Wells Fargo Mortgage?

[Anonymous]

My plan was to put in a mortgage application with Wells Fargo in March/April however now I'm questioning that decision after doing some searching in this subforum.  It seems that WF has a history of denying people for FHA loans in my same credit score range.  On the other forums people have mentioned going with a mortgage broker instead.

I had two questions - the posts that I read this of were old (1-2+ years) is WF still this difficult to work with?  And secondly how do I go about finding a good mortgage broker?

I was going to go with WF because I've been a WF customer since 2006 and the company I work for also uses WF.  I've been a happy WF customer so I figured I'd just go with them for a mortgage.

[frugalQ]

Myfico forum's "resident realtor", StartingOver10, recommends everyone stay away from WF.

[mynameainttracy]

We are using Wells Fargo. We didn't want to, and quite frankly, based on what I see all over this forum about them I was scared to death at first. BUT...our builder uses them and so we are giving them a shot. The process has been flawless and I am in contact with my LO or her assistant almost daily. 

I really am hoping that  I don't come back to this forum in 2 months (we are supposed to close on 4/2) calling them every bad word in the book.

[bdhu2001]

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@Anonymous wrote:

My plan was to put in a mortgage application with Wells Fargo in March/April however now I'm questioning that decision after doing some searching in this subforum.  It seems that WF has a history of denying people for FHA loans in my same credit score range.  On the other forums people have mentioned going with a mortgage broker instead.

I had two questions - the posts that I read this of were old (1-2+ years) is WF still this difficult to work with?  And secondly how do I go about finding a good mortgage broker?

I was going to go with WF because I've been a WF customer since 2006 and the company I work for also uses WF.  I've been a happy WF customer so I figured I'd just go with them for a mortgage.

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When I was house hunting, the real estate agent I was working with said that sellers stopped accepting offers from people who had Pre-approvals from WF, because the buyers loans kept falling through.  In other words many people got pre-approvals, but couldn't actually get the loan from WF.

I'd also like to remind you that your classic score isn't your mortgage score.  You may want to pull your EQ and EX score on here so that you can discover what your mortgage score is.  I don't know what your current credit situation is, but use the simulator to see how you can improve your score while you search for a mortgage broker and save more toward your down payment (don't forget you'll also need the funds for your closing house).

[StartingOver10]

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@frugalQ wrote:

Myfico forum's "resident realtor", StartingOver10, recommends everyone stay away from WF.

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Yes, that's true.

It isn't the pre-approval that is hard because they will pre-approve with abandon - never checking documents (tax returns, w-2s or 1099's, bank statements etc). It is the actual closing. Here in my area there is a huge fall out rate from pre-approval to closing. What happens is the file gets to underwriting where someone actually looks at the documents and then WF can't close.

Naturally this is not every loan. Some loan officers are excellent - but it is rare with the big box banks because as a general rule the banks have severely limited the hiring of experienced loan officers.

If your builder has a relationship with a good LO at Wells Fargo, then it is likely that the builder would choose a good LO for his buyer clients. The builder wants to close too. No one wants to go through the approval process to only be turned down days before closing. It wasn't always this way with the big box banks, but it became more common after the mortgage meltdown in 2008. Also, right now, the big box banks are much more conservative than most of the regular mortgage lenders. Very conservative. So if you have been turned down by Wells or Chase or BOA at the last minute - don't lose hope. It is most likely due to a lender overlay.

For the most part, if you are looking to have a smooth experience and actually close -use a correspondent lender (mortgage banker). They originate and fund their own loans. Go to someone that only does mortgages - not someone that is also a bank teller or does mortgages along with 10 other things.  All of this is my opinion based on my experience working with buyers and lenders for many years.

[Anonymous]

I know. ALot of people on here are saying Wells Fargo isn't a great bank to go through but my experience so far has been great. My loan officer has followed up within hours of emails to him and often within minutes.  

Now I know we are only at the preapproval stage but he has already offered to submit the application to underwriting to get full commitment letter.  Really the process is being held up by me at this time because we are still looking for something.  I trust both my officer and realtor a lot and so far it's been good. 

I will  tell you the original loan officer we were discussing information with at Wells Fargo wasn't as communicative with me and that's what led me to look for someone else.  My LO was previously in underwriting so he mentioned the file looks really solid for closing with no issues.  Said we can go from putting offer in to closing within 45 days.  The process I'm going through is for a 203k loan.  

Anyone one who would like to get in contact with this LO in the Chicago area I'd heavily recommend him now and I'll keep up to date on here throughout the process to update everyone on changes.  

Im expecting bumps in the road as nothing is ever smooth.  

[Anonymous]

Used them when we bought out house in 2013. Against the advise of our realtor we went with them because we could do everything online and not go back and forth to an office, which in our lifestyle, was something we needed. 

She was quick with emails and very informative. There were some hiccups here and there, but I don't think they were bank related. More that they were the appraisers and NH has a lottery system so we got drawn a bad one. 

She was always available for a phone call and email turnaround was within a few hours. We were also able to lock in a low rate (3.25% FHA) and no others in the area offered that. 

[madmann26]

We use WF for personal banking and have for the last 10 years (back when they were Wachovia).

We will not be submitting a mortgage application through WF. We'll probably go to a credit union and then move all of our banking over.

[VanRickets]

Wells Fargo was one of the options for our new home build through the builder.  We are 2 years post short sale and they worked with us extensively to get required documentation.  They kept in touch all through the underwriting process and let us know what letters were needed to explain the short sale, where large deposits came from, plus the usual tax returns, pay checks stubs, etc.  They have been professional, courteous, and even drove to our house to pick up and return documents.

Our closing date is 4/16/15.  I would recommend Wells Fargo, at least if you are in the Seattle area.  

[ezdriver]

I am one who will never use Wells Fargo for a mortgage. That said, your experience may vary as evidenced by some of the posts in this thread. I believe that WF cherry pick which files they want to work with and which may require more work than they wish to do. I recommend using a mortgage banker/correspondent lender that knows your market very well.