FHFA Launches New Integrated Accounting System

Posted by Orb Staff on July 09, 2009 No Comments
Categories : Residential Mortgage

deral Housing Finance Agency (FHFA) has implemented a single, integrated accounting system, which the agency says provides a cost-effective solution to its administrative needs. The system went live July 1 and handles accounting, procurement and travel activities that will be used by FHFA employees across all departments. Established last July by the Housing and Economic Recovery Act of 2008 (HERA), the FHFA combines the functions of the former Office of Federal Housing Enterprise Oversight (OFHEO), the Federal Housing Finance Board (FHFB) and the Department of Housing and Urban Development's government-sponsored enterprise (GSE) mission team. "I am pleased to announce another important FHFA milestone achieved within time frames established and within budget," said FHFA Director James B. Lockhart in a prepared statement. "It is a tremendous undertaking to get a system of this magnitude up and running in so short a time. It will assist our agency in our ongoing efforts to utilize time and resources in a most efficient manner." The new system is an example of a best practice for government entities of similar size and is an important step toward completing the transition to an operationally unified agency, the FHFA adds. In accordance with HERA, the old agencies, OFHEO and FHFB, will cease to exist beginning July 30. SOURC

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