Mortgage Loans

[shenny07]

Hi all - this is my first post here, had a questions about the wells fargo pre approval process....

Loan Officer pulled out credit scores mid  score for my husband and I 662 and 673, she said the scores were good, and she put the load thru their computerized decision engine but said don't go shopping yet it had to go thru underwriting first for them to give their blessing. She sent me loan documents to sign for a generic address and a loan amount of 200k. Signed and emailed back last Thursday.....havent heard a word....

How long does it normally take? Any ideas? Did everyone else have to sign preliminary documents before getting the pre approval?

My realtor wont even let us start looking until we have the pre approval. If I had it to do all over again I would have chosen a different Realtor and Lender neither have been particularly helpful. The loan officer waited 8 days after telling me the scores were good before sending me the loan documents to sign and flat out said she got busy and forgot.....The suspense is killing me my whole life is on hold trying, credit repair/house hunting is a full time hobby these days.

Thanks for your help.

Hope everyone else home buying goes smoothly!

[phumanr]

I will keep my fingers crossed for you....I have bought a few homes in the past, but after this situation, I have been so stressed in anticipation.

[phumanr]

Hello...Wells Fargo sent me through the identifcal process last Thursday (8/16). Did the credit application...mid score ok, then sent the electronic application and FHA doc for signature. I sent them both back last Thursday evening and she said I should hear from UW by tomorrow or Friday. I absolutely hate this process! my job is about to transfer me and I need a home loan.

I hope you get your approval!

[shenny07]

I hope you get yours as well!!

My realtor talked to the LO today, she said she she should hear something by the first of next week....praying hard :-)

[luckelle]

fingers crossed for you guys

[Chbraswell]

Hey Shenny,

For my pre approval I had one done by Chase that was done over the phone and another done by Wells that my friend took a few days to complete.  Only because she was backed up.  Honestly, it sounds like they are underwriting your loan, maybe doing a purchase without property which is basically underwriting you for the money first befor you buy the home which can make it easier.  That's what I am thinking, but yes credit repair and househunting was my hobby all day!! Good Luck to you!

[Chbraswell]

So today my LO called me and asked for all the documents needed and submitted the loan to the underwriter with a rate of %3.7 yay!!!  So i have to call and give my payment on tuesday for my appraisal and hopefully be completed by my scheduled closing date of 9/27.

[phumanr]

That's excellent news for you! It looks like you are on your way. It has been a week now, with no communications for me. I have left a couple of voicemails and emails to my Mortgage Consultant, but no return updates. I received my credit score in the mail along with my GFE and orginal applications.

Are they so busy that they can't communicate or do they get tired of not being able to give updates with customers? I would like to know, even if it is denied.

Bummer!!

[Chbraswell]

well if you got your GFE you should be in the u/w phase for sure! My realtor said that this is the coasting phase where you just have to be patient while everyone is doing their thing on the back end.  My plan of action is to emails weekly with requests for updates!

[phumanr]

Thank you....I don't know what I would do without this forum to vent! This is a really helpful community. I will cross my fingers and hope that I get an update by the end of next week....week #2.