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Contributor
adonis2011
Posts: 84
Registered: ‎04-03-2012

Underwriting Wells Fargo

We are having our file reviewed with Wells Fargo for a VA loan. We were asked to provide explanation for previous inquires on our report... Which were all mortgage pulls. Is this standard underwriting ? Anyone experience this?
New Contributor
r1lukasz
Posts: 63
Registered: ‎01-29-2012

Re: Underwriting Wells Fargo

they ask me too and its for fha , I have 3 before they pull credit at WF

Regular Contributor
jnkp2001
Posts: 135
Registered: ‎01-04-2012

Re: Underwriting Wells Fargo

We went with Veterans United and they never questioned one inquiry.  And I have 13 inqs this year.:smileysurprised::smileyvery-happy:

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

May your limits be high and your balances low!

Frequent Contributor
seigex
Posts: 425
Registered: ‎05-16-2012

Re: Underwriting Wells Fargo

Letters of explanation for inquiries is pretty common.. probably within their rules to ask for LOE for every inquiry within 12 months regardless of what they think it's for. I'll find out tomorrow if I have the same condition as I have quite a few.

Lender Pull (11/3/12) FICO EX: 740 EQ: 680 TU: 702

NFCU VISA $17.5k / USAA AMEX $6k / USAA AMEX $4k / USAA VISA $4k / CHASE FREEDOM $3k / Capital One $500
Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: Underwriting Wells Fargo


adonis2011 wrote:
We are having our file reviewed with Wells Fargo for a VA loan. We were asked to provide explanation for previous inquires on our report... Which were all mortgage pulls. Is this standard underwriting ? Anyone experience this?

This is perfectly normal.   I was writing Letters explaining the company's own pulls!!


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