Challenge: The prime contractor for Financial Statement Review Services at Ginnie Mae needed assistance with conducting annual issuer reviews to evaluate whether the issuers meet requirements related to financial strength, reporting and insurance coverage.
Solution: SP Group served as the subcontractor to Ginnie Mae’s prime contractor for completing the issuer financial package reviews. Our team consisting of licensed Certified Public Accountant (CPA) and financial analysts performed three types of reviews – preliminary reviews, comprehensive reviews and final reviews. The purpose of the preliminary review was to provide Ginnie Mae an initial assessment of an issuer’s compliance with annual reporting requirements, and as well as to provide Ginnie Mae with an early warning sign of an issuer’s financial condition. The goal of the comprehensive review was to perform a detailed financial statement review and to provide a check of the preliminary review results. Our team confirmed that the preliminary review data accurately reflected the information in the financial statement package. Finally, we performed final reviews to verify all information entered into the Ginnie Mae systems was accurate and ready for submission of the complete review to Ginnie Mae.
SP Group provided critical and timely support to the prime contractor on more than 100 issuer reviews and assisted the prime contractor in reducing the backlog of issuer reviews.