Supervised small FHA lenders and mortgagees with less than $500 million in consolidated assets would enjoy some cost relief under a regulatory proposal that would exclude them from submitting audited financial statements. Instead, these institutions would only need to submit their unaudited financial regulatory reports, which include bank and credit union call reports, to fulfill their net worth reporting obligations with the Department of Housing and Urban Development. That is the same exclusion the federal banking agencies – the Federal Reserve Board, Federal Deposit Insurance Corp., and the National Credit Union Administration – give ...