One of the biggest complaints from Realtors today is that it seems to be taking forever to close a loan, especially the FHA mortgage loans. The average turn time to get a loan submission through underwriting is roughly 21 business days... only counting business days means that's a month!
One of the main reasons for the slower processing of FHA mortgage loan submissions is that too many mortgage brokers that only did subprime mortgages are trying to convert these loans to an FHA mortgage. FHA is not subprime, and while too many past buyers that could have gone FHA were sent to subprime (due to faster turn times and good pricing at the time), loan officers must realize that FHA mortgages are not the same as subprime.
With the sheer volume of "manually underwritten" FHA mortgage loans, lenders are simply getting overwhelmed. There are not enough underwriters to keep up with the submissions, and the ones they are hiring need to be trained.
So what's a Realtor to do?
Get to know who can really do FHA mortgages. Find a local lender that knows how to package a loan properly to get it looked at quickly. Even if it takes a little longer to get it into underwriting, a completed loan package will get clear to close quicker than a half-hearted attempt.
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For Charlotte FHA mortgage loans, give me a call. I know how to package a loan for fast approval and clearing to get your loans to the closing table fast. Of course, a mortgage loan that needs to be manually underwritten will still take a little longer, but with the attention to detail I bring to the table, you can rest assured that the deal will be submitted with the best possible chance of getting it closed.
Ed Nailor, Charlotte FHA Lender
704-651-8704 or visit carolinamortgageconnection.com
As a HUD approved FHA mortgage lender in Charlotte, Residential Mortgage Center can provide FHA loans, including FHA Secure and FHA Rehab loans, for home owners and home buyers in the Charlotte area (including Concord, Gastonia, Matthews, Monroe, Huntersville and Ft. Mill as well as all of North and South Carolina.)
Apply online for your Charlotte area FHA mortgage loan
or call 704-651-8704 for your free mortgage consultation.
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Ed, that is good advice!
I am getting some FHA appraisal requests and having to tell these new loan agents/brokers to be sure and get a case number. It is good to see more people getting involved with FHA and like other things there will be an adjustment period.
Alisa