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FHA Update - Part 2
Last night we sent an email outlining the latest information we had received from HUD personnel. For the last 10 days the information remained fairly consistent with the statement by
Commissioner Stevens indicating the lenders should not proceed with the audit
until the publishing of the Final Rule. That statement was reiterated in two separate communications from HUD personnel on
Thursday. That statement indicated:
" 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."
This morning subscribers to the FHA email listservice
received the following:
"Announcement Regarding Loan Correspondent Renewal
Subject: Guidance
for Currently FHA-Approved Loan Correspondents Regarding Renewal of FHA Lender Approval for 2010
As proposed in a November 30, 2009, proposed rule (74 FR
62521), HUD is seeking to eliminate FHA approval for loan
correspondents. Because this rulemaking is still in process and a final rule has not
yet been issued, FHA is extending the deadline for the submission of
audited financial statements for loan correspondents seeking renewal of
their FHA lender approval for 2010.
For loan correspondents with a fiscal year end of December 31, and that would ordinarily be required to
renew their FHA approval by March 31, 2010, HUD is providing these
lenders with an additional 30 days in which to submit their audited financial statements. These
loan correspondents must continue to comply with existing requirements for the submission of their Annual
Certifications and renewal fees, but will be given until April 30, 2010,
to submit audited financial statements. Again, the deadline for the submission of the Annual Certification and renewal fee has not been
changed. Loan correspondents that do not complete their renewal in
accordance with the deadlines as specified above will no longer be
FHA-approved as of the effective date of the final rule that follows the
November 30, 2009, proposed rule.
If you have questions regarding this issue, please contact the FHA Resource Center by email at info@fhaoutreach.com, or by telephone at 1-800-CALL-FHA (1-800-225-5342).
Persons with hearing or speech impairments may access this number via TDD/TTY by calling 1-877-TDD-2HUD
(1-877-833-2483)."
Similar guidance was provided to the AICPA by HUD's
Office of Inspector General.
It is unclear whether the above guidance is meant to
replace previous comments by Commissioner Stevens and that audits should
proceed or whether it is only a blanket 30-day extension. What is
clear from the guidance, however, is that HUD expects loan
correspondents to file the required Annual Certification (V-form) and pay the $500
annual renewal fee. Further, this communication indicates that if
the Annual Certification and renewal fees and the audits are
not submitted by the effective date of the new rule, then the lender will no
longer be approved by HUD.
We apologize for the emails containing such conflicting
data, however, this what FHA is issuing today.
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Annual PHA Conference
Agenda and speakers will be announced in a few weeks.
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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