Mortgage

Regulator to test disaster preparedness of key GSE data repository

Regulator to test disaster preparedness of key GSE data repository
Written by Publishing Team

next Audit, Federal Housing Finance Agency Inspector General Phyllis Fung calls for an annual review of applicable contingency planning for a widely used housing finance dataset.

The audit found that the regulator had ensured that contingency plans and backup facilities were in place, but did not regularly consider how well government-sponsored institutions were in place. National Mortgage Database, the correspondence tracking system will affect in the event of a disaster.

“The FHFA does not review or test the NMDB contingency plan annually,” the acting inspector general said in the December 13 report.

Also, while the agency tests the contingency plan for its public support system each year – and says the mail tracking system “inherits” that plan – the review found that the procedure involved “did not include CTS or its servers.”

In a note from Chief Information Officer Kevin Smith, the FHFA agreed to supplement all recommendations in the inspector general’s report.

These recommendations included an assessment to determine whether the agency’s Office of Information and Technology had the resources it needed to “update, test, and implement contingency plan requirements.” The FHFA also promised to conduct an annual review and test of the national mortgage database, and to amend the Public Support System plan to include CTS.

The FHFA agreed to complete all recommended actions by 1 December 2022.

The IG office has also reviewed other types of information security at the FHFA. A previous audit focused on the protocols around Sharing counterparty performance data.

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