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FHA Finances More Purchases Than Fannie and Freddie COMBINED
Eventually, the excessively high loan limits that FHA permits in high cost areas will subside, slowly but surely, which will incourage more privatized residential financing.  With that comes less compliance/documentation/paperwork. 
Clearly, a lot of those things are necessary to prevent a totally toxic portfolio, but the private sector is a little less militant when it comes to crossed T's and dotted I's.  Anyone in the business now knows that some of the most minute issues can hold a loan up for weeks.
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FHA Home-Financing Volume Sign of ‘Very Sick System' (Update2)
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By Jody Shenn and John Gittelsohn
May 24 (Bloomberg) -- Loans guaranteed by the Federal Housing Administration, the U.S.-owned mortgage insurer, may be involved in more home-purchase transactions than borrowing financed by Fannie Mae and Freddie Mac.
FHA lending last quarter may have topped the combined volume of government-supported Fannie Mae and Freddie Mac in a home-lending market that's still a "government-financed market," David Stevens, the agency's head, said today at a conference in New York, citing research by consultant Potomac Partners.
"This is a market purely on life support, sustained by the federal government," he said ... more

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