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What is an FHA Case Number
I still do not have the right answer on the question I have been asking what is an FHA case number. Why is it mortgage lenders make a big deal about transferring an FHA case number from one lender to another.
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4 Replies
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Here is a blog I just updated this morning about FHA case number and how it work in the mortgage process.
https://gustancho.com/fha-case-number/
gustancho.com
What is an FHA Case Number on FHA Home Loans
FHA Case Number is a unique 10-digit number assigned to a loan through Case Number Assignment on FHA Connection. The loan # is a case
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Another great place to pick up some knowledge…
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Let’s chat soon after the holidays
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A Federal Housing Administration Case Number is unique to a mortgage issued by the FHA. For a better understanding of how it operates, here is a brief context:
Definition: It allows for monitoring loan history. When a borrower takes a loan from FHA, a ten-digit case number is issued to facilitate this.
Tracking: It provides substantial mortgage loan tracking and record-keeping capabilities, whether the loan is being initiated or at final closing.
Purpose: While there are numerous reasons why an FHA case number is necessary, the following are the most important ones:
Loan Processing: It includes important information about the property or the borrower, which helps in applying for an FHA number during loan underwriting or processing.
Case Number Transfers: During the mortgage acquisition, if a borrower wishes to use a different lender, that lender must also include the FHA case number relevant to the borrower. The reasons for this are:
Continuity: If the borrower opts for another lender after the application is filled, the lender can assist with the approval as they will have the necessary information provided in the previous submission.
Loan Approval: The FHA must approve a new case number, which can only be given if the customer meets the specific requirements.
Keeping Track of Case Numbers: Loan applications are easily tracked and personalized by case numbers, and crossing over case numbers eliminates the trouble of assigning new ones for a single loan application.
Meeting Legal Requirements: The lenders must adhere to the FHA regulations, and the case number helps ensure structural compliance. This ensures that a particular record of the loan in question has been created and that the loan is insured under the FHA requirements.
For FHA loans, the case number is one of the most critical elements in the process, as it serves as a unique identifier that can be used to grant, accompany, or process the loan. The mortgage lenders emphasize it as one of the critical aspects, particularly while transferring it so that the procedure is seamless and FHA has met the appropriate prerequisites.
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This reply was modified 1 month ago by Bentley.
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This reply was modified 1 month ago by