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getagreatrate
32 Posts |
 Posted - 08/04/2008 : 8:43:22 PM
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| HUD got our FHA Title II package on 6/13. Still - no word, and ulp! they haven't even cashed our check yet! So we are 52 days and counting. What are you seeing guys? |
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ownerop
389 Posts |
Posted - 08/04/2008 : 9:13:36 PM
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quote:
Originally posted by getagreatrate
HUD got our FHA Title II package on 6/13. Still - no word, and ulp! they haven't even cashed our check yet! So we are 52 days and counting. What are you seeing guys?
I have heard 10 to 12 months because of the huge backlog in applications. I got approved back in 06 and it took 4 months. |
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getagreatrate
32 Posts |
Posted - 08/05/2008 : 06:29:55 AM
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Yeesh! Our sponsoring lender told us it was taking 45-60 days at the time we submitted, and I saw here where someone got theirs in 6 weeks back in early June after an April submission, so I'm still hopeful it'll be a lot sooner than 10-12 months!
Thanks Ownerop - Anyone had a more recent experience! |
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Bob H
300 Posts |
Posted - 08/05/2008 : 06:50:05 AM
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I would be concerned about them not cashing the check yet. Our check was cashed within a couple of days after they got it. We got approved in 6 weeks back in Sept/Oct. You may consider calling lender approval and see if they have logged your app into the mail room and put it in the queue.
They are busy but they can look you up in the system pretty quickly. |
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getagreatrate
32 Posts |
Posted - 08/05/2008 : 06:59:30 AM
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That's what I was thinking Bob H - didn't seem to be like Uncle Sam to NOT cash the check, so that's been my biggest concern as well. We are holding on by a thread here waiting on that approval, and it would just chap me to no end if the check was "lost in the mail". I'll call em today to see; was trying to be a team player and give em the whole 60 days before calling to rag on them, but now that I've heard that they DO cash the checks early on, I'm not going to wait.
RATS RATS RATS RATS. If we have to start over because of the check that could be a real problem for us. *HFS* |
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AtHomeMtg
37 Posts |
Posted - 08/05/2008 : 07:12:24 AM
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| We just received correspondence from HUD regarding our FHA license and were told that they are currently 6-8 weeks for approval, due to poor quality of application submissions. I would be more concerned at the fact they didn't cash your check! They cashed that within the first week of submission. Did you mail your check to the right place???? |
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getagreatrate
32 Posts |
Posted - 08/05/2008 : 08:11:46 AM
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| Our lender VA/FHA liaison department sent in our package and check. One would THINK they knew to send it to the right place, but then again... nothing like putting your future in someoe else's hands, who doesn't have the same level of ummmmm....urgency...or care. I will absolutely come unglued if the lender has done it wrong. Not that that will help me. I'll let you all know what HUD says. |
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getagreatrate
32 Posts |
Posted - 08/05/2008 : 7:42:57 PM
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Just by way of update, I spoke with our sponsoring lender today, and HUD had previously advised them that if an applicant hadn't gotten feedback after 45 days to contact HUD for an update. She said they were seeing approvals come through at a little over 8 weeks. Also learned they DID send the check to the PO box as expected AND included a copy of the check with the package, also a necessity. No way to verify HUD's receipt of the check, but she told me that the check being cashed - or not - wouldn't affect the submission/approval process of the package, but obviously payment is a part of the approval.
Another broker friend told me she had to provide a copy of their canceled check to HUD as a condition of their approval. We gotta be close. I'll keep you up to date. |
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jstoub1
461 Posts |
Posted - 08/05/2008 : 9:28:34 PM
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| Email HUD with your company name and Tax ID #. They will tell you when it was received. Mine was received 6/9, and yesterday they emailed me for a bit more info. But, my check was cashed in June. |
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getagreatrate
32 Posts |
Posted - 08/26/2008 : 5:56:09 PM
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Well, HUD reviewed our application 8/4 - we did get email notification on 8/5 in response to our email inquiry saying they had disapproved (their term) it, but NO detail. NONE. We got the letter on 8/8. We had submitted only 4 months of financials - and there is apparently a new (and as yet undocumented) requirement for 9 months financials for a going concern (a new shop just needs a balance sheet). They also called for a couple small changes to our LLC operating agreement. We had our CPA audit the additional 5 months, added the amendments and resubmitted 8/25. We were informed today that the clock starts over, our "appeal" (again, their term) puts us right back to the end of the line - NO expedited processing. She said they are working on some applications from early JULY.
Auuuuuuuuughhhhhhhhhhhhhhhhhhhh... |
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eboatdrink
10 Posts |
Posted - 08/27/2008 : 10:21:28 AM
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That is true. I received approval on 08/13 but was not notified. I found out via their website, and then my sponsoring lender.
My licensing attorney did notify me midway through the wait time that she was hearing of the 9 month rule. They did update their site in Mid July (but you have to look deep). We then rushed CPA to get revised financials out (cause we had 01/08 to 04/08). CPA went above and beyone and hand delivered them w/ cover letter explaining our case. (CPA located 80 miles outside of D.C.).
I hope you previal and I hope you can get your approval soon. Hang in there!!! |
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bgoss
3 Posts |
Posted - 08/27/2008 : 10:43:00 AM
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eboatdrink
Can you give me their website. We have not heard back either.
Thank you |
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getagreatrate
32 Posts |
Posted - 08/27/2008 : 11:18:22 AM
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Thanks eboatdrink.
I am so frustrated. So are you saying you got your revised financials in before they ever reviewed your file to begin with? That was a lucky break. Hey - are you an LLC by any chance? They had a question on ours that I'm looking to compare with someone else's operating agreement terms... thanks. |
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getagreatrate
32 Posts |
Posted - 09/13/2008 : 6:05:53 PM
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| Our approval was issued 9/8. We added the 10 year clause to our LLC agreement, covered succession and provided 9 months of financials and apparently that was sufficient. Now the 7 to 10 day wait for our FHA Connection ID and we're good to go. Whew! |
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hmarton
8 Posts |
Posted - 10/07/2008 : 12:24:46 PM
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quote:
Originally posted by getagreatrate
Our approval was issued 9/8. We added the 10 year clause to our LLC agreement, covered succession and provided 9 months of financials and apparently that was sufficient. Now the 7 to 10 day wait for our FHA Connection ID and we're good to go. Whew!
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hmarton
8 Posts |
Posted - 10/07/2008 : 12:26:04 PM
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I sent in our package and the check has been cashed but I am not clear where to go on line and check or call for status. If anyone has any suggestions, I would really apprecaite it.
Thank you,
Heather |
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hmarton
8 Posts |
Posted - 10/16/2008 : 10:00:25 AM
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Trying again! Anyone have any ideas where specifically to check for status on FHA broker approvals? Any ideas or suggestions would be appreciated.
Thank you,
Heather |
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getagreatrate
32 Posts |
Posted - 10/16/2008 : 12:30:53 PM
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You can ask for a status update by sending an email to fhalender@hud.gov. You will need to provide your company name, tax id number and the date your application was submitted.
Good luck Heather - Laurie |
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hmarton
8 Posts |
Posted - 10/16/2008 : 3:24:43 PM
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Laurie,
Thank you so much for your reply!
Heather |
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