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FGMSD-80-27 1 (1980-03-19)

handle is hein.gao/gaobabaji0001 and id is 1 raw text is: UITED~y STATES GENERAL ACCOUNTING OFFICE WASHINGTON. D.C. 20548t DIVISION OF FINANCIAL AND GENERAL MANAGEMENT STUDIE MARCH 19, 1980 B-114860 The Honorable Moon Landrieu 111840 The Secretary of Housing and Urban Development 111840 Dear Mr. Secretary: Subject: EHousing and Urban Development's Efforts to Improve its Accounting System for Mortgage Insurance Premiums1-(FGMSD-80-27) )L / : / At the request of the House Subcommittee on Manpower and Housing, Committee on Government Operations, we reviewed the action your Department has taken to improve its system for billing and collecting mortgage insurance premiums. The sys- tem now controls around $350 million in annual premiums and, as of September 1979, was reporting over $22 million in delin- quent premiums. Our review concentrated on the effectiveness of actions taken to reduce the amount of delinquent premiums. Our find- ings, which were presented in testimony before the House Sub- committee on November 8, 1979, are elaborated in enclosure I and summarized below. We concluded that your Department had not been suffi- ciently aggressive in collecting millions of dollars in pre- miums that mortgage institutions owed. This position was reached after considering that: --The September 1979 delinquent balance of $22 million was greater than the $18 million balance that existed when we last reviewed the system in September 1977. --Between September 1977 and April 1979, bills for over $15 million in delinquent premiums were canceled based only on claims by mortgage institutions that the related insurance had been terminated. --Between March and July 1979, the Department liquidated an additional $3.6 million in delinquent premiums with- out taking any action to establish the propriety of the liquidation. (906460)

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