What the heck???? This HAFA. I are waiting for final Investor approval. This is FNMAE, one loan. Sale Date moved to 10/24 and we seem to be moving along quickly..all good. Then yesterday I was told there was MI and that was the hold up. Homeowner confirmed again that there is no MI. I called again, and was told, "No, there is no MI on this loan. However, the Investor has to check with the MI Co. to see if they need a promisory note with this loan."
What???? Help me understand???
Tags:
Harry -- How has the implementation of that law prohibiting additioal compensation impacted short sale approvals in California?
I ask because I can see it having exactly the opposite effect of what was intended. Instead of saying, "well, I'd like to get something from the seller, but since the law says I can't, I guess I'll have to just approve the offer as written" ... don't lenders/investors/MI just say "well, since I can't get any more from the seller, I'll just decline the short sale"?
What's been actually happening on the ground?
Harry: I did bring that up immediately, but the woman that day did not know it and when she switched me to the "supervisor', the line went dead.
Bryant..I know that the Buyer didn't have to pay for it to be there, that's why we double checked to see if it was..there is NO MI. But..as of yesterday, Wells Fargo told me, "The Investor is having an MI Company do the underwriting to see if the numbers work for final approval." That made more sense to me, although I have never heard that before. He did not insist on the Promissory note as the woman had the day before. Once again, I am befuddled by how differently each person that picks up the phone can interpret the "notes on the file." I am told we are waiting for "Final Investor Approval." and I expect to hear any day.
Thank you all as always for your SMART and informative streams! SSS rocks!
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