Financial Assessment of Nonsupervised Title I and Title II Lenders

Information by State  Print version  Email this to a friend   Helpful Tools   Documents and guidance   FAQs Hot Links   AICPA   Federal Register   FHA Connections (lenders)   Gov Audit Standards   OIG   Secure Systems (Auditors)   Single Family Homepage

Approximately 7,500 lenders are required to submit annual audited financial and compliance data in order to demonstrate compliance with FHA mandatory net worth, liquidity and other requirements.

LASS Update: HUD approved Title I & II Nonsupervised Mortgagees and Loan Correspondents with FYE on or after January 31, 2004 who have issued consolidated financial statements, are required to electronically file their annual financial statements for recertification using the Lender Assessment Subsystem (LASS). Where the nonsupervised mortgagee or loan correspondent (lender) is a parent or subsidiary entity and the lender's financial statements are audited as part of consolidated financial statements, information on the lender's assets, liabilities and results of operation should be included in the consolidating schedules within the footnotes of the consolidated financial statements. The information for the lender on those consolidating schedules, which do not include the cash flow statement, constitutes the financial information to be submitted via LASS.

LASS Points of Contact Auditors - For questions regarding Independent User registration and Secure Systems access please continue to contact the REAC Technical Assistance Center at (888) 245-4860 Lenders and Brokers - For FHA Connections assistance please continue to contact your Home Ownership Center or email sfadmin@hud.gov. Atlanta - (888) 696-4687 Philadelphia - (215) 656-0578 Denver - (800) 543-9378 Santa Anna - (888) 827-5605 For all other LASS technical assistance please contact the LASS technical support team at (202) 755-7400 Ext. 163 or email LASS@hud.gov.

LASS Goes Electronic LASS (Lender Assessment Subsystem) is available for submissions of the audited financial and compliance data required for annual FHA recertification. Lenders can access LASS through the HUD FHA Connection and auditors can access LASS through Secure Systems. Effective with fiscal year ending September 30, 2002 and after, it is mandatory that audited financial and compliance data be submitted electronically via LASS. More...

	Enhancements to the Exigent Health & Safety Pilot Website Released June 28, 2002. This release of the EH&S; Pilot Website includes several updates implemented for the Office of Housing. Please see the EH&S; Tips Sheet for helpful tips about this release.
	Need help converting your financial statements to the LASS standard form? We have created a financial data template "Line Definitions Guide" that will help you understand the definition and description of each line item on the LASS Financial templates.
	Unique IPA Identifier (UII) and auditor validation of submission data required when submitting audited financial information to REAC. Updated June 27, 2001
	Learn how to register for an UII.