Effective January 1, 2010, all supervised lenders are now required to submit an annual audited financial statement within 90 days of their fiscal year end as part of the annual FHA renewal process.

Likewise, supervised lenders seeking FHA approval are now required to includ audited financial statements as part of their initial application package.

Audited financial statements must be submitted in accordance with HUD Handbook 4060.1 REV-2 and prepared and audited in accordance with HUD’s Inspector General’s most recent Handbook 2000.04, Consolidated Audit Guide for Audits of HUD Programs. 

Financial Statements must be submitted electronically through FHA’s Lender Assessment Sub System (LASS).   

Our team of auditors has over 80 years of combined external auditing experience in the area of HUD Audits and the compliance reporting. Our staff specializes in this area and is knowledgeable in the new rules and regulations affecting your industry.

• Auditing Supervised Mortgagee Financial Statements
• HUD Handbook 2000.04, Consolidated Audit Guide for Audits of HUD Programs
• The Net Worth Requirements and its Calculation
• The HUD Compliance Requirements. 
• The Supplementary Schedules for the LASS Filing
• HUD/LASS electronic submission and re-certification

 With Cassells & Associates you can expect a firm that:

• Is diligent in meeting the deadline for completing the audit
• Plans and performs audit that meet professional standards
• Execute audits with efficiency
• Is reasonable in our price due to our efficient process

Take a moment and call us today! We stand ready to work with you and your clients to create a long term professional relationship.

When you call, please ask to speak to me in person, Annette Cassells-Wilson, CPA, at extension 122 or e-mail me at annette@cassellsandassociates.com

 HUD Supervised Lender FAQ

 Cassells & Associates, CPA, P.A.

1911 NW 150th Ave, Suite 203-204

Pembroke Pines, FL33028

PH: 954-362-1811 Fax 954-889-5832 

annette@cassellsandassociates.com