PDF HUD Audit Guide Update - AHACPA - Training

Program Objective

2

HUD insures loans and mortgages Institutions must be approved to participate in FHA Types of approval

Title I

Manufactured housing loans

Title II

Single Family Mortgages Multifamily Mortgages

Recertify annually to maintain FHA approval

Lender Approval Types

3

Supervised Lenders

Banks and Credit Unions Small Supervised Lenders

Assets less than $500,000,000

Large Supervised Lender

Nonsupervised Lenders

Principal activity of lending or investing of funds in real estate mortgages, consumer installment notes, etc.

Investing Lenders

May purchase, hold or sell FHA loans May not originate

Governmental Lenders

Audit and Reporting Requirements, continued

4

Audit and Reporting Requirements, continued

5

Small Supervised Lender

Submit unaudited regulatory report Signed by corporate officer Aligns with fiscal year end

Audit and Reporting Requirements, continued

6

Audited Financial Statements & Supplementary Information

Required regardless of number of loans originated or serviced

GAAP GAAS and GAGAS Supplementary Information in Relation to the Financial

Statements as a Whole

Adjusted Net Worth Hardcopy of Electronic Submission Consolidating schedules ? if applicable

Audit and Reporting Requirements, continued

7

Internal Control Report

Report on Internal Control over Financial Reporting Report on Internal Control over Compliance with HUD-

assisted programs May use a combined report

Audit and Reporting Requirements, continued

8

Compliance Report

Listing of compliance areas tested Opinion on compliance with specific program

requirements Major program (No non-major programs)

If combined originations and servicing portfolio less than 2 million Quality Control Plan Lender Annual Recertification, Adjusted Net worth Liquidity, and Licensing

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