May 16, 2018 18-08
Increased volume and MFA Compliance turn times
Thanks to our participating lenders, MFA’s Reservation/Compliance volume has increased to new record highs.
Despite increased volume, The Homeownership Department is currently holding to the three business day turn time of Compliance File receipt to review times. Due to the increased volume, it is possible that turn times may exceed three days. 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
Due to the increased volume, it is possible that turn times for clearing conditions will exceed the outlined timeframes above.
Please allow additional time on MFA loans for review and closing. MFA will adhere to its current policies and procedures. Please be advised regarding the following:
- Loans are reviewed and cleared in the order, which they are received. MFA will no longer accept rush requests, no exceptions.
- Inquiries about a file in process must be limited to relevant changes. Staff will not respond to inquiries regarding review timeframes on a particular file. MFA assures you that we are working diligently to review everyone’s files as quickly as possible. Unnecessary inquires only delay the review workflow for all participating lenders.
How can participating lenders assist?
- 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.
- Please review suspense conditions thoroughly and completely prior to contacting MFA for clarification.MFA staff provides specific condition descriptions and expectations in the suspense letters.
Thank you for participating in MFA’s program. Should you have any questions, please contact an MFA Homeownership Representative.