FHA: Loan Correspondent Renewal                                                         Extension to File WEBSITE QUICK LINKS HOME Mortgage Compliance Service Presentations CORE® Compliance About Us Our Clientele News & Views Posts Archive Library Contact Us Website Visit Us! News and Views Visit Us! PRESENTATIONS Mortgage Compliance Due Diligence Compare Ratio Task Force® Forensic Mortgage Audit® FHA Examinations Legal Reviews/Remedies CORE® Compliance Loss Mitigation Mortgage Fraud Audit® Quality Control HMDA / CRA Licensing Disaster Recovery Plan® Business Development Policy Guides/QC Plans IT and IS _______________ 516-442-3456 Email Us 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.  Return to Top Lenders Compliance Group is the first and only full-service, mortgage risk management firm in the country, specializing exclusively in mortgage compliance and offering a full suite of services in mortgage banking. We are your outsourcing compliance solution. Specializations Mortgage Compliance Compliance Administration Compare Ratio Task Force® Forensic Mortgage Audit®  Business Development Mortgage Fraud Audit® Quality Control FHA Examinations CORE® Compliance State and Federal Examinations Fannie/Freddie/Ginnie Applications Disaster Recovery Plan® Mortgage Due Diligence Legal Reviews & Remedies Loss Mitigation Compliance HMDA & CRA Reviews Statutory Licensing IT & IS Compliance This communication is sent to our valued clients and colleagues, who regularly receive our Advisory Bulletins, Compliance ALERTS, Mortgage Compliance Updates, and News and Views. These publications are free to subscribers. © 2010 Lenders Compliance Group, Inc. All Rights Reserved. Return to Top