QC Loan Review Reports

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#15102 Closed public FHA Lender Les Sparks
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Hi Les,

We are seeing an significant number of clients that have late QC reports for their monthly HUD review. Do you know if HUD is allowing relief of the 60 days after the end of the prior one month period? I’m thinking we could have a lot of Significant Deficiencies for QC review even if the lenders were submitting information timely.

Thank you for your time in advance.
Les Sparks

We are seeing this question several times a week. I do not know if there should be “many” findings or is there just one finding overall for being late. This determination is probably dependent on the lateness of the reviews. It seems to me there is room for quite a bit of judgment in how to report this delay in the year of COVID. There was no exception to this requirement in the FHA COVID Q&A.

Les Sparks

AHACPA

(801) 547-0809

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