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Discussion in 'Credit Talk' started by NanaC, Jun 18, 2001.
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Not sure Nana, I would think each loan would have their own number. Did you ask DON why he needed and secondly wouldn't he have that info?? I would guess I have a case number, but so far nobody has asked me about it??
Not sure if you visit the Fools Boards, but the home buying section would certainly answer your question
I will visit there...well, it was an email and he basically said that he was waiting for the FHA case number in order to confirm the appraisal...hmmm...I will go to the board..I've never been there.. Thanks for the tip!
The FHA Case # is just the number that FHA uses to track your application/approval etc. They track everything via that number- if you have to call them, they want the Case # (not your name)...Nothing major......
Thanks, hurricane..that is what I suspected!
Don't worry, that's just their reference number (kinda like a FedEx number).
It'll get issued pretty quickly.
Thanks, Hope!! We got word the appraisal was ordered so you were right!
We got our insurance for the house yesterday from GEICO..it was really exciting..I noticed that there was a loan number for the mortgagee..that also was cool! It may not mean anything but a reference number but it still thrilled me..ROFL
Yep! You'll see that loan number again and again as it will be printed on your monthly payment coupons which you'll received shortly after you close.
Good for you, Nana!
Hope...LOL..you made me smile!! It's dumb that I'm this excited over a loan, huh?? Oh, boy, I'm in debt! AHAHAH
But, it made it seem real..
Hey, Hope, I have a question for you..
What happens during the weeks before closing? I mean, we applied, etc..picked a house, have inspection,and now getting appraisal..what do the brokers have to do on the property during the next 2 weeks until closing? I'm just curious what goes into their end of the mortgage..thanks!
Right about now, the mortgage broker is bundling your loan with hundreds of other similar ones to be presented to the secondary market. You see, FHA buys "lots" of mortgages, not just one at a time.
So included in the "package" that's sold will be your loan and many others to be serviced.
The broker is also probably distributing your appraisal for review and also reviewing it him/herself to make certain FHA's investment will be protected by the value of the property.
S/he's distributing you loan documents to FHA's attorneys who will in turn draw up your closing documents. These will likely be delivered to your Title company, or escrow officers/lawyers via electronic systems. (In the old days, the documents were couriered, faxed or FedExed to the title company. Occassionally it still is.)
The attorneys will then issue the written instructions to the closer, (title company, escrow officers/attorneys) telling them how to close the loan. That is what things they must make certain occur at or before the closing table. These include things like:
1) Make certain the buyer has obtained 1 year's homeowners insurance and provides proof (this could be simply the insurance "binder".)
2) Collect $x,xxx.xx from the buyer for closing costs and "prepaids" (for your future property taxes and insurance.)
3) Distribute various funds as follows... etc.
4) Get "wet ink" signatures on all loan docs and the loan application (yes, you'll be shown a neat computer-generated loan app to sign again. Lenders like to have it typed.)
If you haven't been told already, remember to bring:
a) government-issued photo id (driver's license, passport, etc.)
b) your checkbook. If there's a discrepancy in the amount of the cashier's check you will be told to bring, you are allowed to make up the difference with a personal check so long as it's under $1,000.)
c) Call the closers and tell them how you want the title to the property to be held, (Jane and Jerry Smith, Joint tenancy with right of survivorship, etc.) They'll also need you SSN's.
Wow, that was great, Hope!!! Thank you! How informative. It explains why my broker said he had to hustle to get it all done by the 29th when we found a house last weekend.
Is there an average length of time to get all this accomplished??
Average length of time varies. In my neck of the woods -- Dallas, Texas -- it's about 30 days from the time you contract your house to the day you close. I'm told that's pretty fast for the industry.
In other parts of the country -- New Jersey and New York come to mind -- average time is more like 90 days.
On a conventional loan, they can turn it in as fast as 48 hours, no matter what!