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HUD scraps paper begins online reporting for FHA lenders
WASHINGTON (6/3/09)—The U.S. Department of Housing and Urban Development (HUD) has announced that it will change the way that all renewing Federal Housing Authority (FHA)-approved lenders inform HUD of any relevant business changes; HUD is replacing the paper version of its annual verification reports with an electronic certification process. That process will be completed via the FHA connection website. The new online-only disclosures, which HUD believes will strengthen its controls, may only be completed by “corporate officers and principal owners” with the appropriate authority. HUD has asked that all approved lenders confirm that their institutions are properly presented on the FHA connection site. Any errors in this information, including inaccuracies related to the company’s corporate officers or home and branch offices, should be corrected as soon as possible. For access to the full HUD letter, use the resource link below.
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