13.11 Deficiencies in Cost Certification Submission

A. When the cost certification package is received for processing, the Cost and Mortgage Credit reviewers will:

1. Determine deficiencies associated with the Borrower’s and contractor’s cost certifications.

2. Advise the Regional Center Director and estimate the time needed to resolve the problem(s).

3. Attempt to resolve all problems by telephone before making a formal written request. This usually allows processing to continue while waiting for a formal reply.

4. Send a letter within 5 workdays to the Borrower with copies to the General Contractor (if applicable), their accountants, and the Lender stating the deficiencies and requesting information.

• B. Upon receipt of all necessary information, combined processing should not exceed 15 workdays.

C. If the Borrower or contractor indicates clarification will be forwarded within 5 workdays, the conclusions of cost certification can await the additional information.

D. Otherwise, issue form HUD-92580.