FHA Termination of Broker Approvals

Dud? Joined: 18 Jun 2008 Posts: 21

I am not letting it expire, but honestly who wouldn't want to save several thousand dollars a year in overhead expenses and headache of an audit?
Between company licensing, originator licensing, bonds, audits, insurance, etc it is very expensive. I am still proceeding with the annual audit, however if they did not require it I would not be putting up a stink. My big concern is if they put it in the hands of the lenders...They may require it anyhow so it is not worth taking that risk as to what may or may not happen.

Posted: Fri Dec 18, 2009 7:08 am

Can you delay your audit without cutting it too close?

What is your deadline? What does your bonding look like? It would be unfair for you to find out later that the money you spent on the audit should have been spent on a bond.

HUD should give brokers a 90 day extension to get their financial in while the rule is decided.

I understand your pain, and suggest that you contact your NAMB rep and ask them what they are doing for an emergency settlement.

Please update us on anything you find out. Also, feel free to reach me by PM. Maybe brokers should attempt to organize if NAMB won't help and ask HUD for a fair extension. I'll at least send out an email to HUD.