Credit Card Center Advertiser Disclosure†
08-22-2012 04:02 PM
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!
08-22-2012 05:54 PM
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!
08-23-2012 08:53 PM
fingers crossed for you guys
08-24-2012 02:40 PM
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!
08-24-2012 03:38 PM
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.
08-24-2012 03:44 PM
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.
08-25-2012 07:46 AM
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!
08-25-2012 08:11 AM
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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.