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When a lender starts a FHA loan they must apply for a Case Number thru FHA.  Only one case number can be attached to a buyer and property.  Here is how a FHA case number can be an inconvenience to you and your clients:

 

  1. Your buyer applies with one bank/lender but decides to go with another.  The second lender must get the original case number transferred to them.  This can take one day to a week or longer, it depends on how friendly that previous lender is.  I dealt with a large bank that had a case number and took over a week to transfer it to us.  This is important to remember since it could delay your closing depending on how long it takes.
  2. Every property also has a FHA case number attached to it.  So if you have a listing and the buyer gets denied the property has a case number.  This is important since any future buyer of your lsiting will need to get that FHA case number transferred.  To make your life easier keep track of the lender contact on all your listings.  This will make life easier when the future buyer needs this information.
  3. Any time a FHA loan gets denied, the denial is attached to that case number.  In FHA Connection(FHA's website) there are comments provided by the FHA underwriter on why it was denied.  If your buyer goes to another lender to get approved, the new underwriter must prove how the previous underwriter was wrong or how the loan file has changed.  Meaning an aggressive underwriter can not just override the previous non aggressive underwriter. 

 

What seems like a small unimportant part of the lending process can actually give you a HUGE headache.  I hope you found this information helpful and please call me with any questions. 

 

 

 

David Krichmar 

Mortgage Banker/Broker

Moncor Mortgage Bank

Office:832-689-6012

David.Krichmar@gmail.com

www.DaveYourMortgageGuy.com

 

If you are looking for a mortgage in Fort Bend County, Harris County, Brazoria County or anywhere in Texas I am your GUY!


Posted by David Krichmar on July 23rd, 2010 11:48 AMPost a Comment (0)

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