Wells Fargo FHA underwriting process!

[misscammiej]

My loan processor called me Tuesday morning to talk to me, she told me everything looked great and didn't see any issues at all and was submitting it to underwriting! She also said they had a 4 day turn over. My appraisal was assigned to an appraiser on weds. I emailed her last night, and asked her how it was looking, she said that we should have an answer tomorrow weather we have a commitment to loan or something. I am so nervous!!! 

Seems like a rather fast UW process, compared to some in here.

[boomhower]

Wells has a pretty quick UW process. First time was a little less than a week. Completed the conditions and then another three days or so.

[misscammiej]

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@boomhower wrote:
Wells has a pretty quick UW process. First time was a little less than a week. Completed the conditions and then another three days or so.

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What kind of conditions did you have?

[foofighter74]

I think it depends on your location.  For some people - Wells Fargo drags on and on and on and on....I posted this elsewhere, but my boss said when they closed on their house a year or so ago, one of the lawyers at closing said it was a good thing they didn't finance through Wells Fargo because it would have taken another 2 to 3 weeks. They were so backed up with mortgage work that everyone was seeing huge delays in the process.

[misscammiej]

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@foofighter74 wrote:

I think it depends on your location.  For some people - Wells Fargo drags on and on and on and on....I posted this elsewhere, but my boss said when they closed on their house a year or so ago, one of the lawyers at closing said it was a good thing they didn't finance through Wells Fargo because it would have taken another 2 to 3 weeks. They were so backed up with mortgage work that everyone was seeing huge delays in the process.

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We are not set to close until July 1st, hopefully we will close on time. 

[foofighter74]

If the process has been quick for you so far, then there's no reason to think it won't continue to be.  I'm sure you'll be fine.

[misscammiej]

We have a 60 to close because of down payment assistance we are getting. Our contract went in on the 2nd, inspection done on the 8th, disclosures signed and sent in a TON of documents the 10th, processor called the 20th submitted the paperwork to UW, and said we should be done by today with UW. Then, the apprasial was ordered weds. Does that seem speedy, or normal? 

[foofighter74]

I guess it all depends on when you clear UW.  If it happens today, then it's probably faster than quite a few people using Wells Fargo have experienced!

[prince1969]

I am using Wells now and it has not been a positive experience. Underwriting took forever, they are super high volume. I believe they are the #1 mortgage lender in terms of volume and that is not always a good thing. Then once it was approved, they didn't order survey and then blamed me for it. The loan officer told me he would order it later early in the process and never did. Then he never admitted that it was his fault. It is just been one thing after another with them and often it doesn't make sense but that is cause your file sits in underwriting for long periods, they ask for a few conditions. You take care of them, then it sits in underwriting again for a long period until they get to it again.

It's either hit or miss with them. Seem positive reviews and negative as well.