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Government National Mortgage Association Audit of Fiscal Years 2022 and 2021 Financial Statements

We contracted with the independent public accounting firm of CliftonLarsonAllen LLP (CLA) to audit the financial statements of Ginnie Mae as of and for the fiscal years ended September 30, 2022 and 2021, and to provide reports on Ginnie Mae’s 1) internal control over financial reporting; and 2) compliance with laws, regulations, contracts, and grant agreements and other matters. Our contract with CLA required that the audit be performed in accordance with U.S.

Uninsured Pooled Loans CAV

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.

GNMA Financial Crisis Readiness

HUD OIG is reviewing GNMA’s financial crisis readiness program. To ensure its mission, GNMA must be prepared for a broad range of crises, including financial crises, that could impact itself or its issuers. Our objective is to determine whether GNMA implemented a financial crisis readiness program that met industry best practices.

Government National Mortgage Association, Audit of Fiscal Year 2021 Financial Statements

The Chief Financial Officers Act of 1990 (Public Law 101-576), as amended, requires the Office of Inspector General to audit the financial statements of the Government National Mortgage Association (Ginnie Mae) annually. Attached are the U.S. Department of Housing and Urban Development (HUD), Office of Inspector General’s (OIG) results of the audit of Ginnie Mae fiscal years 2021 and 2020 financial statements and reports on internal control over financial reporting and compliance with laws, regulations, contracts, and grant agreements.

FHA's Home Equity Reverse Mortgage Information Technology System

HUD OIG is auditing the Federal Housing Administration’s (FHA) Home Equity Reverse Mortgage Information Technology (HERMIT) system as part of the internal control assessments required for the fiscal year 2019 financial statement audit under the Chief Financial Officer’s Act of 1990.  HERMIT provides an end-to-end solution (loan origination to disposition) on the Home Equity Conversion Mortgage (HECM) case-processing activities and assists FHA in efficiently managing the HECM portfolio.

Information System Controls Over the Ginnie Mae Financial Accounting System

We audited the effectiveness of selected business process application-level general controls and data management controls over the Government National Mortgage Association (Ginnie Mae) Financial Accounting System (GFAS) and its subledger database (SLDB) component as part of the internal control assessments required for the fiscal year 2019 financial statements audit under the Chief Financial Officer’s Act of 1990. We also assessed selected controls for compliance with U.S.

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