6  Reporting and Audit Requirements

6.1 General

6.1.1 Equity Loan Providers must maintain accurate and complete records of OMHB transactions both for reporting and audit purposes.  This section sets out the requirements.

6.2 Record Keeping

6.2.1 Equity Loan Providers must record information on each application for monitoring purposes.

For each completed sale the information must be provided with the Grant claim for the scheme.

The information below is required to enable the Agency to report on progress of the OMHB programme and monitor the types of assistance required and amounts of subsidy provided. The information required on each sale and collected through IMS  will include:

• the eligibility criterion that the applicant(s) meet
• type of applicant e.g key worker where key workers are purchasing (data on both when two key workers purchasing together), social tenant, other priority purchaser.
• ethnic origin
• gender
• declared disability (if any)
• length of time in their current eligible occupation (if a Key Worker)
• the employer  (including key worker employer e,g  Health Trust, Police authority, LEA)
• place of work (e.g. for KW’s name of school/hospital)
• sponsor local authority if appropriate(the local authority area where the purchaser is employed)
• location local authority - LA area of purchase
• the property address
• value of property
• property type
• number of adults/children in household
• number of bedrooms
• name of lender
• mortgage loan/equity loan required
• Equity Loan Provider's equity loan ( value and percentage)
• total household income
• number of adult household members who have an income
• administrative charge
• date of exchange
• date of completion

 

Equity Loan Providers may also be required to provide further management information direct to the Homes and Communities Agency or CLG as required.

The Equity Loan Provider must retain on file confirmation from the local authority that a household nominated from the local authority’s waiting list has been housed in the vacated property or that the local authority was unable to nominate and the Equity Loan provider has re-housed someone from its waiting list.

The Equity Loan Provider must keep on file copies of the letters and other communications sent to applicants, their responses, and details of the financial assessment.  

6.3 Compliance Audit

6.3.1 For details see Procurement & Scheme Issues sec 8.4.