|
||||||||||||
On August 21, 2006, HUD published its revised Chapter 7 (Quality Control Plan) of Handbook 4060.1 REV-2 on the World Wide Web at: http://www.hudclips.org/cgi/index.cgi There have been some dramatic changes to the rules that could adversely affect how you can operate your HUD approved mortgage business. Listed below are just a few of the changes and revisions to HUD'S Revised Handbook 4060.1 REV-2. All HUD Approved Mortgagees and Loan Correspondents MUST start reporting the compensation of its employees (including Loan officers) on IRS form W-2. 50% of all HUD Approved Mortgagees and Loan Correspondents gross revenues MUST be derived from Mortgage Lending Activities. Satellite offices that were used for taking loan applications have been eliminated from the program. All branch offices MUST have it’s own HUD Identification Number. The bottomline: You need a new QC Plan. |
||||||||||||
|
||||||||||||
![]() |
|