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                                          FHA: Loan Correspondent Renewal
                                                        Extension to File

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Overview

As proposed in the rulemaking proposal of November 30, 2009 (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 announced on March 4, 2010 that it is extending the deadline for the submission of audited financial statements for Loan Correspondents seeking renewal of their FHA lender approval for 2010. 

EXTENSION: APRIL 30, 2010
Highlights

For Loan Correspondents with a fiscal year ending December 31, and ordinarily would be required to renew their FHA approval by March 31, 2010, HUD is providing 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.  

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 will soon follow the proposed rule of November 30, 2009. 
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