05-10-2012 11:26 AM
Applied for a pre approval for a FHA home loan with Wells Fargo and was submitted to Manual underwriting 11 days ago!!! What is taking so long? Is this typical with Wells Fargo? I feel like Im on pins and needles. I gave them all the piles of paper work and supporting documents that they requested and still nothing yet. Not even a request for additional documentation etc. Called the LO from Wells 2 days ago and he said he had not heard anything from the underwriter yet. Seems like everything has been moving in slow motion since we originally applied April 13th. Took my LO 2 weeks to do the auto underwrite which we couldnt get an approval through bc of disputes. Now we are in limbo again waiting for a decision from manual underwriting. Has anyone else had this same experience with wait times with Wells Fargo? I need to know if I should get a better LO or switch banks.
05-23-2012 07:15 PM
We submited our original application through TOTAL (AUS) and received an accept/but must downgrade to manual underwriting for disputed items. this was on May 7th 2012. Then it took exactly two weeks to do three non traditional credit updates on my bureaus because we were missing 12months of traditional credit lines. Now we just went to underwriting on may 21st. I was told that manual underwriting would take approximately 8-14days. This was their current turn around time here in Central Florida.
Try to be patient, I know its not easy but your approval should be right around the corner
05-23-2012 08:37 PM
My LO suggested we apply 30 days (at least) before looking at a home, preferably 45 days, specifically to get through issues like this. I think your patience will pay off!
05-24-2012 10:05 AM
We filled out and signed all our paperwork on May 11th. The LO didn't send the file over til Monday, the 14th. We have heard absolutely nothing so far. Our's is a pre-approval too, for a USDA Loan. I called her on Tuesday to see if she had heard anything and she sounded like I was annoying her. She told me that once they submit everything, they aren't even told who the underwritter is that is assigned to our file and we should just wait. Easier said than done. I was hoping we would have an answer before the holiday weekend but that seems unlikely. I have talked to my HR supervisor, and no one has even called to verify my employment yet. Isn't that a part of this whole process? The LO originally told us it could take up to two weeks. Now she is saying that she said two week minimum, which she absolutely DID NOT say before! I am completely frustrated but at this point, if we try and go with another lender, we'll lose the money we gave to Wells Fargo. I'm sorry you're annoyed too creditobsessed, but glad I am not the only one this is happening to.
05-31-2012 08:46 AM
Creditobsessed just wondeing if you've heard anything? I still haven't and it's driving me crazy!!!! The longer it takes the more I'm thinking its a NO! Either way, I'd just like to know so I can go to plan B.
05-31-2012 09:19 AM
05-31-2012 10:01 AM
How did you find out it was with a higher-up? Our LO has told us nothing, and that once it leaves her hands she has no idea who its assigned to. Ours has been in underwritting for 18 days now! I called her last week and she seemed annoyed that I was even asking about it. IMO this is a crazy amount of time to make somebody wait.
05-31-2012 10:35 AM
I found out it went to a higher up via e-mail from my loan officer. I guess he can see what's going on with the file through FHA Connection.
I've got a seasoned 20 year LO who seems to be pretty profficient. We also communicate via text about twice a week. From what i've been reading out there your 18 days in underwriting sounds long, especially without a loan commitment with conditions. Usually when your in it that long I would think you would have to give additional documentation of some sort.
What Makes a Great LO;
05-31-2012 10:56 AM
M3jonny, the only communication we have had with the LO is when we initiate. We met with her on the 11th to sign paperwork and give her a check. She said she was submitting on Monday. I called her last week to see if she had any info and she acted and sounded like I was bothering her. She told me she isn't allowed to bug the underwriters. I just sent her an email now, telling her that we wanted a status updated of some sort. I don't know what else to do. But the waiting is horrible. We want to try and go with First Guaranty if we get denied from Wells Fargo but I was thinking we'd have an answer by now.
05-31-2012 11:46 AM - edited 05-31-2012 11:48 AM
We had to go to underwriting on our preapproval and it took 7 days to get our preapproval for an FHA.
I'm honestly quite frustrated with Wells and our LO. It takes days to get a response via email, I can never get him or the document specialist on the phone and when I do get responses, they're one liners that don't make me feel he is very knowledgable. Given the few minor difficulties we have to work through, I'm just finding it enormously stressful to work with them. I don't want to be one of those stories that can't close because something was mishandled.
I just got off of the phone with a mortgage banker in our area that was recommended by our realtor (her daughter used him) and we're going to see what he can do for us. He feels he can get us a preapproval by the end of the week and considering I have all our documents already pdf'ed and ready to go, we will be at the same stage with him as we are with Wells. We first apped with Wells 3.5 weeks ago.
I can already tell working with him is going to way easier and less stressful than Wells and if you can find a good mortgage banker (not broker, there's a difference), I'd recommend giving it a go.