Are Rural Housing auditing teams aware of the requirement for the annual review?
RD does not have designated auditing teams. The annual review is something done at the RD state offices to determine if any lenders qualify for the required two year or five year reviews within that year. The Agency has certain threshold criteria that trigger the reviews. The lenders approved by our national headquarters that meet the triggering requirements are audited by both a professional contracted company and through selected desk audits. RD may select additional lenders and even audit brokers that originate a high number of defaulted loans. In addition, the Agency may review loans developed by newly eligible lenders. Typically this is done by monitoring the quality of he loan packages submitted to RD.
Related Questions
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