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how long does it take for FHA to assign a case number?

I filled out a an application with Wells Fargo to do a Streamline Refinance of my mortgage.  I received a good faith estimate on 03/12/2012, well in advance of the 04/09 increase of MIP rates.  I was just informed on 04/12 that Wells Fargo didn't obtain an FHA case number prior to the rate increase.  How long does it take to obtain a case number? When should have Wells Fargo requested this case number? Why did they wait so long, knowing the rates were going to increase?  The loan processor stated the "FHA computer took too long to process it", however I feel that he erroneously waited too long.  Please give me advice!
  • April 16 2012 - Toms River
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Answers (6)

Profile picture for hewittmoten

Why would a Mortgage Consultant (Wells Fargo) not be able to give you a pre-approval letter, and then take your file to undewriting, who has been waiting on a FHA case number for 5 days? Does this make sense?

  • June 20 2012
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I will have to admit it is very odd that you received a commitment letter from Wells and the case number was never assigned.  I would think that would have to be assigned prior to.  On top of that they still had 9 days to get the case number.  Sounds like they really drop the ball.  If someone can match the offer, I would jump and not let them gain the satisfaction of the loan and most certainly report them to FHA.
  • April 16 2012
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Profile picture for user737165

My loan application was signed and returned on March 12, 2012.  My existing loan closed March 30, 2010.  I have made all mortgage payments on time.  This are two of the exact emails I received from Wells Fargo. First one is from April 12th, which leads me to believe he didnt even ATTEMPT to get a case number until this date..

"I am writing to advise I am having an issue pulling a new FHA case #.  I am referring this issue to underwriting at this time"

"Unfortunately, due to the FHA website not processing the case number quick enough, we were unable to process the new case # in time before the rate increased.  We can no longer offer that same insurance premium which was offered on application.  I will copy your loan officer on this email to advise on your wishes for the rate.  I would understand if you wanted to withdraw the loan"

Is the second email i received, after i questioned about what took him so long to obtain a case number. I was advised on March 22nd that the loan was in underwriting.  And on March 29th I received a mortgage committment from Wells Fargo.  And now this.....

  • April 16 2012
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When did your existing loan close?
  • April 16 2012
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With proper information and data entry, it takes about 3-5 seconds to get assigned.    It is also necessary that the lender or sponsored originator have a fully executed loan application signed by the borrower on file before the request is made.
  • April 16 2012
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Complete BS.  At worst it may take a day to get it back.  Worse is that we knew for months tis hike was coming.  Problem is I do not know what you can really do about it.  Go up the ladder and see if you can at least get a credit for the increase in UFMIP that is beng charged.  The other option since youare alreadys screwed is to tae yur busness elsewhere. I am sure one of us can match what Wells is offering and you would no be rewarding them for lousy work.

  • April 16 2012
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