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2024-FO-0002-001-B
Status
Open
Date Issued
November 13, 2023
OIG Component Office
Audit
Develop and implement procedures to i) monitor the transfer of due and payable partial claims from NSC to the FOC for collection, ii) determine the financial statement impact of not referring due and payable partial claims to the FOC, and iii) decide when FHA will record a reclassification entry to accounts receivable for those due and payable partial claims that are not transferred to the FOC timely.
Program Office
Housing
Questioned Costs
$0.00
Better Funds Use
$0.00
Publication Report Number
2024-FO-0002

Related Recommendations

Recomendation Status Date Issued Summary
2024-FO-0002-001-A Open November 13, 2023 Develop a plan and a timeline that ensures all due and payable partial claims are transferred to the FOC, and subsequently processed by the FOC.
2024-FO-0002-001-C Open November 13, 2023 Consider accounting implications to the gross HECM loans receivable balance for the $20 million lost in security interests.
2024-FO-0002-001-D Open November 13, 2023 Record an adjusting entry to remove the duplicate $44 million from the gross HECM loans receivable balance as of September 30, 2023.
2024-FO-0002-001-E Open November 13, 2023 Identify and remove all duplicate transactions from the accounting module and prevent future occurrences.
2024-FO-0002-001-F Open November 13, 2023 Develop and enhance training for servicing the HECM portfolio.
2024-FO-0002-001-G Open November 13, 2023 Develop corrective procedures to bring the HECM portfolio servicing current, initiate collection proceedings for due and payable loans, redeem the tax certificates for properties for which FHA lost its security interest, and implement a solution to monitor tax payments to prevent tax delinquencies and avoid FHA’s risk of loss in loan security interest.