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Status of FHA Final Rule
We have received
numerous calls and emails concerning the status of the final rule
relating to FHA approval for loan correspondents and
the increase of the net worth requirement. As many of you know,
Deputy Assistant Secretary Vicki Bott implied, in a NAMB meeting on
Feb. 22, 2010, that the final rule would be issued on March 1,
2010. She also said that the new rule would not go into effect until
2011 (at least that is what was reported).
The next day, FHA Commissioner Stevens made
the following statement: "Before they spend that money (on an
audit) they should wait until the rule comes out just to make sure
they actually need one. As of today the final rule has not been
released.
Apparently, this
delay may extended.
This leaves CPAs and their clients struggling to determine the best
course of action. This was further highlighted this week when
lenders received an automated LASS notice
reminding them to file within the 90-day deadline.
On Thursday,
NAMB notified their members of the delay and encouraged them to file
for a 30 day extension. Apparently, many NAMB members followed
that advice as tonight, FHA sent an email notice through LASS
indicating:
" At this
time, the FHA Commissioner is encouraging Loan Correspondents
(aka mortgage brokers) to wait until the final rule is published
before obtaining an annual financial audit to make sure that an audit
is actually needed. HUD cannot confirm a date on which the
final rule will be published but, advises lenders to periodically
check the Federal Register during the months of March and April."
Another
mortgagee industry group, the Texas Association
of Mortgage Professionals sent out an email to their members as
follows:
"During the
Legislative Conference last week in Washington, Commissioner David
Stevens made the comment that a final rule should be out shortly. The
anticipated rule would hopefully eliminate the necessity of obtaining
an annual audit. Since the final version of this rule has not been
released, we are still recommending that you get your audit done. If
you have not started the process of getting your audit yet you may
want to consider requesting an extension. If your fiscal year ended
on 12/31/2009 then you have until 3/14/2010 to request the
extension."
We do not know
the reason for the delay in the final rule. AHACPA will
continue to monitor the situation and do our best to keep you
informed. However, we remind all LASS users that
extension requests must be filed by March 14, 2010.
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Annual PHA Conference
Date: June 10-11, 2010.
Location: Planet Hollywood Resort & Casino, Las Vegas
Course Registration: Click Here
Room Reservations: We
have reserved a block of rooms. The room rate for June 9 - 10 is $99.
The rate for June 11 is $119. To make a reservation call
866-317-1829. Reservations must be made by Monday, May 10 to received
the group rate.
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