Accession Number : ADA290731

Title :   Resolution Trust Corporation. Oversight of Certain Loan Servicers Needs Improvement,

Corporate Author : GENERAL ACCOUNTING OFFICE WASHINGTON DC GENERAL GOVERNMENT DIV

Personal Author(s) : Artesiano, Mario L. ; Handley, Kevin C. ; Heisterkamp, Ronald J. ; Warde, Lisa M. ; Scott, Pamela A.

PDF Url : ADA290731

Report Date : APR 1992

Pagination or Media Count : 11

Abstract : We analyzed data compiled by RTC to determine the number and value of mortgages and loans serviced by inherited loan servicers. We reviewed policies and procedures issued by RTC's headquarters and visited RTC's four regional offices and consolidated field offices in Atlanta; Dallas; Denver; Kansas City, Mo.; Tampa; and King of Prussia, Pa., to review and document field office policies and procedures for oversight of inherited servicers. To assess RTC's controls over the inherited servicers' loan collections, we reviewed information the servicers reported to RTC and interviewed wro staff responsible for receivership asset operations at the six consolidated offices we visited. We did not visit servicers or review the servicers' internal control procedures. In addition, we did not obtain information or data from those thrifts that were in conservatorship at the time of our review. To assess the acceptability of RTC's inherited servicers, we relied on mortgage servicing criteria developed by Fannie Mae. These criteria are generally accepted by financial institutions involved in mortgage finance. We reviewed Fannie Mae's mortgage servicing guidelines and discussed servicer eligibffity requirements with Fannie Mae officials. Because RTC did not have a complete nationwide list of inherited servicers, we obtained a list of servicers for RTC's 31 Florida receiverships, which was compiled by i%rc's Tampa Consolidated Field Office, to determine their status under Fannie Mae's servicer requirements. (KAR)

Descriptors :   *INVESTMENTS, *FINANCIAL MANAGEMENT, CONTROL, POLICIES, INTERNAL, ACCEPTABILITY, HOUSING(DWELLINGS).

Subject Categories : Economics and Cost Analysis
      Structural Engineering and Building Technology

Distribution Statement : APPROVED FOR PUBLIC RELEASE