Credit Cards Center Credit cards from our partners
Reply
New Contributor
Posts: 63
Registered: ‎01-29-2012
0

stuck before "clear to close" Wells Fargo

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

Highlighted
New Member
Posts: 5
Registered: ‎12-06-2012
0

Re: stuck before "clear to close" Wells Fargo

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!

Member
Posts: 20
Registered: ‎10-23-2012
0

Re: stuck before "clear to close" Wells Fargo

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.

Valued Contributor
Posts: 1,146
Registered: ‎11-30-2012
0

Re: stuck before "clear to close" Wells Fargo


southerngyrl83 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?

New Member
Posts: 16
Registered: ‎12-03-2012
0

Re: stuck before "clear to close" Wells Fargo

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.

699 EQ
721 EXP
711 TU
New Contributor
Posts: 63
Registered: ‎01-29-2012
0

Re: stuck before "clear to close" Wells Fargo

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

Member
Posts: 20
Registered: ‎10-23-2012
0

Re: stuck before "clear to close" Wells Fargo

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.

New Contributor
Posts: 63
Registered: ‎01-29-2012
0

Re: stuck before "clear to close" Wells Fargo

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."

Member
Posts: 20
Registered: ‎10-23-2012
0

Re: stuck before "clear to close" Wells Fargo

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!!!


Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: stuck before "clear to close" Wells Fargo

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

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.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.