09-19-2012 11:08 AM
Has anyone had any experience with Wells Fargo underwriting? I'm in the final stages of underwriting before my loan gets pushed on to USDA for a garunteed loan through Wells Fargo, and I've been back and forth four times with conditions after it was approved. I provided the information to the loan processor the first time for all the listed conditions, but I'm assuming she left some of the material I sent out because the underwriter came back asking for material I already included.
To my question now. It's taking four days on average to have Wells Fargo review what we send off for our conditions. Is this normal? Each time it's gone back it takes about four days to get to it (not review it) because it goes to the bottom of the barrell my processor tells me. Is there something I can do to speed this up?
09-19-2012 12:19 PM
I have read a ton of posts about Wells being slow so your probably experiecing what most folks on here complain about when it comes to them. I have no personal knowledge on the process with them but I do know that judging by other posts what you are experiencing is normal with Wells Fargo. If you do some searches ont his forum for Wells Fargo you will see many folks complaining and a few that had a great experiences.
09-19-2012 12:24 PM
Well my last mortgage experience wasn't anything like this one. It seems like there is a big disconnect between all the other departments. Maybe I should use a smaller bank next time.
09-19-2012 12:35 PM
Part of the issue from what I have read is Wells has gone to a model where the "LO" or the person you are talking to when applying is really nothing more than an application taker. They also have a really large volume coming in. The house I am closing on next Friday I used a Mortgage Banker and the process has been awesome. I would look into either a Mortgage Banker or Mortgage Broker next time as opposed to going directly to the big banks.
09-19-2012 12:38 PM
Thats what I did last time and it was a great experience. This time it seems like a bother to even ask someone a question. I just think it ridiculous that it takes 4 days or more to look at a peice of paper with two lines on it and hit a button on a computer screen that says received and fulfilled. When I asked what the problem was, the processor stated every time it goes back it goes to the bottom of the pile...What a great system for those that have been already waiting forever! My application has been in underwriting since the 22nd of last month.
09-21-2012 11:52 AM
Well, my real estate agent finally got fed up when the sellers agent is yelling at her daily. Had to have the owner of the real estate company locally call Wells Fargo and chew them out. Magically, my loan went through underwriting in 15 minutes and I got my USDA form submitted. I'm not sure why Wells Fargo has so many problems, but it seems like they don't know what their doing since they merged with Whacovia a few months ago. Hope the rest of the ride is free of any bumps. Good luck to all!
09-24-2012 04:27 PM
Just make sure you get them what they ask for and keep copies..The loan processor gives the info to the underwriter..In a physical file..If something is left out he will move on to the next file and advise the processor he needs additional info and they need to come get the file and resubmit it. The underwriter will work them in the order received so you can see how a delay is possible. You make you do your part and stay in touch with the processor, and I can stress enough keep copies. I started my app process on 5.14.2012 and got my approval on 6.12.2012..Put a offer in on my house 6.28.2012. They accepted around 7.9.2012 and the bal started rolling. I had pretty cut and dry conditions which I did get to them in a timely fashion, they kept requesting and I kept supplying them. The asked for duplicate info, and I resent it. I was slated to close on 8.28.2012 and we corresponded until 8.24.2012. I closed on time, but the process was very redundant. Hang in there it will be over before you know. Congrats in advance on you home
09-25-2012 12:09 PM
In March 2012 I obtained a Well Fargo FHA mortgage to buy a foreclosure in illinois. They love to send conditions. I think i had 4 or 5 before they finally approved the loan. The conditions seemed awfully trivial but I think for FHA loans they like to have all their eyes dotted and tees crossed. It was a few days review time for each condition. I'll bet the person reviewing them has lots of other customers so it slows it down.
09-25-2012 12:25 PM
I'm still waiting to see if I close on Friday. According to the USDA hotline, it's only taking about 7 days to review garunteed loans. Hopefully we can get it done before the end of the month.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.