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What Are The Conditions Overview For Renewing Your Fha Lender’s Approval?
An FHA-approved lender uses their individual FHA Connection account to renew their approval yearly. Every lender must download their V-form (annual verification form) and mail a signed copy to FHA (address provided below).
Each lender must pay their yearly renewal cost online through their FHA Connection account, except for Government mortgages. Both are due within 30 days of the lender’s fiscal year-end.
Additionally, each nonsupervised lender (typically mortgage lenders and mortgage broker-type companies) must submit their audited financial statements through the Lender Assessment SubSystem (LASS), which can be accessed through the lender’s FHA Connection account, within 90 days of the end of their fiscal year.
References:
To find out when and how to renew their permission, Title II lenders should refer to Chapter 4 of the Title II Mortgagee Approval Handbook 4060.1, Rev-2.
The same Chapter 4 mentioned above, as well as Title I Letters TI 478 and TI-03-1, should all be reviewed by Title I lenders.
How Is The Fha Related To This?
Please visit https://entp.hud.gov/clas/reginfo.cfm for information on how to sign up for FHA Connection if your business does not already have access.
To download the V-Form and pay the cost if your business already has an FHA Connection account, a user must be given access to “Lender Approval” in the FHA Connection. The FHA Connection Application Coordinator at your business, not HUD, is the one who grants you access to the FHA Connection.
The FHA Connection Application Coordinator clicks on “ID Maintenance,” enters their user ID and password, clicks on the link for “FHA ID Administration,” joins the user ID of the user who will be given access in the “By ID” field, scrolls down to “Authorization for Lender Approval Applications,” selects “Update Institution,” and then clicks “Send.”
Please contact the FHA Connection Help Desk at SFADMINna hud.gov if this adjustment is made and the user still does not have access.
Please submit a new registration request at https://entp.hud.gov/idapp/html/register.cfm?Coordinator=Y if you already have an FHA Connection Account but need to add an FHA Connection Application Coordinator. There can be a maximum of two FHA Connection application coordinators per lender.
V-Form:
The V-Form download and printing instructions can be found at https://entp.hud.gov/pdf/mp lndapp.pdf. Before printing the V-Form, please examine the information and make any necessary updates, such as changing the addresses. A signed paper copy of the V-Form must still be submitted as part of the recertification procedure.
The certification at the bottom of the V-Form must be signed by an authorized corporate officer (vice president or above) of your business. The V-Form must be mailed to the following address within 30 days after the end of your fiscal year:
Lender Approval and Recertification by the U.S. Department of Housing and Urban Development
Room B133/3214 in Division 451, 7th Street, Southwest
20410 Washington, DC
How Much Is The Fee For Annual Renewal?
You can find instructions on how to use Pay.gov to pay the annual renewal fee at https://entp.hud.gov/pdf/mp lndapp.pdf. Checks cannot be used to pay the yearly fee.
Audited financial statements are submitted via the LASS system.
Within 90 days of the conclusion of their fiscal year, all nonsupervised mortgagees and nonsupervised loan correspondents are required to submit their audited financial statements (LASS) electronically.
Information on FHA recertification is available on the LASS site at http://www.hud.gov/offices/hsg/sfh/lass/prodlass.cfm, which also includes links to the LASS User Manual, LASS Line Item Definition Guide, Frequently Asked Questions, HUD Consolidated Audit Guide, etc.
Lenders are entitled to one 30-day extension each reporting period (i.e., annually). The request must be delivered no earlier than 45 days before the submission deadline and no later than 15 days before that deadline.
Lenders can request extensions by using the “Seek Extension” feature under LASS. Information on how to ask for a 30-day extension for submitting your audit report may be found at http://www.hud.gov/offices/hsg/sfh/lass/pdf/lass515.pdf.
Passwords And User Ids:
After 180 days of inactivity, FHA user IDs are automatically terminated. After 60 days, passwords expire.
Lenders: Each lender’s FHA Connection Application Coordinator can change any user’s password or bring them back. The FHA Connection Application Coordinator must send an email request to SFAdmin at hud.gov with the following details if they need their password reset or ID restored.
Loaner’s name
Title I and Title II FHA from the lender Identifier for Lender The Name
Customer ID
Maiden Name of the Mother
When their ID has been restored, and their password has been reset, they will be notified via return email.
For almost 4 years, Jason Martin has been a freelance writer for newspapers, journals, blogs, books, and online material. He covers the most recent news as well as many other topics.