Really? Never going to believe this....

[Anonymous]

My LO from Wells called me today because I had some questions about DPA program here.  We went through the whole scenario of being approved and being in a Chapter 13 and everything, this wasn't new information for him - I have been talking to him for 2 months.  First, he knew very little about FHA and BK.  Second, he actually said to me: wow, this sounds like it's going to be hard and I have a stack of files on my desk of people who aren't going to be hard, why don't you call (insert other bank name here). 

I called the other bank, got a great guy.  What he didn't know, I did (he even asked me if I wanted a job LOL).  Said he would run credit and issue the preapproval so we could get the DP funds reserved before 8/1. 

[HopefulGardner]

What in the world?! Just like I said with the branch over here though the woman was completely clueless about the simplest of things! So the other bank I'm not understanding if he was clueless as well, you said he was a great guy but them the sentences following can't tell if it's regarding the former or the latter.
Good Luck though, keep updating!

[Anonymous]

The guy at the other bank did know about FHA and BK.  That wasn't the issue with him.  What I was wanting to do is get the preapproval, find the house and reserve the DPA program money then before the appraisal, take all my info to the trustee to get their approval (that takes 14 days).  Since without their blessing I can't do anything.  He was totally fine with all that.  The other guy said 5 weeks just for the preapproval and he said the DPA program wouldn't touch me in a BK which wasn't true, I called them and the lady said we go by straight credit score - don't care about anything else.  I emailed the guy at Wells and said just in case you have another difficult client in the future, DPA goes by score only.  I had a bad feeling about him anyway so I'm glad I switched.

[HopefulGardner]

Lol I love that you called him back with and FYI! This and my case truly confuses me, it seems as though their LO's are not very trained but pretty much pencil pushers that pass the file to UW....

[StartingOver10]

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@HopefulGardner wrote:
Lol I love that you called him back with and FYI! This and my case truly confuses me, it seems as though their LO's are not very trained but pretty much pencil pushers that pass the file to UW....

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Exactly right. Wells Fargo and some of the big box banks (BOA for example) have moved to a different cheaper model for loan applications. Rather than have truly qualified, experienced loan officers they now have application takers with minimal training. This creates a long delay because the LO doesn't really know what they are doing, just like the original poster showed in this thread. This type of model is apparently cheaper for Wells Fargo because they don't have to pay the application takers much or train them at all....but it frustrates the heck out of the applicant AND everyone else involved in the transaction. I just had one that Wells Fargo gave a written pre-approval on one of my deals that wasn't worth the paper it was written on because the loan officer never collected the documents from the buyer! (I had the seller and another agent had the buyer) and because of the pre-approval we ended up throwing away 9 weeks on a short sale for which the buyer couldn't actually qualify.

Sorry. Off soap box. If your loan officer doesn't ask for all of your documentation right up front - run away from him and find someone that knows what they are doing.

OP, I'm glad you got someone now that sounds knowledgeable. It will make your purchase run much more smoothly. It is probably a good thing the original LO recognized he couldn't handle your deal. It would have been much worse if he tried to do it and failed because your deal is over his head.

[Anonymous]

You know, I wouldn't generally be so snide as to email him later but I felt that he was really insulting to me.  It's not like we were just dying to file BK - my husband was out of work for a year in 2009.  I don't know, he just seemed really uninterested and was looking for any chance he had to jump.  I thought you had to actually work for a living but evidently if it looks too hard just push it off on someone else. 

[scmami]

Wow. I'm so glad you found a better bank to deal with! Knowing myself I would have sent a nicenasty email with the info you provided as well. What a jerk.

[webhopper]

I had this issue earlier this year. I got 4 pre approvals earlier this year and then went under.contract for the house. One of the pre approvals was with a local bank. They totally fell through and pulled my.credit twice. Then I'm stuck right; so I start working with another guy. I went through 4 lenders.... before I found someone who was willing to work on my complicated file. Main issue was with santander reporting a CO happening in 2010 when I a) never had an account with them and b) settled original account in full in 2009 with citi auto.

The other two things were a business that I sold out of in 2011 and I already had a home that I wasn't selling (its a duplex and ive used it for rental income since 2008 and report income on taxes)

[webhopper]

If not for the guy that took up the fight I would still not have a house. He fought hard for me!

[HopefulGardner]

StartingOver,

Now the incompetence all makes sense. I can't see how that would be a better business model, they just lost two customer, tylersmom and myself, solely because of the lack of training. The branch I went into had a few slogans on the walls about their success with customers issue to courtesy and knowledge! Lol