Single Family Housing Guaranteed Loan Program—Liquidation Value Appraisals
Verify the appraisal amounts entered in GLS by the lenders for the 2,068 loans in our universe and take action to address the potential inaccuracies of $2.1 million.
Update procedures to ensure that errors identified by reviewing officials are corrected prior to issuance of loss claim payments.
Submit a Request for Automation to automate the process to capture the dates lenders order and receive the LVAs for loss claims: and establish edit thresholds for late submissions, or in the future, the date of the market value appraisal, to ensure CSC is able to track timeliness of loss claim submissions.
Review timeframes regarding the processing of LVA loss claims in 7 C.F.R. 3555 and HB 1-3555 and correct inconsistencies. Additionally, the Agency needs to clarify when late-filed loss claims may be rejected.
Determine which loans, from the universe of 2,068, have outstanding future recovery funds due to Rural Development from the estimated $6.4 million and follow up, as necessary.