This thread may get moved over to the mortgage section of the forums. Plenty of help over there.
@babbles wrote:My tenant of over 10 years now is trying to apply for a home loan through WF, not sure if that is the best lender they could have tried. They tried about 8 months ago but they were told at that time by WF they had some accounts to pay off and save some money which I am told they have done. They recently just re-applied in the last 2 weeks, how long should it take to get word back? The lady is frightened to call back since no one has communicated back to her in any form.
Big banks are a bit awkward when we're talking non-jumbo loans and a few other exceptions. WF is likely the worst from both customer and real estate professional opinions.
Suggest to her to find a different lender, 2 weeks after asking to pre-qualify is simply unconcionsable: should get a response next day at the latest and many can generate a pre-approval far faster than that if she qualifies, or at least tell her why she doesn't. Even many of the online correspondence lenders like Sebonic are actually really darned good in report after report I've read.
Can ask for recommendations in the mortgage forum based on where you live.
@babbles wrote:I concur that is pretty inconsiderate not to communite anything back to her. What other lender would you recommend to someone rebuilding their credit and probably lower scores?? First time home buyers as well. Someone from their credit department did call me 2 weeks ago for a rental reference. Thankyou.
If they're actually moving through the process it costs nothing for your tenant to call and ask; the LO should be more responsive than this but if they're checking references it's in flight somewhere.
The standard mortgage market is all about the score, then income / assets / debts for how much they can be approved for. Vast majority of lenders are pretty well standardized as a result of the way it's setup; did she at least get her scores from the mortgage application and if so what were they? Did she receive any documentation on what the loan terms were or anything else?
I'd ask over in the mortgage forum for lenders in your location if that's the route she chooses, but their doing rental verification without going through appraisal and other things sounds, well, suspect... not certain you're getting the full story somewhere, or WF is screwing the pooch awkwardly as well as badly.
@babbles wrote:she thinks her scores are now somewhere between 650 - 700. I am having them pull their report through annual credit report.com.
Ugh, thinks 
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If she can hit north of 650 she can get a mortgage if she can swing the downpayment / closing costs; 680 gives more options. This shoudn't be hard as really the only possible snag is on the appraisal and if she can swing the financials on the price you've agreed to.