Second Interim Report on Review of HUD's Accounting System for Billing and Collection of Federal Housing Administration Mortgage Insurance Premiums from Mortgagees

FGMSD-77-7: Published: Dec 13, 1976. Publicly Released: Dec 13, 1976.

Additional Materials:


Office of Public Affairs
(202) 512-4800

An interim report is presented of a review of the Department of Housing and Urban Development's (HUD) accounting system for billing and collecting Federal Housing Administration mortgage insurance premiums. A questionnaire was sent to 200 mortgagees or about 59 percent of HUD total insurance premium billings.

Responses from 134 mortgagees indicated that about $2.2 million in insurance premiums was due and being held in escrow accounts because mortgagees had not received bills from HUD. The delinquencies were caused primarily because the HUD master insurance file had not listed the respondents as the mortgagees of record. Previously reported weaknesses in the HUD accounting system include: (1) not following established procedure in controlling documents, (2) not sending all source document data to the computerized system and not reentering data initially rejected by the system, (3) not correcting errors reported by mortgagees, and (4) not controlling and coordinating transaction processing.

Aug 13, 2020

Jul 29, 2020

Jul 27, 2020

Jun 26, 2020

Apr 30, 2020

Mar 17, 2020

Mar 3, 2020

Nov 20, 2019

Sep 25, 2019

Looking for more? Browse all our products here