Relief for Small HUD Lenders

By Jeff Skaggs, Audit Principal
January 2013

On December 21, 2012, the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2012-29. This letter eliminates the requirement for small HUD lenders (i.e. less than $500 million) to submit internal control and compliance reports from their external auditors.

The full letter can be read here.

For more information, please contact your BNN advisor or Jeff Skaggs.





Disclaimer of Liability: This publication is intended to provide general information to our clients and friends. It does not constitute accounting, tax, or legal advice; nor is it intended to convey a thorough treatment of the subject matter.

IRS CIRCULAR 230 DISCLOSURE:
Pursuant to requirements imposed by the Internal Revenue Service, any tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for purposes of avoiding penalties imposed under the United States Internal Revenue Code or promoting, marketing or recommending to another person any tax-related matter.  Please contact us if you wish to have formal written advice on this matter.