I'm interested in understanding how other credit unions handle FHA mortgage compliance. We recently started doing FHA loans as an approved lender and we are having some growing pains. I'm curious how your compliance or mortgage departments handle compliance with the FHA rules. For example, does your compliance department deal with FHA, or do you have someone embeded within the mortgage department who handles FHA compliance? Also, how involved are these people? Do they take responsibliity for all FHA related compliance or do they do compliance testing and report the results? One last thing... who in your CU is responsible for the annual recertification? We are a large lender so we are required to have an independent HUD audit (completed by our CPAs) but we are trying to figure out who should be responsible for the actual recertificaiton piece through FHA connection. Any information, along with your asset size, that you can give me will be helpful!
July 26, 2017 - 2:06pm
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