Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Thursday, September 19, 2013

FHA Streamlines Audit Requirements for Small Lenders

The Federal Housing Administration finalized a rule streamlining its financial statement reporting requirements for federally supervised lenders and mortgagees with less than $500 million in assets. The agency previously required supervised lenders and mortgagees to submit annual audited financial statements in order to receive FHA approval and recertification.

The FHA will now allow smaller lenders and mortgagees to submit the unaudited financial regulatory reports that bankers submit to their supervisory agencies at the end of the fiscal year.

Under the rule, small lenders would have to submit audited statements only if the Department of Housing and Urban Development determines that the lender represents a heightened risk to the FHA's insurance fund. ABA had advocated for this change to reduce the regulatory burden on smaller banks.

Read the final rule.

No comments:

Post a Comment

Please read our comment policy before making a comment.