Audit Reporting Requirements Clause Samples
Audit Reporting Requirements. In the event the PFI or Servicer is audited by any agency such as ▇▇▇▇▇▇ ▇▇▇, Freddie Mac, HUD, etc., the PFI or Servicer must send a copy of each such audit to the MPF Provider with the Annual Eligibility Certification. Where a PFI or Servicer is servicing loans in an MPF Security, including but not limited to the MPF Shared Funding® Program Series, the PFI will be required to provide to the Master Servicer a Regulation AB 1122 certification annually, for the prior year, no later than March 15th. A PFI or Servicer of any Government MBS Mortgage agrees that at any reasonable time, as notified by the MPF Provider, ▇▇▇▇▇▇ ▇▇▇ or its designated agent may examine and audit the Mortgage Loans serviced by the PFI or Servicer, and all books, records, or information of the PFI or Servicer or relating to any Government MBS Mortgage Loans serviced by the PFI or Servicer or its participation in the Government MBS product, or bearing on the PFI’s or Servicer’s compliance with the requirements of the MPF Program with respect to the Government MBS product, its management or its financial structure, including but not limited to, all mortgage documents, mortgage servicing records, mortgage records, and banking records for funds directly or indirectly related to the Government MBS Mortgage Loans. ▇▇▇▇▇▇ ▇▇▇ also shall have the right to perform such audits on any of the PFI’s or Servicer’s Subservicers, trustees, agents or other representatives of PFI or Servicer including, but not limited to, an affiliate of a PFI or Servicer that services Government MBS Mortgage Loans.
Audit Reporting Requirements. Independent auditors should follow the requirements prescribed in OMB Circulars A-133, Audits of States, Local Governments, and Non-Profit Organizations. Cost allowability guidelines can be found in OMB Circular A-87, State and Local
(a) Notice to management. If an auditor becomes aware of illegal acts or other irregularities, prompt notice shall be given to recipient management officials above the level of involvement. The recipient, in turn, shall promptly notify the Court of the illegal acts or irregularities and of proposed actions to be taken.
(b) Notice of law enforcement officials. The Court has the right to inform law enforcement agencies or prosecuting authorities, as appropriate, of any known violations of the law within their respective area of jurisdiction for violations committed by the recipient.
(c) Charge of cost for audit. Audit costs for audits not required by the recipient for purposes other than to meet the conditions of the agreement with the Court are not to be charged to the grant given by the Court.