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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.
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