Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2018 and 2017 (Restated)
Ensure that $399.1 million identified as invalid obligations in fiscal year 2018 is deobligated as appropriate.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2018 and 2017 (Restated)
Document the rationale and policy for the crosswalks used to prepare the financial statement note line items.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2018 and 2017 (Restated)
Document and implement policies and procedures, which include a review process to ensure that the general ledger accounts are correctly crosswalked to financial statement note line items.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2018 and 2017 (Restated)
Restate the fiscal year 2017 financial statement notes to correct inaccurate classifications, expenses, and market value balances reported by FHA.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2018 and 2017 (Restated)
In conjunction with the loan-servicing contractor, determine what actions can be taken to ensure that recorded assignments are reviewed in a timely manner after receipt.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2018 and 2017 (Restated)
Develop and implement a billing and sanctioning process to ensure that FHA bills servicers for the costs incurred to obtain recorded assignments from the counties’ recorder’s offices and sanctions the servicers when they do not provide the recorded assignments within 6 months of claim payment.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2018 and 2017 (Restated)
Improve the tracking of recording assignments by modifying the HERMIT assignment timeline to include date fields for servicers’ (1) receipt of recorded assignments from counties and (2) mailing of recorded assignments to the loan-servicing contractor.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2018 and 2017 (Restated)
Establish a timeframe and process to notify the Office of Single Family Housing that funds or documents were not received so noncompliant lenders can be referred to the MRB within 14 business days for temporary suspension or termination and notify FHA of any noncompliant lenders accordingly.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2019 and 2018
Ensure that the HECM cash flow model assumptions capture all valid assignments or provide an analysis showing that the model results are not biased due to the exclusion of valid HECM assignments.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2019 and 2018
Document and implement policies and procedures to ensure that data observations for key assumptions that are inconsistent with FHA’s understanding of program operations are researched and further analyzed and that all results are concurrently documented and included in the model documentation.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2019 and 2018
Update the posting models to ensure that refunds relating to payments made in prior years are properly recorded in accordance with OMB Circular A-11.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2019 and 2018
Correct the programming error in the HERMIT system to ensure that the correct insurance-in-force balances are reported on the note disclosures.
Open Recommendation
Audit of the Federal Housing Administration's Financial Statements for Fiscal Years 2019 and 2018
Develop policies and procedures to ensure that the line items in the required note disclosures are understood, properly calculated, and properly disclosed in the financial statements in accordance with OMB Circular A-136.
Open Recommendation
Audit of the Government National Mortgage Association's Financial Statements for Fiscal Years 2017 and 2016 (Restated)
Require its mission support contractors to submit a capitalization report and other supporting documentation in a timely manner, which would allow Ginnie Mae to record fixed asset activities during the proper period.
Open Recommendation
Audit of the Government National Mortgage Association's Financial Statements for Fiscal Year 2019
Test whether a cumulative housing price appreciation (HPA) variable should be added to the probability of prepayment, probability of default, foreclosure timeline, buyout time models, and cure rate assumptions. Ginnie Mae should provide an analysis if it believes that adding an HPA variable would Read More
Open Recommendation
Audit of the Government National Mortgage Association's Financial Statements for Fiscal Year 2019
Develop and implement policies and procedures to require a sufficiently granular decomposition analysis that can adequately explain the impact of all the model changes made.
Open Recommendation
Audit of the Government National Mortgage Association's Financial Statements for Fiscal Year 2019
Develop and implement policies and procedures or enhance or clarify, as appropriate, existing policies and procedures that will require additional analyses whenever thresholds are breached or other analyses indicate potential modeling issues.
Open Recommendation
Audit of the Government National Mortgage Association's Financial Statements for Fiscal Year 2019
Document the economic rationale behind unintuitive model coefficients to support that the unintuitive relationships are appropriate.
Open Recommendation
Audit of the Government National Mortgage Association's Financial Statements for Fiscal Year 2019
Document all model assumptions that are undocumented, providing the basis for any assumptions or decisions made when developing each model assumption.
Open Recommendation
Audit of the Government National Mortgage Association's Financial Statements for Fiscal Year 2019
Develop and implement policies and procedures to ensure compliance with model risk management guidance regarding adequate and well-documented model assumptions.
Open Recommendation