How is an FHA case number assigned?
First of all, the case number is assigned to a loan through a processed simply called a case number assignment. The case number is requested by an FHA lender through a system called the FHA Connection. FHA Connection creates and stores a record for every single FHA loan.
What is the format of an FHA case number?
The FHA case number must be entered on the appraisal report in a 10-character format (three numeric digits, followed by a dash, and then followed by seven numeric digits; example: 123-4589034).
How do you get an FHA case number transfer?
At the request of a borrower, the case number is to be assigned to the new lender using the Case Transfer function in FHA Connection. The transferring lender is not entitled to a fee for the transfer of a streamline refinance case number, regardless of the stage of processing the loan is in.
What is an FHA assignment date?
• enter the FHA approved lender ID. in the field, and • enter date of Assignment Letter. Note: The date of Assignment Letter is the date that the transfer between lenders occurred.
What does 703 mean at the end of a FHA case number?
Many AMCs are being asked by lenders to have the ADP suffix code added to the FHA Case Number. If you are asked to add the ADP code (i.e. 703) to the case number, you will be able to do so until June 27, 2016.
How long does an FHA case number stay with a property?
6 monthsThe FHA Case Number is good for 6 months and then will be canceled if the loan has not been completed and closed. The Federal Housing Administration (FHA) can choose to change the upfront mortgage insurance and/or the monthly mortgage insurance but releasing a mortgagee letter.
How can I cancel a FHA case number assignment?
a. Request needs to be on company letter head showing the name of their company and contact information b. Include FHA Case Number c. In the body of the letter the lender needs to put the reason why they want the case number cancelled along with their active FHA Lender ID / 10 digit number.
Can I transfer my FHA loan to a new home?
These are the steps you will need to take: Apply with the new lender. Provide your new lender the required documents. Request in writing to your current lender to have your FHA case number be transferred to your new lender.
Does a new FHA case number require a new appraisal?
Generally speaking, FHA mortgages require a new appraisal for each new FHA loan case number. Once you have gotten an appraisal and the loan has closed, that appraisal is no longer valid for a new transaction.
Can a borrower have two FHA case numbers?
In general, a borrower may have only one FHA mortgage loan at one time.
Does assignment of mortgage mean foreclosure?
An assignment of mortgage gives the loan seller's rights under the mortgage, including the right to foreclose if the borrower doesn't make payments, to the new owner of the loan.
Can an FHA case number be reinstated?
Case Reinstatement Processing Case numbers that were automatic system cancellations will not be re-instated unless: The mortgagee provides evidence that the subject Mortgage closed prior to cancellation of the case number. Such evidence includes a Closing Disclosure or similar legal document.
Do I need a new case number for FHA refinance?
A2: When requesting a refinance authorization, you must make the request on the case number assigned to the streamline refinance case, not the previous case. Usually when a person receives this error they entered the case number for the previous case.
Does a new FHA case number require a new appraisal?
Generally speaking, FHA mortgages require a new appraisal for each new FHA loan case number. Once you have gotten an appraisal and the loan has closed, that appraisal is no longer valid for a new transaction.
What is a HUD ID number?
Unique 10-digit identifier assigned to the FHA loan by HUD.