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Wells Fargo is putting our application through underwriting, and they've come back with a request that we feel is a little absurd. My husband works for a company owned by his parents. He's a W2 employee and we've released all our tax returns to them. They now want the "Business returns" to verify that my husband isn't an owner of the company. Neither of us are comfortable asking his parents to release THEIR business returns. Knowing them, they wouldn't want to anyways - they're very private people, especially when it comes to money. Can they really expect us to do this? There's gotta be another way to verify that my husband isn't an owner of the business.
I understand wanting to verify that my husband isn't an owner. But surely there's another way, aside from expecting the business tax returns.
I think I may be just a little annoyed that it seems to be insinuated that we're committing fraud by hiding ownership in a business.
That is a bit absurd they will ask for that. As a bank, they have ways of verifying who owns the business. They can go to the state's website the business is registered in and go to the secretary of state for verification of who owns the business.
The business returns are extreme and intrusive. Ask if there is another way to do the verificaton without the business returns.
you just need to ask if there is another way to verify and see what they come up with
http://portal.hud.gov/hudportal/documents/huddoc?id=4155-1_4_secD.pdf
hud guideline on this
is this fha? conv?
Tell Wells Fargo to kiss your @$$. There are a million and one mortgage brokers that can be just as if not more competetitive than a criminal enterprise such as Wells Fargo. If you have all your docs already, it just requires another faxing. Best of luck! Just because they are lending someone money doens't give them free reign. Move on to the next mortgage broker.
@tjmolly wrote:@Tell Wells Fargo to kiss your @$$. There are a million and one mortgage brokers that can be just as if not more competetitive than a criminal enterprise such as Wells Fargo. If you have all your docs already, it just requires another faxing. Best of luck! Just because they are lending someone money doens't give them free reign. Move on to the next mortgage broker.
+1 tjmolly! I had WF Home Mortgage. Just sold my house and got out of there as fast as possible with the scam that's going on.
"Use your Credit wisely, don't let it use you!"~Me
@tjmolly wrote:@Tell Wells Fargo to kiss your @$$. There are a million and one mortgage brokers that can be just as if not more competetitive than a criminal enterprise such as Wells Fargo. If you have all your docs already, it just requires another faxing. Best of luck! Just because they are lending someone money doens't give them free reign. Move on to the next mortgage broker.
they have to follow guidelines.
the other million mortgage brokers will have to ask for the same.
i must ask...how does the bank know that he works for his parents? i mean, if he's paid via W2 and it's verifiable on his taxes, what would promp the bank to ask for proof that he's not part owner of the company he works for? i mean, i was never asked to provide proof that i didn't own/part own the company that i work for. something seems off about this.