Resolution Trust Corporation:
Status of Loans and Other Assets Inventory System
IMTEC-92-35BR: Published: Mar 5, 1992. Publicly Released: Mar 5, 1992.
Pursuant to a congressional request, GAO provided information on the Resolution Trust Corporation's (RTC) efforts to develop the Loans and Other Assets Inventory System (LOAIS), a RTC-wide system for managing and selling loans and other assets formerly held by failed thrifts.
GAO found that RTC: (1) has inadequately defined its corporate strategy and the business processes to be automated, and can not effectively address user, interface, and performance needs without such definitions; (2) has not clearly specified the lines of authority and responsibility for making critical development decisions, resulting in poor project management; (3) has encountered problems during attempts to load data from loan servicing contractors, and has found the task to be more complex and time-consuming than it anticipated; and (4) considers LOAIS implemented, but continues to define and change requirements for users, system interface, and performance. GAO also found that, to address LOAIS implementation problems, RTC has: (1) transferred system development responsibilities to another division to emphasize systems development and increase user involvement; (2) formed a user group and tasked it with identifying, documenting, prioritizing, and communicating the business needs that LOAIS should address; and (3) met with industry and government officials to discuss business strategies and system support for managing and selling assets.