RTC: Asset Management Systems

GAO provided information on the Resolution Trust Corporation's (RTC) management and use of three critical automated asset systems since the recent restructuring of its field operations. GAO noted that: (1) RTC has modified its Real Estate Owned Management System (REOMS) so that it now better meets the information and reporting needs of its corporate and field offices in the management and sale of real estate assets; (2) RTC terminated corporate-wide development of its Loans and Other Assets Inventory System because of a greater emphasis on its loan securitization program; (3) RTC has begun to modify the Asset Manager System (AMS) to more efficiently account for the income and expenses of asset manager contractors, calculate their management and disposition fees, and control the electronic funds transfers between RTC and its asset managers; (4) as of January, 1992, REOMS data included property records that were incomplete and inconsistent; (5) RTC does not have a corporate-wide program to improve the data integrity of the ad hoc field office loan systems and contractor loan servicing systems it relies on to manage and sell its loan assets; and (6) until modifications are complete, AMS will likely continue to experience inadequate system interfaces between RTC and the asset managers to account for the contractors' income and expenses, insufficient security controls and reconciliation reports to ensure proper electronic funds transfers, and difficulty in calculating management and disposition fees for certain types of asset manager contracts.