HUD updates Chapter 7 of Consolidated Audit Guide.

The U.S. Department of Housing and Urban Development (www.hud.gov) is going through the process of updating its Consolidated Audit Guide for Audits of HUD Programs, Handbook 2000.04 REV-2 CHG-1, on a chapter-by-chapter basis. HUD recently issued an update to Chapter 7 of the guide titled, HUD--Approved Title II Nonsupervised Mortgagees and Loan Correspondents. Per the related HUD transmittal to the chapter, the guidance in revised Chapter 7 is effective and can be used upon issuance. The HUD transmittal also provides a summary of the significant changes made to the Chapter 7. The issuance of Chapter 7 brings the number of chapters in the guide that have been revised by HUD to four, which also include Chapter 5 on Insured Development Cost Certification Audits, Chapter 6 on Ginnie Mae...