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Wells Fargo CDMP Loan

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Anonymous
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Wells Fargo CDMP Loan

Has anyone applied for this loan? I am in the process and it seems to be taking forever. I was already pre-approved and signed a contract for a house. I then gave them the paperwork they needed for the loan a week ago and today when I called to ask about it the loan officer said I probably wouldn't hear if its approved for another 3 weeks. They also said that it takes longer to find a CDMP certified appraiser. Is the appraisal more strict for this loan? I don't feel like they care to answer my questions.

Message 1 of 5
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Anonymous
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Re: Wells Fargo CDMP Loan

What is the CDMP Loan? I've never heard of that..?

Message 2 of 5
Anonymous
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Re: Wells Fargo CDMP Loan

I should have wrote that CDMP stands for Community Development Mortgage Program. Here is a little info on it. 

 

http://www.coloradorealestatehomesource.com/realestateblog/2009/07/05/community-development-mortgage...

Message 3 of 5
StartingOver10
Moderator Emerita

Re: Wells Fargo CDMP Loan


@Anonymous wrote:

*CDMP


It's a Community Development Mortgage Program.

 

No, I'm not that familiar with them because in our area I *think* they are restricted to certain geographical areas. Maybe someone else knows about them.

Message 4 of 5
elsdog
Valued Member

Re: Wells Fargo CDMP Loan

I tried for CDMP and was denied because I had PAID collections of more than 500 dollars in the last two years. There are special appraisal guidelines they have to do. It was an entire month before I got my denial. I did get notification about 3 weeks in that I had to be sent to a higher level of underwriting because of the paid collections. I hope you have better luck, Wells process of underwriting is lengthy because once they run into an issue with your file they put it aside and start working on someone elses and yours get picked back up once they run into issues with other files so it is like they are juggling multiple files.

Message 5 of 5
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