It was a problem two years ago, but I received the certs for a ride we did in October in less than 90 days. Time before that it took nearly a year...
Not two years ago, it was last year and there are still a few people waiting. I don't know how long the wait time is now but I know that for a Trans Canada Gold ride that my S.O. and I submitted late last summer, we're still waiting. I don't think the extreme rides go through normal channels. I know that they were approved in November because Mike Kneebone emailed me to let me know.
But even with that, I'd never go anywhere but the IBA.