FHA Extends Deadline for Broker Audit Submissions

The Federal Housing Administration is extending the March 31 deadline for mortgage brokers to submit their audited financial statements by 30 days. FHA-approved brokers "must continue to comply with existing requirements for the submission of their annual certifications and renewal fees, but will be given until April 30 to submit audited financial statements," the Department of Housing and Urban Development said. HUD soon will issue a final rule requiring FHA-approved lenders to select the brokers they want to buy loans from and assume liability for their production. Brokers will no longer be required to go through an FHA approval process which entails the submission of annual financial statements. Meanwhile, the March 31 deadline is steadily approaching and HUD officials do not want brokers paying $8,000 to $15,000 for an unnecessary audit.