Comment

Comment by Kevin - Greenville, SC on December 1, 2011 at 6:45am

I definitely want to know if The NSC will approve that variance as well (along with the push back you'll probably get from Wells Fargo to even agree to request)... I would almost bet a no on that one, but from my own personal experience with variance requests as of late I do think HUD is getting more liberal with them.

Comment by Michael Schneider on December 1, 2011 at 6:40am

The FHA comes up with this stuff.  It's in the FHA guidelines that the seller must be 30+ DPD a time of closing, but interpreted by most (all?) Servicers as at time of approval.

Just one of quite a number of misguided FHA policies that can be found in ML 08-43, whose effect is to increase the loss to the FHA insurance fund, thereby increasing the size of the likely bailout.

You can try asking for a variance on this.  Let's us know if it's approved.

Comment by J. Michael Boulter on December 1, 2011 at 6:30am

Here's a classic one from Wells Fargo. Seller is being required to relocate due to his job in law enforcement not for financial reasons. We have our ATP letter, which was approved based on job relocation not financial basis. Our buyers offer was accepted this morning by Wells Fargo. But we are not being allowed to proceed to closing due to seller making a payment yesterday. They're telling me loan is now current and we have to be delinquent to proceed. Who comes up with this stuff!

Comment by Victoria Frieberg on November 25, 2011 at 1:18pm

Yes, all retention efforts were exhausted.  We changed set up people twice, negotiators theree times, and I was with the executive office teams twice also, as they contacted the negotiator, only to have that person change again. Very frustrating, and I was wondering if it was just circumventing us until an offer came in.  Will never know.

 

Comment by Kevin - Greenville, SC on November 25, 2011 at 7:15am

@Victoria - Wells Fargo should not have waited until there is an offer for an FHA PFS review and the issuance of an ATP, provided all retention efforts had been exhausted.

 

Comment by Victoria Frieberg on November 24, 2011 at 3:08pm

the last one I started at Wells, they held it all until there was an offer.  Not an issue of the agent (me)  not starting it, they just would not do anything toward the atp until it had an offer.  very frustrating.  I started a new one this week, and the appraisal  is ordered, set up is finished ..customer service thanked me for being so thorough and responsive, and told me they will get in touch after the bpo has been reviewed.  I don't understand why the difference, unless this one stalls on the way to the atp also, after the appraisal.  Started a Fannie also this week, they told me they would not review until an offer comes in, did not care about the financials, the taxes, hardship..and would discard until an offer came in. They would hold the 3rd party authorization.

Comment by Pam Graham on November 24, 2011 at 1:58pm

Kevin,

The listing agent didn't do anything ahead of time, so we are starting everything from scratch. I wonder how long it will take starting from the beginning?

Comment by Kevin - Greenville, SC on November 23, 2011 at 7:39am

Pam,  If you have an Approval to Participate it's 5 working days.

Comment by Pam Graham on November 23, 2011 at 7:34am

So, I have an accepted contract for a buyer on a FHA with BOA. The listing agent and title company never did anything to start the process, the house has been on the market for over a 100 days. What is typically the time it will take for approval now since they didn't start it at the time of taking the listing?

Comment by Paola Martinsen on November 16, 2011 at 5:51am

Ben, here is a copy of the FHA allowable expenses.PFS%20Fees.pdf

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