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GNMA Process and Guidance for Troubled Issuers

Title Announced Priority Area Program Area State
GNMA Process and Guidance for Troubled Issuers 03/2022 Providing a Stable Housing Finance Platform Ginnie Mae All

Summary

HUD OIG is conducting an audit of Ginnie Mae’s guidance and processes for troubled issuers. Our objective is to assess Ginnie Mae’s guidance and processes for handling troubled issuers. Specifically, we will assess whether Ginnie Mae’s guidance and processes provide reasonable assurance that 1) the risks and challenges identified by Ginnie Mae and HUD OIG of its use of rapid relocation extinguishments have been addressed, and whether it included 2) an enhanced monitoring protocol to assess issuers’ ability to adapt to changing market conditions, 3) Master Subservicers (MSS) capacity reviews to ensure they can absorb portfolios of defaulted issuers without disruption in servicing, 4) steps to conduct a post-default analysis to assess Ginnie Mae’s staffing capacity to default and extinguish issuers, and (5) a cross-divisional framework to extinguish large or multiple issuers.