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Contributor
Posts: 102
Registered: ‎07-28-2013
0

sending to unerwriting for a 2nd time.

Is this common practice? Mortgage guy from Wells Fargo sent all my info to the underwriter for pre approval and I was denied. Now he says he is doing this a 2nd time but as if I have a property picked out. All I want Is a yes or no so I can rebuild if I need to. It seems like all he is doing is wasting my time. Anyone heard of this before?
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Super Contributor
Posts: 6,865
Registered: ‎03-06-2010
0

Re: sending to unerwriting for a 2nd time.

Did he tell you why you were denied?

 

If I were you, I would go to a mortgage banker and not Wells Fargo - you are far better off going to someone that will actually know the underwriting criteria and can tell you what you need to do to refine your file (get your ratios in line or increase your score or whatever else was the reason for your denial).

Contributor
Posts: 102
Registered: ‎07-28-2013
0

Re: sending to unerwriting for a 2nd time.

I have a a foreclosure from 2008 on 2 mortgages. I guess they still consider me high risk? I have 7k in the bank and someone willing to pay my down payment. My middle score is 637 that they pulled. Im close to just giving up and waiting a year. Houses im looking at are in the 120k and under range.
Super Contributor
Posts: 6,875
Registered: ‎07-03-2007
0

Re: sending to unerwriting for a 2nd time.

a lot of those loan officers at wells fargo/other big bank are just order takers..... they dont know guidelines.

 

frind a mortgage banker

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' (and now Louisiana)since 2004

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New Visitor
Posts: 1
Registered: ‎10-16-2013
0

Re: sending to unerwriting for a 2nd time.

Windoes. This presents issues because your loan is even at the mercy of speculation.

 

As a direct lender we can issue an actual underwriting pre-approval witin 24 hours before you go into contract. This solves so many headaches i can't even count them.

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