What happens if the submission is not filed on time?
A4. The lender is notified via certified mail that they are subject to administrative action if an acceptable submission is not received within 30 days of receipt of the letter. If the submission is deemed deficient by HUD and cannot be cured within the 30 day time period, the lender is subject to withdrawal. Please note that lenders who received a notice of violation due to late filing of their submission will NOT receive an additional notice of violation if their submission is deemed deficient or rejected. Lenders should monitor their status by checking their LASS inbox periodically. If the status is “Rejected”, “Deficient” or “Insufficient Cure”, the lender needs to address the deficiencies identified by HUD. Lenders can review their deficiencies by accessing “Reports” and clicking on “Lender Deficiency Report”. If the status is “Audit Accepted”, HUD has accepted the reporting package and no further action is required for the financial statement portion of the recertification proces
A4. The lender will receive a Notice of Violation (NOV) via certified mail that they are subject to administrative action. If an acceptable submission and response to the NOV to is not received within 30 days of receipt of the letter and/or the submission is deemed deficient by HUD and cannot be cured within the 30 day time period, the lender is subject to withdrawal by the Mortgagee Review Board. Please note that lenders who received a NOV due to late filing of their submission will NOT receive an additional NOV if their submission is deemed deficient or rejected. Lenders should monitor their status by checking their LASS inbox periodically. If the status is “Rejected”, “Deficient” or “Insufficient Cure”, the lender needs to address the deficiencies identified by HUD. Lenders can review their deficiencies by accessing “Reports” and clicking on “Lender Deficiency Report”. If the status is “Audit Accepted”, HUD has accepted the reporting package and no further action is required for the
