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Date Issued
2026-FO-0003 | January 27, 2026

Audit of FHA’s Fiscal Year 2025 Financial Statements

Housing

  •  
    Status
      Open
      Closed
    2026-FO-0003-001-A

    Implement a process and procedure to ensure a complete and accurate Missing Documents Report is submitted to the General Ledger Division for recording a monthly reclassification entry between HECM loans receivable and accounts receivable.

  •  
    Status
      Open
      Closed
    2026-FO-0003-001-B

    Develop a process to (1) monitor receipt of original first notes and mortgages and recorded assignments, (2) follow up with mortgagees who fail to submit documents by the required deadline, and (3) initiate repurchase requests for HECM mortgagees who fail to meet assignment requirements.

  •  
    Status
      Open
      Closed
    2026-FO-0003-001-C

    Implement procedures to (a) ensure all HECM loan terminations are accurately reported, (b) prevent HECM terminated loans from being included in the loans receivable balance, and (c) prevent inspections and tax payments on HECM terminated loans.

  •  
    Status
      Open
      Closed
    2026-FO-0003-001-I

    Record journal entries to reclassify the HECM cases with missing original first notes for more than 90 days from loans receivable to accounts receivable.
     

Displaying 1 - 4 of 4 Recommendations