Hi all, I just wanted to see if the process we've gone through thus far is normal. We applied for pre-approval with Wells Fargo on 3/18. Middle score of 741 was used as basis for the application. Automatic pre-approval was denied, LO said it had to go to an underwriter to sign off on. Apparently there were two authorized user charge-offs on my account that I was not aware of before that may have caused the denial. LO said he would sent an email to the underwriter and that I would get an email the following day, and he anticipated getting approval early the next week. I never did get an email last week and have not heard anything this week. I tried calling my LO two days ago, left a message and have not heard back. I'm not even sure if it has been sent to underwriting yet or not.
Any thoughts? Thanks for the help.
They were both 4 years old. I contacted the CRAs and both TU and EX have deleted them from my report since they were authorized user charge-offs. Still waiting on EQ though. If yours are also authorized user, I would recommend contacting the CRAs to delete now.
I just received Wells Fargo preapproval letter for VA loan of $510K last Friday. Your situation sounded exactly like mine. I had a closed/paid CO from 2006 destined to be deleted this June. I had to write a Letter of Explanation why I had a CO. To make the long story short, I had to wait 2.5 weeks for my LO to finally give me word I was approved by the lazy UW. According to my LO, UW's at this time of the month are swamped with applications to close. Take it from me, just be patient. Make sure you have daily contacts (phone or email) with your LO!!! It will work out in the end. Good luck!
Starting Score (Oct 2009): EQ 586 TU 584Thanks Christian, that is reassuring! Now if only I could get my LO to call me back or respond to my email...
No problem. I'm pretty sure you'll get your answer soon. Luckily for me, my LO & I have a great relationship. Just call & leave a VM & then a follow up email 5x a day. It's the LO job to make this roller coaster transaction as smooth as possible.
Keep us updated & GOOD LUCK!!! 