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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