What are the financial reporting requirements for small supervised mortgagees?

A small supervised mortgagee is a supervised mortgagee that has consolidated assets below the threshold for audited financial reporting established by the Federal Banking Agency with oversight of the mortgagee. Thresholds are codified at 12 CFR 363.1(a), 562.4(b)(2), and 715.4(c), and are subject to change.

At application for approval a small supervised mortgagee must submit a copy of its unaudited regulatory report (i.e., report of condition and income, also known as the “call report,” which is submitted on the Federal Financial Institutions Examination Council Forms 031 and 041, or a consolidated or fourth quarter NCUA call report, submitted on NCUA Form 5300 or 5310) signed by a corporate officer that aligns with its fiscal year end.

At renewal a small supervised mortgagee must submit a copy of its unaudited regulatory report, signed by a corporate officer, which aligns with its fiscal year end in the Lender Electronic Assessment Portal (LEAP).

The Lender Electronic Assessment Portal (LEAP) User Manual is located at:  http://www.hud.gov/lenders under the LEAP Information link in the Approvals & Renewals section.

Handbook 4000.1 I.A.3.c.vii.(C)(1); I.A.8.d.i is available at http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/handbooks/hsgh.