| Author |
Previous Topic | Next Topic |
|
relst8lady
14 Posts |
 Posted - 05/16/2008 : 12:16:04 PM
|
| If an FHA loan has been rate locked can you get the fha number reassigned? |
|
ehm3
979 Posts |
Posted - 05/16/2008 : 12:22:20 PM
|
| pretty easy, just do a case update and you should be all set. HUD doesn't really care if you jump lenders or locks AFAIK. I think there is some type of snag if it was denied at one lender and approved at another, but I have never had to deal with that so I can't say for sure. |
|
|
kalee3415
193 Posts |
Posted - 05/16/2008 : 12:23:36 PM
|
Umm of course not. You rate is with the lender. If you could do that why would lenders even bother having varying rates or hits? This question is a bit shocking
quote:
Originally posted by relst8lady
If an FHA loan has been rate locked can you get the fha number reassigned?
|
|
|
kalee3415
193 Posts |
Posted - 05/16/2008 : 12:26:41 PM
|
OK now I reread your question. I thought you were asking if the rate transfers with the case unmber. LoL thought it was a really ridiculous question. Now I see what you mean. Yes, you just need to update your case number with the new sponsor ID
quote:
Originally posted by relst8lady
If an FHA loan has been rate locked can you get the fha number reassigned?
|
|
|
1stintegritymort
1298 Posts |
Posted - 05/16/2008 : 12:28:20 PM
|
| if you get the case number assigned to a sponsor and then change the sponsor, the new sponsor may want a letter from the previous sponsor stating that the loan was denied, approved or was not put in UW. |
|
|
relst8lady
14 Posts |
Posted - 05/16/2008 : 12:28:55 PM
|
| thanks kalee. your first answer confused me. |
|
|
ladysammm
352 Posts |
Posted - 05/16/2008 : 6:34:07 PM
|
Hi, if you have gotten a case # with one sponsor and wish to transfer the file to another sponsor then the original sponsor has to release the case# to the new lender and the processor will need to go into the FHA connection to complete the transfer to the new lender. Only one case # per subject property.
Assurity Financial Services
Pam.kirchner@assurityfinancial.com Wholesale AE
702-418-5818 |
|
|
dkendall1979
10287 Posts |
Posted - 05/16/2008 : 8:55:14 PM
|
| I wouldn't be very happy if my brokers were breaking locks on me to take the loan to another lender. |
|
|
relst8lady
14 Posts |
Posted - 05/17/2008 : 05:05:41 AM
|
I wouldn't do it either. Never have however my client went retail because i am not fha approved. LO told me one thing and then locked her at another. He started out telling me he had to charge a point because that goes directly to HUD...That doesn't make me happy!
It's BOA anyway and i have had it with their %#@*%! They stopped their wholesale division in a day. They are spending alot of time and money lobbying for some really stupid legislature. Did you know they won't let the cleint have a copy of the appraisal anymore? The client no longer pays for it. They charge a app fee and they pay for the appraisal except on FHA. They are really getting greedy. So it is with retail anyway. Don't ever plan to do any business there again anyway. Thanks for the comment though. I understand how you feel. I wouldn't like it either. I just can't deal with shady folk. |
|
|
clarenceworley
4230 Posts |
Posted - 05/17/2008 : 05:14:04 AM
|
quote:
Originally posted by dkendall1979
I wouldn't be very happy if my brokers were breaking locks on me to take the loan to another lender.
Many cheesy brokers brag about this and call it a "floatdown option" |
|
|
808
2603 Posts |
Posted - 05/17/2008 : 07:52:23 AM
|
| Why would you want to switch lenders with turn times what they are?? With FHA you can only submit one loan at a time so why would you want to leave TBW after 12 days in UW to go to Chase and have to wait 9 more, to make another(.250) Your running a big risk of the client going retail like an above poster said and getting 0, not to mention all the potential repeat/referral biz you just cost yourself |
|
|
akaagassi
138 Posts |
Posted - 05/17/2008 : 08:31:49 AM
|
quote:
Originally posted by relst8lady
It's BOA anyway and i have had it with their %#@*%! They stopped their wholesale division in a day.
They gave you months...stop trying to Bad Mouth competition that you are not up to par in beating...
Rock Solid Full Of S***
And I couldn't agree more with 808, why would you flip lenders with the turn times what they are on FHA... |
|
|
808
2603 Posts |
Posted - 05/17/2008 : 08:44:28 AM
|
quote:
Originally posted by akaagassi
quote:
Originally posted by relst8lady
It's BOA anyway and i have had it with their %#@*%! They stopped their wholesale division in a day.
They gave you months...stop trying to Bad Mouth competition that you are not up to par in beating...
Rock Solid Full Of S***
And I couldn't agree more with 808, why would you flip lenders with the turn times what they are on FHA...
not only that in FL, your running the risk of the appraisal dropping $20k by waiting 30 days and flipping lenders, the way certain zip codes are declining. Also who knows what new DPA, MIP, approve/accept revisions, appraisal revisions or FICO mins they'll come out with in the next month.
In this mkt if you get a lender approval you run w it straight to the finish line like an Olympic sprinter.
|
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
