Boy - issues abound today! I just received this via Equator on one of my FHA files. Has anyone seen this and/or know what it means because Chase certainly couldn't explain it to me!
ADVZD AGENT INFORMATION PER NOTES ON 09/25/2013 TO THE HOMEOWNER loan is pending to be reassigned to a bank owned rep as this is a repurchased loan.
Sounds like they have sold or reassigned the loan to another institution.
I Recently had an B of A , FHA that was sent to Selene Finance, all the rules changed and we had an approval in 10 days.
Now we can not close because the new loan is a USDA. Just another extension and if all hang in it will close.
Yes. FHA is no longer the investor. Fun times! Might make it easier in the end, but always fun to have a change mid-stream.
Tracie, a repurchased loan is typically a loan that the investor has forced the originating lender to take back because it was somehow defective. Every servicer has their own jargon to a certain degree and, heaven knows, half the people putting notes in the system can barely string three words together to make a coherent sentence but since the note talks about reassignment to a "bank owned rep" I would interpret that to mean that the servicer you're dealing with now owns the loan.
Have you found out what the scoop is yet?