Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
Report: Fannie Mae Overpays Servicers By $89M
WASHINGTON (9/20/13)--Fannie Mae overpaid its servicers by about $89 million in 2012 because a manual review by a third-party vendor resulted in accounting errors, according to an inspector general's report issued Wednesday.
 
Fannie also incorrectly denied $27 million in reimbursements last year, said the Office of the Inspector General (IG) for the Federal Housing Finance Agency (National Mortgage News Sept. 19).
 
The IG's office blamed erroneous reviews by auditing firm Accenture for the overpayment.
 
However, the FHFA is conducting its own review and has disagreed with the methodology used by the IG. FHFA said payment errors' total was "substantially less" than what was reported by the IG. FHFA did not provide an estimate of the alternative amount, said National Mortgage News.
 
Errors generally happen when there are limited reviews, inconsistency in applying guidelines, complexity or a big amount of servicer claims, the publication said.
RSS print
News Now LiveWire
#Creditunions in PA and NJ hosted retirement fairs this week @PCUA and @NJCUL report.
28 minutes ago
.@TheCCUL's Radebaugh suggests 2nd #RBC comment period in letter to @TheNCUA #NewsNow http://t.co/RylFuynT6g
56 minutes ago
#NewsNow today Herring legacy carried forward with merger http://t.co/oMqGADmo0d
2 hours ago
.@MICreditUnions-supported electronic lien titling bill unanimously passes Assembly, on way to Senate http://t.co/6He1JG2ucr
3 hours ago
#NewsNow: @TheNCUA board approves techincal amendments, gives TCCUSF update. http://t.co/IR3Iw37MSS
4 hours ago