On March 5th FHA announced that it was giving an automatic extension of 30 days for loan correspondents to file their audit, awaiting the Final Rule governing approval of loan correspondents to be issued. 

Phone calls to LASS confirmed that the automatic extension is for LOAN CORRESPONDENTS ONLY.

Non-supervised lenders must still file within the 90-day deadline, which for this year is March 31st.   Loan correspondents are still to complete their submission of the Annual Certification (V-form) and renewal fee by March 31st.

3/5/2010:

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)."

Annual Financial Statement Electronic Filing with HUD

By March 31, 2010, over 35,000 HUD Business Partners – in our Multi-Family, Public Housing Authorities and Lender program areas – will submit annual financial statements through HUD’s Secure Systems over the internet.

To help facilitate this year’s filing, the Office of Public and Indian Housing Real Estate Assessment Center’s Technical Assistance Center (TAC) is reaching out to insure that all filers have ACTIVE User IDs and CURRENT Passwords.

HUD Secure Systems security protocol mandates;

•     Users must change Passwords every 90 days

•     User ID’s become inactive (requiring reactivation) after 90 days

without logging on

For many of HUD’s electronic filers, this year’s annual submission will be the first time since last year that they logged onto and used Secure Systems. 

That means a significant number of filers will need to have their User IDs reactivated by the TAC, or have their passwords reset, before they can submit this year’s financial statements. 

Passwords can be reset in one of four ways; a) when prompted, b) under ‘System Login, Password Reset at http://www.hud.gov/offices/reac/online/reasyst.cfm, c) from the side bar menu after logging into Secure Systems, or d) contacting the TAC by phone or email.

User ID’s can only be reactivated by contacting the TAC by phone or email.

When contacting the TAC for User ID reactivation, users will be asked to verify Secure System information, which includes:

•           User ID

•           Mother’s Maiden Name

•           Last 4 Digits of Your Social Security Number

For more information regarding the latest updates to PIH-REAC Business Area products and security procedures, go to the following website:

http://www.hud.gov/offices/reac/

The TAC operates between the hours of 7:00am to 8:30pm EST, Monday thru Friday. Please contact us at (1-888-245-4860) or E-mail us at REAC_TAC@hud.gov.

We are anticipating heavy call volumes during this activation period. The suggested times to contact the TAC for User ID and Password activations are 7:00am to 8:30am and 6:30pm to 8:30pm EST, Monday thru Friday.

The latest updates to HUD’s IT Security Policy can be found on the following

link:

http://www.hud.gov/offices/adm/hudclips/handbooks/admh/2400.25/index.cfm