Thanks to our participating lenders, MFA’s Reservation/Compliance volume has increased to record highs.
Despite the increased volume, The Homeownership Department is currently holding to the three business day turn time of Compliance Files. Files are reviewed in the order, which they are received. Due to the increased volume, it is possible that turn times may exceed three days for a short period.
The turn times for clearing conditions after initial compliance review is currently:
- loans with five or more conditions will be cleared within two business days of receipt
- loans with less than five conditions will be cleared within one business day of receipt
Loans are reviewed and cleared in the order, which they are received.
We recognize that lenders may also be experiencing increased volume. Please exercise additional due diligence by reviewing all documents before submitting the file to MFA for review. An accurate and clean file submission will not only expedite the approval process but will ensure a timely closing.
Reference MFA’s Compliance Manual for the specifics related to Compliance File and Suspense Condition reviews. The Compliance Manual can be found on MFA’s website at http://www.housingnm.org/lenders_realtors/policies.
Thank you for participating in MFA’s program. Should you have any questions, please contact an MFA Homeownership Representative at 1-800-444-6880 or 505-843-6880.