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Profile picture for acar.soner

Bank approved the loan and now they say they have to send if to FHA to get approved. Does FHA

We just heard back that our loan has finally been approved today with wells fargo. We have done all the inspections and were approved with the underwriters. Now they say they have to send it off the FHA for approval. I am unaware of FHA having to approve the loan and will they deny me if Wells Fargo approved me?
  • August 19 2013 - Jacksonville
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Answers (11)

Profile picture for CallTheSisters
There is more than one time the loan goes to underwriting for approval.

It sounds like the package is being submitted for final clear to close.  That usually happens around a week or two before closing.  It is normal.

FHA does not review it but an FHA underwriter does.
  • September 15 2013
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  • September 14 2013
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  • September 10 2013
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Profile picture for adamsilk
Sounds like a miscommunication. I think what your LO is meaning to say is that they're checking it again FHA's guidelines again. When they do this, it usually results in stipulations or conditions that need to be satisfied. Basically verifications of deposits, another W2 from work, etc.
  • August 21 2013
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Wells is a delegated underwriter, which means they can approve your loan and they don't have to have approval from FHA to close your loan.  If there is something about your loan that is making Wells uneasy, they might want FHA to look at it to make sure it will not be an issue when they send the loan to be insured.
  • August 20 2013
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Profile picture for mymortgagebrokerjoe
FHA does not approve the loans that Wells Fargo originates, they just insure them. I would ask the originator you are working with at Wells Fargo for more details. How far into the loan origination process are you? When did you make formal application with the lender? (When did you sign and date the loan application?) I have heard that Wells Fargo takes longer than other lenders to approve a loan, but I have never heard of Wells sending a loan off to FHA for approval. Is there anything unique about your loan that would require an additional review?
  • August 19 2013
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Profile picture for CA Direct Lending
Your lender should be able to explain simply and clearly the status of your loan at any point in time.  If it sounds like BS, it is.  Compliance departments regulate a lender's actions.  They do not approve loans or any part of them.  They do not deal with borrowers or their files. 
  • August 19 2013
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Profile picture for acar.soner
No, turns out they just said some kind of compliance dept. Not sure what that is still. Just buying a normal house. :p
  • August 19 2013
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Is it a condo?
  • August 19 2013
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Profile picture for cassandraevers
Maybe it's final underwritten approval your lender means? Because yeah, there is no 'FHA approval' per se.
  • August 19 2013
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Profile picture for CA Direct Lending
Wells Fargo or any lender for that matter does not need to send your loan to FHA for approval.  That is ridiculous. Actually, it's just an outright lie.  I would talk to this idiot's manager and find out the real story about your loan. 
  • August 19 2013
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