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2023-KC-0003-001-B
Status
Abierta
Date Issued
Marzo 28, 2023

Update its policy and procedures to define what type of information Ginnie Mae may disclose and how it will handle protected information before extinguishment.


Status

Ginnie Mae planned to incorporate the existing Ginnie Mae Confidential Information Policy into its Default Playbook and identify and log information that can be selectively shared in rapid relocation execution. The final action target date is May 30, 2024. As of March 6, Ginnie Mae is still on target for meeting this date.


Analysis

To fully address this recommendation, Ginnie Mae must provide evidence that it has updated its policies and procedures to define what type of information it may disclose and how it will handle protected information before extinguishment. Ginnie Mae stated that it is currently on track to fully address the recommendation on time.

Implementation of this recommendation will result in Ginnie Mae more effectively protecting its portfolio.

OIG Component Office
Audit
Program Office
Government National Mortgage Association
Questioned Costs
$0.00
Better Funds Use
$0.00
Prioridad
Si
Sensitive
No

Related Recommendations

Key Details
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  Open
  Closed
Funds Put to Better Use
Funds Put to Better Use

Recommendations that funds be put to better use estimate funds that could be used more efficiently. For example, recommendations that funds be put to better use could result in reductions in spending, deobligation of funds, or avoidance of unnecessary spending.

Questioned Costs
Questioned Costs

Recommendations with questioned costs identify costs: (A] resulting from an alleged violation of a law, regulation, contract, grant, or other document or agreement governing the use of Federal funds; (B] that are not supported by adequate documentation (also known as an unsupported cost]; or (C] that appear unnecessary or unreasonable.

Sensitive
Sensitive

Sensitive information refers to information that could have a damaging import if released to the public and, therefore, must be restricted from public disclosure.

Priority
Priority

We believe these open recommendations, if implemented, will have the greatest impact on helping HUD achieve its mission to create strong, sustainable, inclusive communities and quality affordable homes for all.

Government National Mortgage Association

  • Closed on Febrero 01, 2024

    Summary

    Update its policy and procedures to define its authority for marketing troubled issuer portfolios and the conditions that must exist to extinguish issuers using rapid relocation.


    Corrective Action Taken

    As of February 2024, HUD addressed this recommendation in a Management Decision by providing the updated extinguishment SOP, the Rapid Relocation Process Flow, and the Rapid Relocation Extinguishment Process Steps, updated to include the conditions that must be present to execute an extinguishment using rapid relocation. We believe that these guidance enhancements will help Ginnie Mae to reduce exposure to risk when facilitating a sale and transfer of a troubled issuer’s portfolio and ensure that it sells portfolios with limited loss to the Government and with minimal disruption to the mortgage market.

  • Summary

    Update its Policies and procedures to define how Ginnie Mae will determine the portfolio value and price before Sale.


    Status

    Ginnie Mae planned to incorporate the existing Ginnie Mae Confidential Information Policy into its Default Playbook and identify and log information that can be selectively shared in rapid relocation execution. The final action target date is May 30, 2024. As of March 6, Ginnie Mae is still on target for meeting this date.


    Analysis

    To fully address this recommendation, Ginnie Mae must provide evidence that it has updated its policies and procedures to define what type of information it may disclose and how it will handle protected information before extinguishment. Ginnie Mae stated that it is currently on track to fully address the recommendation on time.

    Implementation of this recommendation will result in Ginnie Mae more effectively protecting its portfolio.

  • Summary

    Update its policies and procedures to define how Ginnie Mae intends to identify and evaluate prospective buyers to ensure its ability to absorb the extinguished portfolio before executing the purchase and sale agreement.


    Status

    Ginnie Mae planned to incorporate impact analysis evaluation of each prospective buyer to confirm compliance post-transfer. This will include key portfolio indicators and will mirror similar activities currently performed on select standard pool transfer participants. The final action target date is May 30, 2024. As of March 6, Ginnie Mae is still on target for meeting this date.


    Analysis

    To fully address this recommendation, Ginnie Mae must provide evidence that it has updated its policies and procedures to define how it intends to identify and evaluate prospective buyers to ensure its ability to absorb the extinguished portfolio before executing the purchase and sale agreement. Ginnie Mae stated that it is currently on track to fully address the recommendation on time.

    Implementation of this recommendation will result in Ginnie Mae more effectively protecting its portfolio.

  • Closed on Junio 27, 2023

    Summary

    Assesses what information Ginnie Mae needs from the MSS to ensure that they have the capacity for a large- or multiple-issuer extinguishment.

  • Closed on Junio 27, 2023

    Summary

    Prescribes how the contracting officer representative will review information provided by the MSS and provide actionable feedback to ensure MSS readiness.