FHA Closing Approvals & ATP's being delayed?
I have 2 FHA files cash purchases that are ready to close and have been trying to close to this date, I cannot get the final approval. Everything was and has been done in accordance to what they have asked. Its been over 6 weeks with one - and 3 weeks with the other. The story behind the first one was, it was overlooked, then the name had 1 incorrect letter - that took 10 days to get correct, now I'm waiting for the reissuance of the correct ATP so it can get signed, then I will have to get another HUD and submit to QC which that will take another 10 days. The story behind the 2nd one is that its been in QC for 7 days now and still no clue when it will come out - they have too many files to deal with since everything was moved from Tempe, AZ to Florida. Is anyone having same issues? Or am I the only one? I have gone up the ladder, but nothing.
Replies to This Discussion
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Permalink Reply by joe beauchamp on
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Yep, I see you are talking about BofA. Every FHA deal I have there is screwed into the ground. I have access to good escalation people. I ask them and others and I get this big black box called FHA. The SS rep is not allowed to ask for status unless the negotiator has done absolutely nothing for 20 business days. Is that a hint? I've asked if there is just a window into another company that does the FHA work because BofA seems to have no management in place when it comes to FHA. Months go by while I'm emailing them AND their managers and calling in and I usually finally get an email asking for documents that they have had for months.
Emailing the manager in most cases gets a single response from a negotiator - of no value like above - and that is it - no more after the 1 time. This seems so alien to the rest of BofA, I just have to wonder.
Very very frustrating. So, no, you aren't the only one..
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Permalink Reply by Jim Schneider on
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Just received an ATP on a BofA fha short sale today. I did have a delay in there for a while though.
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Permalink Reply by Michael Schneider on
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I had an FHA file that was delayed. It did get though. But, of course, this does not change the 88/86/84 net-proceeds rule. Nor does delay in getting the ATP, because the FHA was encouraging the seller to try to modify the loan first. So, of course, I had the offer in hand when the ATP was issued, but it's at 85%, not 88%.
Buyer to FHA: I offer $212,000 for the house.
FHA to Buyer: Sorry, no go. House appraised at $225,000, I need $217,000.
Buyer to FHA: Okay, how about if I pay $207,000 in 60 days, after you have lost an additional $2,500?
FHA to Buyer: That would be fine, thank you. We prefer to lose an additional $7,500.
The FHA is just so amazing stupid. You just cannot make this stuff up. No one would believe that this is a real scenario, not part of an episode of Tales from the Dark Side. And, the BofA negotiator knows this makes no sense.
But, sadly, it is real. This is the FHA at play with our money.
(Flor: When I truly feel that I have exhausted every avenue, and the handling of the file is outrageous, I escalate to senior management, and I mean SENIOR, not up the ladder, too much time to climb the rungs.)
Or try twitter, they are very good...Phil, Sheri...
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