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Title Announced Priority Area Program Area State
Uninsured Pooled Loans CAV 03/2022 Providing a Stable Housing Finance Platform Ginnie Mae 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.