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Weathering the Storm of Rising Inflation
Late in 2013, the U.S. Department of Housing and Urban Development issued Mortgagee Letter 2013-42 notifying all Title I and Title II lenders and mortgagees with a Dec. 31, 2013 year end that their annual recertification package filing has been extended.
Why the Delay?
The U.S. government has been working to switch its systems from its current Lender Assessment Subsystem (LASS) to the Lender Electronic Assessment Portal (LEAP), however it is not fully implemented just yet. With lenders not having access to LEAP until after the Mar. 31 filing deadline, the government has extended the filing deadline to 30 days from the rollout of the LEAP software. At this time, it is anticipated that filings will need to be made prior to May 31, 2014.
For more information on the FHA 2013 extended filing deadlines, download the Mortgagee Letter 2013-42. If you have any additional questions, please contact our Financial Institutions Group specialists in Michigan, Houston or Ft. Lauderdale.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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