintenance works carried out on the property, on the stalls themselves, as well the stable area and the gardens being improved dramatically.

“It’s got a good pedigree and a historical significance, but the house is beautiful. It really is. I mean, if you like period homes, you’re going to love this one.”

The home is laced with period details, from the elaborate cast iron veranda, to stained glass windows honouring celebrated horses, it’s a rare jewel.

Although not set, the property is expected to hit the market with price hopes circa $7m-$7.5m.

The post Geelong mansion linked to racing legend to be offered for sale appeared first on realestate.com.au.

Home purchase and refinance activity hasn’t exactly been brisk in the opening months of 2025 as prospective borrowers contend with a variety of headwinds. But mortgage origination volumes among the country’s largest lenders are mostly up in the past year.

Inside Mortgage Finance (IMF) data for the first quarter of 2025 was released this week. The numbers show little movement in the composition of the top 10 originators, but there is significant volatility in sales volumes on both a quarterly and yearly basis.

United Wholesale Mortgage (UWM) remains in the top spot on the leaderboard, having originated $31.4 billion in loans during Q1 2025. That figure was up 14.7% year over year. The Michigan-based lender has made a number of technology investments in the past year and has looked to spark its broker partners through a series of incentives.

Among the top 10 companies on IMF’s list, eight saw higher origination volume in Q1 2025 compared to Q1 2024. The lone exceptions were Detroit-based Rocket Mortgage, which saw volume drop 4.1%, and New Jersey-based Freedom Mortgage Corp., where volume was down 12.8%.

IMF ranks the nation’s 50 largest lenders. These companies combined to originate $355 billion in volume from January through March, up 10.9% year over year.

Correspondent-focused Pennymac is the second-largest lender in the country with $28.6 billion in volume during the first three months of the year, up 32.8% year over year. The California-based company reported a lower quarterly profit of $76 million from January to March, but CEO David Spector said Pennymac is “uniquely positioned” to capitalize on its servicing book when mortgage rates drop.

Rocket remained in third place, where it was a year ago, posting $18.2 billion in sales. But the Varun Krishna-led Rocket appears poised for growth after its recent headline-grabbing acquisitions of Mr. Cooper and Redfin.

Newrez ranked No. 4 with $12.1 billion in originations from January through March — up 11.8% from the same period in 2024. Its parent company, Rithm Capital, released its earnings report on Friday, with Newrez profits shrinking from $316 million in Q4 2024 to $147 million in Q1 2025. Rithm is also aiming for expansion, having recently raised $230 million to acquire a company in financial services or real estate.

Fifth place in the IMF rankings for Q1 2025 went to correspondent heavy-hitter AmeriHome Mortgage, which grew its originations by 24.6% over the past year to finish with $12 billion in volume.

Even big banks — which have been less active in the mortgage space in recent years — are seeing growth in their home lending businesses. JPMorgan Chase landed at No. 6 with $11.2 billion in volume in Q1 2025, an increase of 47.5% from a year ago. CEO Jamie Dimon recently told investors that an expected deregulatory posture under the Trump administration could lower lending costs and spark borrower activity.

The other top 10 lenders for the first quarter included Freedom Mortgage ($10.3 billion), CrossCountry Mortgage ($8.6 billion), Mr. Cooper ($8.3 billion) and Rate ($8.2 billion).

The largest lenders haven’t changed much in the past year, with one notable exception.

Mr. Cooper is now the ninth-largest lender, having grown its volume from $2.9 billion in Q1 2024 — an eye-popping increase of 189% that’s tied to its purchases of Flagstar Bank’s third-party origination and servicing businesses.

While volumes are up in the past year, there were notable quarterly declines that are indicative of seasonal housing market patterns. Aggregate volume for the 50 largest lenders was down nearly 23% compared to the fourth quarter. Freedom Mortgage (-51.9%) and Rocket Mortgage (-31.2%) saw the sharpest quarterly declines among the top 10 lenders.

Reverse mortgage professionals are preparing to travel to Irvine, California, for the industry’s first event of the year, hosted by the National Reverse Mortgage Lenders Association (NRMLA).

The association’s Western Regional Meeting is a one-day affair on Tuesday, April 29, that will aim to offer attendees a closer look at the current dynamics of the industry — including some discussion about the fluctuating nature of federal policy.

But it will also largely be a forward-thinking affair as some high-profile guests are set to offer actionable insights for industry participants, according to NRMLA President Steve Irwin.

One-day format

“For a one-day regional meeting, we’re very pleased,” Irwin said in an interview with HousingWire’s Reverse Mortgage Daily (RMD). “We’re looking at just about 150 registrants from 75 different companies across the country.

“Just as important is the strong interest in these regional events — as well as our annual ones — from loan officers, compliance personnel, senior vice presidents, EVPs and even C-suite participants.”

Irwin said that the one-day format for the regional meetings helps to keep the momentum of the event elevated while also keeping concerns of cost-conscious attendees in mind.

“What we’re very aware of is the time commitment involved in traveling to these events, and we’ve found that attendees really appreciate shortening the time they need to be away,” he said. “Structuring it this way also helps us keep costs down for attendees.”

While it’s possible the association will have another regional event beyond the previously announced Annual Meeting and Expo in October in Minneapolis, nothing has yet been determined. But members will be notified once plans are finalized, Irwin said.

Policy discussions, LO perspectives

As far as this event goes, the nature of the Home Equity Conversion Mortgage (HECM) program under the Federal Housing Administration (FHA) brings up natural curiosity about what NRMLA is focused on regarding policy, he explained.

“There’s a lot of question and concern from members about what’s happening at the federal level — both with the [Department of Housing and Urban Development (HUD)] and with legislative priorities coming out of Capitol Hill,” Irwin said. “We expect those to be central themes among attendees as they head to Irvine.”

But NRMLA’s board will also aim to look even further ahead by engaging members on-site about the potential dynamics of the industry beyond that scope.

“I’m most looking forward to a more future-looking discussion,” Irwin explained. “Our board co-chairs will kick things off with a conversation about how the association can be more nimble in the coming years and how we can continue to represent the reverse mortgage industry effectively.”

This will include an interactive conversation with a panel of reverse mortgage LOs on the dais and in attendance. All of them are expected to share stories about what has and hasn’t worked in their businesses — and ways to navigate emerging concerns from their clients.

“It’s critically important that every one of our events includes loan officer perspectives — how they can best hone skills, share experiences, and talk about perceptions in the marketplace and acceptance of home equity monetization as a finance tool,” Irwin said.

Expanded guest pool, proprietary products

Irwin is also excited about a broader field of guests that will be participating, including Dr. Richard Green, a real estate economist and director of the University of Southern California (USC) Lusk Center for Real Estate.

Green will deliver a lunchtime keynote speech on home equity extraction and the financing of long-term care.

“His work is incredibly relevant — not just to our industry, but to a broader national and global conversation as we deal with aging populations,” Irwin said.

Also on the schedule is Bill Gross, a real estate broker with eXp Realty who will speak about business strategies.

“He doesn’t appear at a lot of events, but he’s in tune with the reverse mortgage ecosystem, impressed by its participants and supportive of the concept of monetizing home equity,” Irwin said of his Gross. “He’ll speak about sales development and strategy, which I’m really looking forward to.”

There will also be a session dedicated to proprietary reverse mortgages featuring representatives from companies like Finance of America (FOA), Longbridge Financial and Smartfi Home Loans. With recent accelerations in proprietary product news, it’s expected to be a big topic of conversation.

“We know there are gaps in the FHA-insured product,” Irwin said. “Proprietary products address those — whether it’s condominium lending, higher home values or younger borrower ages. It’s just necessary that we continue to examine, discuss and include the growing landscape of proprietary products.”

RMD will be in attendance at NRMLA West in Irvine. Be sure to say hello!

The Georgian-inspired house in Main Ridge is nestled on a 2.83ha block.

Business power couple Jinah and Christian Johnston have listed their sprawling Mornington Peninsula estate for a $8.2m-$9m sale.

Ms Johnston is a business improvement manager at cosmetics giant Mecca.

She previously worked for The Just Group which owns clothing chains including Just Jeans, Jay Jays, Portmans, Dotti and Peter Alexander Sleepwear.

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Mr Johnston served as chair of investment bank and financial services firm Goldman Sachs Australia and New Zealand from 2020 to 2023, following 14 years as the company’s head of banking.

He’s now an advisory director to the business, a Melbourne Cricket Club Committee vice president and a member of the Australian Takeovers Panel, a federal government authority.

The Johnstons are selling their Georgian-inspired house in Main Ridge featuring a pool and cabana, tennis court and orchard.

The pool is surrounded by greenery.

Timber floors, a large dining area and kitchen with an island bench inside the home.

The separate studio is another new addition to the house, built within the past 18 months.

Kay & Burton executive director Tom Barr Smith declined to comment on the five-bedroom home’s owner but public documents show that it is held in Ms Johnston’s name.

Mr Barr Smith said the 2.83ha property had been extensively renovated in addition to offering privacy and a low-maintenance, landscaped outdoor area.

“I love the garden, as you’re driving in you get beautiful deciduous trees and the swimming pool,” he said.

A separate studio that was built in the last 18 months would serve as the ideal work from home spot, he added.

The Georgian-inspired facade includes a portico entrance.

The abode is close to wineries, beaches, parks and golf courses.

A fireplace keeps one of the living areas cosy.

The two-storey house has an open-plan living space with an open fireplace, kitchen centred around an island bench and French doors.

Other highlights include a main bedroom suite with a double-vanity ensuite and dressing room, plus a media room, gym, powder room and double garage.

Mr Barr Smith said most of the interested buyers were based in Melbourne and seeking a home to use as a city retreat.

Expressions of interest close at midday on May 13.

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