On March 13, 2020, the United States Department of Housing and Urban Development (HUD) issued approval for a 30-day extension for all financial statements having a due date of March 31, 2020 due to the novel COVID-19 virus outbreak.

According to the FAQs released, audited financial statements for these mortgagees will be due on or before April 30, 2020. This extension will be automatic and updated in the Lender Electronic Assessment Portal (LEAP), and as such does not require preapproval from HUD for FHA lenders.

It is important to note, at this time, Fannie Mae and Freddie Mac are not extending their reporting requirements beyond March 31.

Doeren Mayhew is committed to completing our clients’ financial statements as originally scheduled to satisfy reporting requirements. Should your institution require the additional time provided by the extension, please contact your engagement shareholder.