stuck before "clear to close" Wells Fargo

r1lukasz · ‎12-14-2012

still no answer from LO ,went under contract on 11/02 application was submitted on 11/04 got my preapproval on 11/05 appraisal complete on 11/16 loan approved with minor conditions on 11/19, closing 12/14 did not happen coz wells fargo not ready to give me clear to close after 6 weeks! The conditions they requested I returned same day they asked on 11/19 , one of conditions is for employment verification but the problem is WF did nothing till this wednesday afternoon when they fax some form to my work place , my boss returned next day on thursday, the other problem is since I don't have clear to close the seller is not moving out from the house , they ask for 1-2 weeks after clear to close from bank , I don't know what to do my lease on apartment is till end of december so I have to move out regardless of getting the loan or not

Anonymous · ‎12-14-2012

I was stuck there for two weeks, and I thought I had it bad. I was told that many people are trying to get loans closed by the end of year, and is impacting everyone. Good luck, and keep pressing your loan officer!

Anonymous · ‎12-15-2012

I am in the same boat. I'm building a home and my sales person wants me to close on Dec. 28. However, the loan officer and loan processor are kid of dragging their butts. Around late November, I got approved with conditions, I satisfied those conditions and provided them with my October money market statement as proof of closing funds. I ddin't get a response from them regarding that. I e-mailed the loan processor on Monday to see what was going on, she didn't respond until 10:00 pm Monday night. Also, I've kind of been a step up them this whole time. Once I heard from her on Tuesday, I gave her the last amount of information she needed, my November bank account statements and a LOE, as of Thursday she still hadn't sent the paperwork to the underwriter. It's frustrating because I'm a first time home buyer, but I have been a step ahead of them this whole time. Mostly because I read this forum. By the way I'm not even going through Wells Fargo.

Mike_B03 · ‎12-15-2012

@Anonymous wrote:
I am in the same boat. I'm building a home and my sales person wants me to close on Dec. 28. However, the loan officer and loan processor are kid of dragging their butts. Around late November, I got approved with conditions, I satisfied those conditions and provided them with my October money market statement as proof of closing funds. I ddin't get a response from them regarding that. I e-mailed the loan processor on Monday to see what was going on, she didn't respond until 10:00 pm Monday night. Also, I've kind of been a step up them this whole time. Once I heard from her on Tuesday, I gave her the last amount of information she needed, my November bank account statements and a LOE, as of Thursday she still hadn't sent the paperwork to the underwriter. It's frustrating because I'm a first time home buyer, but I have been a step ahead of them this whole time. Mostly because I read this forum. By the way I'm not even going through Wells Fargo.

Sounds a lot like what I've been going through. In my situation, I had to figure out our self employment for them! I submitted taxes and W2s and they came out with a figure that was about 1/2 of what it should have been. I researched online for days on how self employment should be calculated, filled out a sheet on my own and emailed it to them, to have them tell me "Yea, your numbers are right". It's mind boggling, it feels like this is the first time they are ever doing a loan...how can I know more than them when this is the first time I'm doing this?

Anonymous · ‎12-16-2012

Me too. I'm in "waiting to clear to close" mode. I just found out Friday they didn't have some form I signed two weeks ago. Now the appraiser is missing and we need one more thing from him and I'm supposed to close this Tuesday. It's enough to make a person loco! FHA PNC Mortgage here.

r1lukasz · ‎12-17-2012

some update today : file is with underwriter awaiting clear to close , my LO received fee confirmation and processor contacted title company requesting signatures with authorized person , that's all the info for know and still no word when to expect clear to close .Trying not to go crazy but its hard

Anonymous · ‎12-17-2012

Well I still haven't heard anything from my mortgage company. I hope I hear from them soon especially with the holidays coming up and I need to schedule utility connections. My husband says it seems like they drag their butts on puporse just to make the process seem longer.

r1lukasz · ‎12-18-2012

This is so frustrating ,Im losing hope that can be done this year. Waiting for clear to close since last monday , got the feeling that Lo don't want me to bother her any more this is email I got from her :

"I did everything what I could possibly do including asking for an escalation on the file. It looks good since they send fee confirmation for me to review. There is nothing outstanding and nothing more I can do, just wait for underwriter to clear.

This is a FHA loan and I should ask your attorney right away to extend , since six weeks is not enough to process this type of the loan.

I know it will be done, we just need to wait."

Anonymous · ‎12-18-2012

I just heard from my loan officer today, she received our titles last night and said that everything should be ok for a close date of 12/28/2012. I'm keeping my fingers crossed that nothing crazy comes up. Wish me luck!!!

tooleman694 · ‎12-19-2012

6 weeks to do an FHA loan, that is some bull crap.