| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
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| #17668 | Closed | public | FHA Lender | _General Support |
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In Chapter 1 of the Audit Guide Section 1-3 Audit Scope and Approach for Compliance Audit under Chapter 7 it says “for lenders having combined originations and a servicing portfolio of less than $2 million, the opinion on compliance need cover only the compliance requirements in chapter 7, section 7-5(A), Quality Control Plan, and 7-5(G), Lender Annual Recertification, Adjusted Net Worth, Liquidity, and Licensing.” The client I am audited originated one loan in 2022 and falls under that threshold as they had up until this point had no FHA loans originated or serviced. Based on this my read is that the procedures I perform are the same as the prior year as a result of this threshold of $2M. Is my understanding correct? |
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Kristy, the only areas that require testing relate to Quality Control and Mortgagee Approval requirements (net worth, etc.) So, there is always a major program opinion, it is just limited to those two items.
Les Sparks
From: AHACPA Support <support@ahacpa.org> |
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I am out of the office returning January 3. I will respond to messages when I return. Sincerely, Kristy Clark
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