Uninsured Pooled Loans CAV | Office of Inspector General, Department of Housing and Urban Development

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Línea Directa

REPORTAR FRAUDE, DESPERDICIO O ABUSO

Title	Announced	Priority Area	Program Area	State
Uninsured Pooled Loans CAV Published Report(s) 2023-KC-0001	03/2022	Providing a Stable Housing Finance Platform	Government National Mortgage Association	All

Summary

HUD OIG is auditing Ginnie Mae's response to audit 2016-KC-0002, which reported on uninsured single-family loans remaining in mortgage backed securities (MBS) pools. Loans that lack FHA, VA, or RHS insurance/guarantees are considered defective and issuers must cure the defect, buy them out from MBS pools or substitute them with other loans of the same term. Our audit objective is to verify that Ginnie Mae (1) established a maximum time that Single Family loans may remain pooled without insurance and (2) established a process for requiring removal of pooled loans that remain uninsured at the maximum time.