FHA Loan not endorsed in timely manner, what are options?
I closed my FHA loan on Feb 9, 2009. I've been trolling MND for a good couple of years, watching and waiting. I finally pulled the trigger and locked in at a 3.5% rate, with excellent closing costs. After the loan got back from the underwriters the numbers did not nearly add up (for me). MIP was completely off based on the scenario I had plotted out. Turns out my loan was not endorsed until June 26, 2009. This effectively makes my payments only slightly lower, but all around is a poor deal due to the UFMIP and annual MIP, and i wouldn't dream of adding 8.5k to my principal for a savings of 125 bps on the rate.
My understanding was that the originator had 50 days to get the loan to FHA for endorsement or it is considered late. I called FHA, and was given a friendly but unhelpful loop back to my Loan Officer, as they did not have information on why the endorsement was not submitted timely, and it was "unclear" what this meant for me. My LO is going to have his underwriter call FHA and try to get more info, but I wanted to check with this esteemed community and see if anyone had encountered something like this before, and what, if any options I might have.
Bossier City, LA