Two weeks have passed and I'm still waiting for the e-mail.In the meantime, I started shopping around with other lenders.  

I would recommend a 'mixed bag' approach.

They want 25% down so I need to shop around.I'm looking to finance the down payment with a lender.

Okay Bigger Pockets friends, I recently purchased my ticket to the Fortune Builders 3 day work shop.

The latest thing that could of hurt me were the 3 inquiries b/w Dec and Feb (car shopping and new appt).

In my humble opinion you're better off spending money on personal swag (hats, shirts, pens, bags), etc.   

Don't expect even the best agents to work with you if you go into escrow and you are not ready to buy or are "shopping" for a mortgage or don't have your hard money lenders ready to go.

Also try to get pre-approved for your FHA loan before shopping for properties. 

Based on your question, I am assuming that you are looking at your local/regional bank, which means it will vary from bank to bank, so I would suggest shopping around to see if they can waive the recourse altogether or at least for non-managing partner(s).

I randomly plugged in a Bay Area zip code and $500k loan amount, from a random PMI company that I haven't shopped, and this came back:Break even on single premium PMI is $9200 / $170 / 12 = 4.5 years.