The Federal Housing Administration extended the deadline for mortgage brokers to submit audited financials, possibly the last time they will need to do so, by 30 days, to April 30.
The Department of Housing and Urban Development is expected to issue a final rule soon requiring FHA lenders to assume liability for brokered loans. Brokers would no longer have to go through an FHA approval process that entails the submission of annual financial statements. Meanwhile the March 31 deadline for audited financials was steadily approaching and HUD officials did not want brokers paying $8,000 to $15,000 for unnecessary audits. The extension was announced last week.
