Voluntary Withdrawal of a Non-Supervised Lender

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ID Status Date Public/Private Industry AHACPA Contact
#14894 Closed public FHA Lender Les Sparks
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Hello,

I was hoping you could assist in a question regarding a non-supervised lender voluntarily withdrawing its FHA lending ability. This client ceased operations in 2020 and submitted a voluntary withdrawal; however, the client mentioned they have not received any communication from HUD related to the voluntary withdrawal.

Would this client need to submit it’s audited financial statement through LEAP for the 12/31/2020 year end? If so, how would the net worth schedule be presented as the entire balance sheet of the entity is zero since operations ceased during the year? The entity originated over $2 million in FHA loans during 2020.

Any help on this topic is greatly appreciated!
Les Sparks

If you submitted the voluntary withdrawal through the LEAP system. There may not be any acknowledgement.  NO need to worry, you should be able to attempt to logon the FHA Connection, and it should easy to determine that you are no longer approved or it may be unavailable. That will tell you what you are trying to find out.

Les Sparks

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