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New A-133 Reports Compliant with SAS No. 117 Now Available
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Last
week, the GAQC released the new illustrative auditor's reports under Circular
A-133 updated for use under SAS 117. These reports are effective for
periods ending on or after June 15, 2010. AHACPA is providing these
reports in Word format marked to show the changes from the old reports.
These can be found here.
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REAC Financial System for Public Housing to be down from September 24th through September 30th
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We
have received several inquiries regarding the recent posting on REAC's website
regarding the system closure for the dates listed above and whether REAC would
extend the reporting deadline. The system closure is for public
housing only. Multifamily systems will not be affected.
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Federal Reserve Issues Final Rule on Loan Originator Compensation and Steering
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In
late August, the Federal Reserve issued a final rule on the implementation of
certain Truth-in-Lending Act (TILA) requirements. The complete rule can
be found here. Below is a summary
of the new rule. This rule has been issued in advance of similar rules
expected to be included in the final Dodd-Frank Wall Street Reform and Consumer
Protection Act (FinReg). This rule is effective April 1, 2011.
Highlights
of Final Rule
The
final rules protect mortgage borrowers from unfair, abusive, or deceptive
lending practices that can arise from loan originator compensation practices.
The
new rules apply to all persons who originate loans, including mortgage brokers
and the companies that employ them, as well as mortgage loan officers employed
by depository institutions and other lenders.
The
final rules, which apply to closed-end loans secured by a consumer's dwelling,
will:
- Prohibit
payments to the loan originator that are based on the loan's interest rate or
other terms. Compensation that is based on a fixed percentage of the loan
amount is permitted.
- Prohibit
a mortgage broker or loan officer from receiving payments directly from a
consumer while also receiving compensation from the creditor or another person.
- Prohibit
a mortgage broker or loan officer from "steering" a consumer to a lender
offering less favorable terms in order to increase the broker's or loan
officer's compensation.
- Provide
a safe harbor to facilitate compliance with the anti-steering rule. The safe
harbor is met if:
- The
consumer is presented with loan offers for each type of transaction in which
the consumer expresses an interest (that is, a fixed rate loan, adjustable rate
loan, or a reverse mortgage); and
- The
loan options presented to the consumer include the following:
- the
lowest interest rate for which the consumer qualifies;
- the
lowest points and origination fees, and
- the
lowest rate for which the consumer qualifies for a loan with no risky features,
such as a prepayment penalty, negative amortization, or a balloon payment in
the first seven years.
The final rules are
effective April 1, 2011, to provide lenders and originators time to develop new
business models, implement necessary changes to their systems, and train
personnel.
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2010 CPE - Multifamily Financial Update Agenda
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This course starts at 8:30 am and ends at 4:30 pm. Click here for dates and locations.
- Examining changes to A-133 audits as a result of the new
Accounting and Auditing Guide
- Applying SAS 117 to compliance
audits
- Sampling in the A-133 environment
- Changes in reports
- Tools for implementing
comprehensive risk assessment procedures under A-133
- Recent initiatives by HUD OIG
- Changes due to the recent release of Chapters 6 and 9 of the
Handbook 4350.1 Multifamily
- Asset Management and Project Servicing
- Discussion of the proposed Yellowbook independence rules
- Revisiting risk assessment and the HUD Audit Guide
procedures
- Information on latest initiatives on M2M projects by OAHP
- Answers to questions regarding HUD financial reporting and
auditing
- 8 hours CPE Credit in Governmental Accounting & Auditing
Course fee: $350* ($300 for AHACPA Members) * $375/$325 for New York, Boston & Chicago Register Here |
2010 CPE - FHA Lender Update Agenda
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This course starts at 8:30 am and ends at 4:30 pm. Click here for dates and locations. - Supervised Mortgagees are now required to electronically
file an audit
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Update on the changes for the filing and review of lender
financial statements
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Discussion on increased HUD focus in underwriting
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Discussion on changes to compensation of brokers announced
by the Federal Reserve
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Discussion of risk assessment in a hedging environment
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Other program changes
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Expanded Q&A session with samples of , as well as
answers to, auditing and reporting questions
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8 hours CPE Credit in Governmental Accounting & Auditing
Course fee: $350* ($300 for AHACPA Members) * $375/$325 for New York, Boston & Chicago Register Here |
2010 CPE - 12th Annual Multifamily Conference
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December 2, 2010 8:00 am - 5:00 pm December 3, 2010 8:00 am - 3:10 pm Planet Hollywood Resort 3667 Las
Vegas Blvd, South Las
Vegas, NV 89109 702-785-9056 -
Examining changes to A-133 audits as a result of the new
Accounting and Auditing Guide
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Applying SAS 117 to compliance audits
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Sampling in the A-133 environment
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Changes in reports
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Tools for implementing comprehensive risk assessment
procedures under A-133
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Changes to HUD audits as a result of proposed Yellowbook
independence guidelines
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Increased focus by HUD on project monitoring
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Update on M2M programs
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Recent initiatives by HUD OIG
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Industry-recognized speakers covering a variety of relevant
topics
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16 hours CPE Credit in Governmental Accounting &
Auditing
Course Fee: $575 ($525 for AHACPA Members). *Register before Oct. 20th to
receive a $50 early registration discount Register Here |
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Click here
for regular fee course registration
Click here
for member fee course registration
Click here
for a printable registration form
Click
here for course location addresses
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City
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Date
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Course
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CPE Credits
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Regular Fee
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Member Fee
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Kansas
City, MO
8:30 am - 4:30 pm
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09/22/2010
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Multifamily
Update
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8
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$350
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$300
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Dallas, TX
8:30 am - 4:30 pm
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09/23/2010
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Multifamily
Update
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8
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$350
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$300
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09/24/2010
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Lender
Update
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8
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$350
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$300
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Baltimore,
MD
8:30 am - 4:30 pm
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09/28/2010
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Multifamily
Update
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8
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$350
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$300
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09/29/2010
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Lender
Update
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8
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$350
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$300
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Minneapolis,
MN
8:30 am - 4:30 pm
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09/30/2010
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Multifamily
Update
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8
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$350
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$300
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Boston, MA
8:30 am - 4:30 pm
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10/18/2010
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Multifamily
Update
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8
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$375
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$325
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New York,
NY
8:30 am - 4:30 pm
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10/19/2010
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Multifamily
Update
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8
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$375
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$325
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10/20/2010
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Lender
Update
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8
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$375
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$325
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Columbus,
OH
8:30 am - 4:30 pm
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10/28/2010
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Lender
Update
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8
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$350
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$300
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10/29/2010
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Multifamily
Update
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8
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$350
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$300
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Chicago,
IL
8:30 am - 4:30 pm
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11/03/2010
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Multifamily
Update
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8
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$375
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$325
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11/04/2010
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Lender
Update
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8
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$375
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$325
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Philadelphia,
PA
8:30 am - 4:30 pm
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11/09/2010
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Multifamily
Update
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8
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$350
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$300
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Atlanta,
GA
8:30 am - 4:30 pm
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11/10/2010
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Multifamily
Update
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8
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$350
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$300
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Nashville,
TN
8:30 am - 4:30 pm
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11/11/2010
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Multifamily
Update
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8
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$350
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$300
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Las Vegas,
NV
8:30 am - 4:30 pm
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12/1/2010
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Lender Update
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8
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$350
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$300
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Las Vegas,
NV
12/2: 8:00 - 5:00
12/3: 8:00 - 3:10
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12/2-3/2010
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Multifamily
Conference
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16
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$575
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$525
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For more information regarding refund, complaint
and/or program cancellation policies, please contact our office at (800)
532-0809
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AHACPA is registered with the
National Association of State Boards of Accountancy (NASBA) as a sponsor of
continuing professional education on the National Registry of CPE Sponsors.
State boards of accountancy have final authority on the acceptance of
individual courses for CPE credit. Complaints regarding registered
sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North #700, Nashville, TN, 37219-2417. Web site: www.nasba.org
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