CARH’S BROADCAST E-MAIL – Regulatory Alert

January 30, 2018

 

There appears to be some questions concerning the financial reporting broadcast email that was sent yesterday.  As a follow-up, CARH would like to clarify the effective date of the new rule.

While the Unnumbered Letter (UL) clearly states that the changes are prospective, we want to clarify there is one current, positive effect. A borrower may avoid submitting Agreed Upon Procedures (AUPs) for the Fiscal Year (FY) 2017 reporting cycle by submitting a statement to the servicing official as provided in the UL. The owner of a specific project may request (and Rural Development will allow) elimination of the AUP from the engagement for year-end FY 2017 reporting.