The Department of Housing and Urban Development has extended the deadline for FHA-approved Title I and Title II lenders and mortgagees to file for their annual recertification package.
All FHA-approved lenders and mortgagees whose fiscal year ends Dec. 31, 2013 or later are required to use LEAP, FHA’s Lender Electronic Assessment Portal, to complete the annual certification, submit financial reports, and pay recertification feeds.
However, an extension was granted because LEAP recertification functionality will not be deployed until after March 31, 2014, rendering lenders whose fiscal year ends Dec. 31, 2013 unable to access the portal within the required timeframe.
Those lenders now have another 30 days to file for recertification after the portal’s functionality to do so has been deployed, while all FHA-approved lenders and mortgagees have 90 days after the end of their fiscal year to complete the recertification process.
“Lenders and mortgagees with a fiscal year end of December 31, 2013 should be prepared to complete the recertification process, including the submission of financial information and fee payments, not later than May 31, 2014,” HUD advises.
Title I and Title II lenders were notified of the extension via Mortgagee Letter 2013-42, which temporarily waives certain requirements for federal regulatory code under Title 24 and was published on Nov. 27, 2013, effective immediately.
Written by Alyssa Gerace