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Contributor
Posts: 91
Registered: ‎02-02-2010
0

Can I do anything about my awful lender?

I contacted someone at a local Wells Fargo for an FHA loan. She pulled my credit and then basically just stopped communicating. She said she would work on the preapproval..then went silent for a week. I chased her down and she said she was waiting on my info (w2's, paystubs, etc.). She had never told me she needed anything, she just went silent. So I sent everything and she went silent for a week. I pestered her, and  then she emailed me to say she was "a bit behind" and that she would email me that day. She never did. I emailed her again, and never got a response. I've wasted weeks with her. I'm not working with another lender, but I'm scared. She pulled my credit almost a month ago. Now I'm probably going to have 2 inq instead of one (because it'll be past the 45 day window) and my score will be hurt. And I can't afford to lose ANY points.

 

Is there any way to get that inq removed?? WWYD if you were me? Just ignore or complain?

Blogger
Posts: 2,876
Registered: ‎02-02-2012
0

Re: Can I do anything about my awful lender?

Complain.


She's not doing her job.

Even if you have to speak to her immediate supervisor. You are trying to give this place business and they are just ignoring you?

No. You complain. Being a "bit behind" is not a feasible excuse.

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New Contributor
Posts: 72
Registered: ‎06-02-2011
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Re: Can I do anything about my awful lender?

I haven't started the process yet, so I don't have as bad a story as you.  However, I know I will not be using Wells Fargo when I do start the process.  I contacted Wells Fargo a few weeks ago, just to ask some questions because I'm trying to find a lender.  They had some guy call me back that didn't even know about their programs, didn't know the minimum score they required.  It was basically a waste of time.  He said that a consultant would call me back, but I haven't heard anything yet.  That sealed it for me.  This is too big an investment for you to even deal with that.


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Member
Posts: 18
Registered: ‎06-30-2011
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Re: Can I do anything about my awful lender?

I had a similar experience with Wells Fargo but it was for a VA loan. Our LO ignored our phone calls, emails, and messages. We only spoke to him once throughout the whole month. The lack of communication and things not getting done like they said it would made us  look elsewhere. We didn't want to waste anymore time with them. The way I look at it is if it's like this now than it might be like this throughout the the whole process. So not worth the stress. There are many other great lenders out there. I did a week of researching before I found the right lender and I am glad I did. I recall having the same concern about another inquirie on our credit report and it hurting our score and our current lender said that it should not because we are shopping around for a mortgage and the credit bureaus know that as well. All I did was wrote a LOE to the UW explaining the inquiries; shopping for mortgage. We had a total of three lenders pull our credit report within a 45 day time frame and our scores remained the same. Hope that helps and good luck!

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Contributor
Posts: 77
Registered: ‎06-08-2010
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Re: Can I do anything about my awful lender?

I agree! I would complain and ask for someone else to work on your loan application. No one is way too busy to just reach out with a simple email response. My LO is the Manager for the Region and has plenty of clients; but he is always readily available. If I call or email him he responds within an hour to me. That's inexcusable and you need to talk with the bank manager or supervisor.

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New Contributor
Posts: 57
Registered: ‎02-22-2012
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Re: Can I do anything about my awful lender?

I would recommend that you  get a different lender or at least complain to the manager and get a different loan officer. I contacted my loan officer late in the day a week ago Monday. He took down all of my information and even called back for some items that he forgot to ask about. He stayed till 7 pm getting our application squared away. Tuesday morning, he sent us the good faith estimate and the request to obtain an appraisal. The appraisal was scheduled for the next week on Monday. Last Friday, he called about a problem that cropped up with my credit report. One credit bureau (Transunion) had incorrectly coded one of my counts as a negative. Both of the other credit bureaus were fine and even my husband'sTransunion was fine even though it was a joint account. He got my approval to help get the information to correct the problem and then did a rapid rescore. He called today - the appraisal is done, the rescore is done and our file is going to the underwriter. Even with the credit rescore snafu, our file was processed in less than two weeks.

 

Since you can't even get your loan officer to respond to you in that amount of time, I don't think it will get any better. I would definitely find another lender sooner rather than later.

Contributor
Posts: 91
Registered: ‎02-02-2010
0

Re: Can I do anything about my awful lender?

I've found another lender, and I'm happy with how she is working with me. (She did a Rapid Rescore for me on Monday, so we're a bit stalled right now until that's completed. But I'm happy with how she's responded to emails, etc.)

 

I'm just so frustrated with how I was treated and how much time I wasted. Wanted to be sure that I wasn't overreacting by contacting her "boss".

Regular Contributor
Posts: 233
Registered: ‎02-02-2012
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Re: Can I do anything about my awful lender?

Where is your lender? What city I mean?

Valued Contributor
Posts: 2,669
Registered: ‎04-25-2011
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Re: Can I do anything about my awful lender?


Juniper117 wrote:

I contacted someone at a local Wells Fargo for an FHA loan. She pulled my credit and then basically just stopped communicating. She said she would work on the preapproval..then went silent for a week. I chased her down and she said she was waiting on my info (w2's, paystubs, etc.). She had never told me she needed anything, she just went silent. So I sent everything and she went silent for a week. I pestered her, and  then she emailed me to say she was "a bit behind" and that she would email me that day. She never did. I emailed her again, and never got a response. I've wasted weeks with her. I'm not working with another lender, but I'm scared. She pulled my credit almost a month ago. Now I'm probably going to have 2 inq instead of one (because it'll be past the 45 day window) and my score will be hurt. And I can't afford to lose ANY points.

 

Is there any way to get that inq removed?? WWYD if you were me? Just ignore or complain?



From a credit standpoint, you agreed and approved the INQ so you cannot have it removed, unless you GW it, but that doesn't really work too well and could place a fraud alert on your report.

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Moderator
Posts: 8,515
Registered: ‎03-06-2010
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Re: Can I do anything about my awful lender?

[ Edited ]

However it is perfectly fine to shop lenders so don't worry about the INQ especially if you are within 30 to 45 days. It is far better to change lenders now then when you are in the process. Completing a mortgage with a bad lender is very stressful - much more so than with a lender that knows what they are doing. The process is night and day.

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