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No. Recommendation Report Status AUD-2013-007-3 To improve servicer compliance with escalated case requirements, FHFA should perform supervisory review and follow up to ensure that Freddie Mac requires its servicers to categorize resolved escalated consumer complaint information in accordance with resolution categories defined in the servicing guide. Enhanced FHFA Oversight Is Needed to Improve Mortgage Servicer Compliance with Consumer Complaint Requirements Recommendation agreed to by FHFA; implementation of recommendation pending. AUD-2013-007-4 To enhance Freddie Mac’s oversight of its servicers, FHFA should perform supervisory review and follow up to ensure that Freddie Mac includes testing of servicers’ performance for handling and reporting escalated cases as part of its reviews of servicers’ performance. Enhanced FHFA Oversight Is Needed to Improve Mortgage Servicer Compliance with Consumer Complaint Requirements Recommendation agreed to by FHFA; implementation of recommendation pending. AUD-2013-007-5 To enhance Freddie Mac’s oversight of its servicers, FHFA should perform supervisory review and follow up to ensure that Freddie Mac identifies and addresses servicer operational challenges with implementing the escalated case requirements as part of the testing of the servicers’ performance for handling and reporting escalated cases. Enhanced FHFA Oversight Is Needed to Improve Mortgage Servicer Compliance with Consumer Complaint Requirements Recommendation agreed to by FHFA; implementation of recommendation pending. AUD-2013-007-6 To enhance Freddie Mac’s oversight of its servicers, FHFA should perform supervisory review and follow up to ensure that Freddie Mac establishes penalties in the servicing guide, such as fines or fees, for servicers’ lack of reporting escalated cases. Enhanced FHFA Oversight Is Needed to Improve Mortgage Servicer Compliance with Consumer Complaint Requirements Recommendation agreed to by FHFA; implementation of recommendation pending. AUD-2013-007-7 To enhance Freddie Mac’s oversight of its servicers, FHFA should perform supervisory review and follow up to ensure that Freddie Mac expands the servicer scorecard and servicer performance evaluations to include reporting of escalated cases. Enhanced FHFA Oversight Is Needed to Improve Mortgage Servicer Compliance with Consumer Complaint Requirements Recommendation agreed to by FHFA; implementation of recommendation pending. Semiannual Report to the Congress • April 1, 2013–September 30, 2013 89
No. Recommendation Report Status AUD-2013-007-8 To enhance Freddie Mac’s oversight of its servicers, FHFA should perform supervisory review and follow up to ensure that Freddie Mac provides information on escalated cases received from servicers to internal staff (the counterparty operational risk evaluation team) responsible for testing servicer performance. Enhanced FHFA Oversight Is Needed to Improve Mortgage Servicer Compliance with Consumer Complaint Requirements Recommendation agreed to by FHFA; implementation of recommendation pending. AUD-2013-007-9 To improve its own oversight, FHFA should develop and implement FHFA examination guidance related to enterprise implementation and compliance with FHFA directives. Enhanced FHFA Oversight Is Needed to Improve Mortgage Servicer Compliance with Consumer Complaint Requirements Recommendation agreed to by FHFA; implementation of recommendation pending. AUD-2013-006-1 To enhance its oversight of FHLBank advances to insurance companies, FHFA should pursue memoranda of understanding allowing FHFA to obtain confidential supervisory and other regulatory information from the insurance regulators of states in the districts of those FHLBanks with the highest concentrations of insurance company lending—the FHLBanks of Des Moines, Indianapolis, Topeka, New York, and Cincinnati—to improve FHFA’s ability to evaluate whether the FHLBanks are adequately assessing the condition and operations of their insurance company members. FHFA Can Enhance Its Oversight of FHLBank Advances to Insurance Companies by Improving Communication with State Insurance Regulators and Standard-Setting Groups Recommendation agreed to by FHFA; implementation of recommendation pending. AUD-2013-006-2 To enhance its oversight of FHLBank advances to insurance companies, FHFA should seek to participate in regular meetings of relevant National Association of Insurance Commissioners working groups to gather information on current and developing issues relevant to the FHLBanks. FHFA Can Enhance Its Oversight of FHLBank Advances to Insurance Companies by Improving Communication with State Insurance Regulators and Standard-Setting Groups Closed—Final action taken by FHFA. 90 Federal Housing Finance Agency Office of Inspector General
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Federal Housing Finance Agency Offi
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Section 3: Lessons for Housing Fina
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OIG’s Accomplishments from 2010 t
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A Message from the Acting Inspector
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insures mortgages against credit lo
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Semiannual Report to the Congress
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in a number of criminal and civil i
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Figure 3. Scoring of Investor Quali
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and provide for financial consequen
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Figure 5. Agreements Between Fannie
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2010 to 2012, but the attrition rat
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Figure 8. Estimated Enterprise Aggr
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operations that pose the greatest r
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poor financial condition, Appalachi
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fraud and wire fraud involving a fi
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This was a joint investigation with
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y falsified, forged, and altered do
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Short Sale Schemes A short sale occ
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This was a joint investigation with
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at Appalachian concealed past due l
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indemnification payments that OIG p
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the SEC, and others. In July 2013,
Page 46 and 47: Figure 10. Overview of the Enterpri
Page 48 and 49: Figure 12. Enterprises’ Annual Ne
Page 50 and 51: Figure 14. Home Price Index 2011 Th
Page 52 and 53: educe the principal balance of Trea
Page 54 and 55: Figure 17. FHLBanks’ Net Income f
Page 56 and 57: multifamily housing lending busines
Page 58 and 59: The bill would replace the enterpri
Page 60 and 61: mortgage credit. For its part, the
Page 62 and 63: Figure 20. Reform Models and Reform
Page 64 and 65: Multifamily We have also found indi
Page 66 and 67: Based on recent history, a reformed
Page 68 and 69: Figure 26. The Mortgage Servicing P
Page 70 and 71: Even though the FHFA senior examine
Page 72 and 73: assistance to homeowners and to use
Page 74 and 75: positive NPV, then the servicer is
Page 76 and 77: Siloed Practices: Harmonizing Busin
Page 78 and 79: Semiannual Report to the Congress
Page 80 and 81: overseen by FHFA. As conservator, F
Page 82 and 83: Interest Rate Swap: An interest rat
Page 84 and 85: References Federal Deposit Insuranc
Page 86 and 87: Department of the Treasury Financia
Page 88 and 89: Acronyms and Abbreviations Agency A
Page 92 and 93: Figure 29. Summary of OIG Recommend
Page 94 and 95: No. Recommendation Report Status AU
Page 104 and 105: No. Recommendation Report Status EV
Page 114 and 115: Audit and Evaluation Reports with R
Page 116 and 117: Appendix D: OIG Reports See www.fhf
Page 118 and 119: Appendix F: Description of OIG Offi
Page 120 and 121: Strategic Goal 2—Operating with I
Page 122 and 123: Figure 17. Federal Home Loan Banks
Page 126 and 127: 15 Federal Housing Finance Agency,
Page 128 and 129: 33 Fannie Mae, “Multifamily Busin
Page 130 and 131: Federal Home Loan Banks Office of F
Page 132 and 133: to FHFA Scorecard Directive, at 48,
Page 134 and 135: it is preferable to limit our discu
Page 136 and 137: Position in the Housing Finance Sys
Page 138 and 139: 144 Fannie Mae, “Comparison of Mu
Page 140 and 141: 157 Id., “Mortgage Servicing,”
Page 142 and 143: 184 Federal Housing Finance Agency,
Page 144 and 145: Transparency and Certainty for Lend
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