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This report presents the results of our audit of Ginnie Mae’s fiscal year 2020 financial statements, including our report on Ginnie Mae’s internal control and test of compliance with selected provisions of laws, regulations, and contracts applicable to Ginnie Mae. In fiscal year 2020, we were able to obtain sufficient, appropriate evidence to express an unmodified opinion on the fairness of Ginnie Mae’s financial statements. We also reported one significant deficiency in its Report on Internal Control Over Financial Reporting and no reportable compliance issues in its Report on Compliance With Laws, Regulations, and Contracts.  Specifically, we reported that Ginnie Mae had a significant deficiency in the control design of its organizational structure for two key functions, estimation model development and model verification, within its Office of Enterprise Risk. We further reported that this control deficiency potentially prevents an effective challenge to models used to develop significant estimates for financial reporting.

Recommendation Status Date Issued Summary
2021-FO-0002-001-A Closed November 16, 2020 Create separate reporting lines between model development and model validation functions so that both critical model functions do not report to OER, are appropriately segregated in accordance with industry guidance, and follow the foundational component of internal control standards.