| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
|---|---|---|---|---|---|
| #7629 | Closed | public | FHA Lender |
|
If a company is not in compliance with net worth at year end and they must cure it (and are subject to additional 1% of FHA volumes over 25 million), what would the cure calculation be on the date of the cure? Would we use 1/1/15-12/31/15 closed FHA volume or 3/xx/15-3/xx/16 closed FHA volumes, (i.e. 1 year trailing volumes from date of the cure). |
|
|
From Mike Olsen: HUD will want sufficient net worth for what they should have had on 12/31/15, even though it’s cured this month. Of course they would also want to make sure that means they are compliant now . . as they are supposed to monitor net worth monthly, which shouldn’t be a problem, as the volume will be smaller for a 3-month period, vs 12-month. |
Write a reply
The ticket has been closed. If you feel that your issue has not been solved yet or something new came up in relation to this ticket, you can re-open it by clicking this link.