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IN THIS ISSUE:
- HUD Audit Guide Chapter 6 - Ginnie Mae Issuers of Mortgage-Backed Securities Audit Guidance
- Fall 2012 CPE Schedule posted & Registration open
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Updated Chapter 6 of HUD Audit Guide
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Summary
Chapter 6 is being reissued in its entirety to reflect changes to net worth, capital, and liquidity requirements and to provide new reporting formats for use. This chapter serves as a reference for independent auditors who perform audits of Ginnie Mae issuers of Mortgage-Backed Securities.
Significant Changes
- Updates net worth requirements:
- Changes time lines for existing users to October 1. 2011, and for newly
approved issuers to the time of approval (section 6-5. paragraph G2a). - Increases single-family minimum net worth requirements to $2.5 million
plus 0.2 percent of the total effective outstanding obligations (section 6-
5, paragraph G2 a). - Increases manufactured housing minimum net worth requirements to
$10 million (section 6-5, paragraph G2b). - Adds a clarifying statement that issuers approved for more than one
program type must follow the highest program minimum net worth
requirements (section 6-5, paragraph G2e).
- Outlines new liquidity requirements for all issuers. Requirements became
effective on October 1, 2011 (section 6-5. paragraph 11). - Outlines new capital requirements for all issuers. Requirements became
effective on October 1, 2011 (section 6-5. paragraph H). - Provides a list of unacceptable assets for the computation of adjusted net
worth (Attachment A). - Provides the following reporting formats for issuers' use:
- Adjusted Net Worth Calculation (Attachment B)
- Capital Requirement Calculation (Attachment C)
- Liquid Asset Requirement Calculation (Attachment D)
- Adjusted Net Worth Calculation (Attachment E)
- Capital Requirement Calculation (Attachment F)
- Liquid Asset Requirement Calculation for Parent (Attachment G)
- Insurance Requirement (Attachment H)
- Provides an illustrative Report of Independent Auditors on Consolidating Balance Sheet and Statement of Income (Attachment I)
A copy of the new audit guide can be downloaded here: http://www.ahacpa.org/ahacpadocs/guides/fha/HUD_Audit_Guide_Chapter_6.pdf |
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FALL 2012 CPE REGISTRATION
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See below for course dates and locations. This year we have added a Public Housing (PHA) Update course in two locations.
Click here for Regular Fee Registration Click here for AHACPA Member Discounted Registration Click here for a printable registration form Click here for a listing of course dates and locations Click here for our CPE Calendar |
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MULTIFAMILY, LENDER and PHA UPDATE COURSES
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One-Day Update Course Fee: $395 ($345 for AHACPA Members)**
Fee includes course materials, continental breakfast & lunch
Course starts at 8:30 am and ends at 4:30 pm
**Add $25 for New York & Chicago
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Course
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Date
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Location
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Multifamily Update
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9/20/2012
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Embassy Suites Minneapolis Airport
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Multifamily Update
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9/25/2012
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Dallas/Fort Worth Airport Marriott
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FHA Lender Update
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9/26/2012
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Dallas/Fort Worth Airport Marriott
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Multifamily Update
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9/27/2012
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Kansas City Airport Marriott
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Multifamily Update
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10/17/2012
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Marriott Los Angeles Burbank Airport Hotel
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FHA Lender Update
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10/18/2012
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Marriott Los Angeles Burbank Airport Hotel
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Multifamily Update
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10/22/2012
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Marriott Boston Newton
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Multifamily Update
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10/23/2012
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New York Marriott Marquis
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FHA Lender Update
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10/24/2012
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New York Marriott Marquis
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Multifamily Update
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10/25/2012
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BWI Airport Marriott
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FHA Lender Update
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10/26/2012
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BWI Airport Marriott
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Multifamily Update
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10/29/2012
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Marriott Columbus Airport
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FHA Lender Update
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10/30/2012
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Marriott Columbus Airport
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Public Housing (PHA) Update
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10/31/2012
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Marriott Columbus Airport
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Multifamily Update
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11/7/2012
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Philadelphia Airport Marriott
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Multifamily Update
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11/8/2012
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Renaissance Concourse Atlanta Airport Hotel
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Public Housing (PHA) Update
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11/9/2012
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Renaissance Concourse Atlanta Airport Hotel
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Multifamily Update
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11/12/2012
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Nashville Airport Marriott
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Multifamily Update
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11/13/2012
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Chicago Marriott O'Hare
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FHA Lender Update
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11/14/2012
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Chicago Marriott O'Hare
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FHA Lender Update
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12/3/2012
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The Cosmopolitan of Las Vegas
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Multifamily Conference
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12/4/2012
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The Cosmopolitan of Las Vegas
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14th ANNUAL MULTIFAMILY CONFERENCE |
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**NEW LOCATION**
The Cosmopolitan of Las Vegas
3708 Las Vegas Boulevard South
Las Vegas, NV 89109
December 4, 2012 8:00 am - 5:00 pm
December 5, 2012 8:00 am - 3:10 pm
Course Fee: $625 ($575 for AHACPA Members)*
Fee includes course materials, continental breakfast, lunch,
soda/coffee breaks and a social hour on December 4, 2012 at 5:00 pm
*Register before October 20th for a $50 discount
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LENDER UPDATE - LAS VEGAS |
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**NEW LOCATION**
The Cosmopolitan of Las Vegas
3708 Las Vegas Boulevard South
Las Vegas, NV 89109
December 3, 2012 8:30 am - 4:30 pm
One-Day Update Course Fee: $395 ($345 for AHACPA Members)**
Fee includes course materials, continental breakfast & lunch
Course starts at 8:30 am and ends at 4:30 pm
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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 submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org
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