Wells Fargo UW

[Anonymous]

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@cerika wrote:

I received automated approval from Wells Fargo Mortgage and made an offer on a newly built home based on pre-approval. My middle score is only 621, but my DTI is very low, my job and income are very good and all income is W2. Based on pre-approval I paid 6000 for a fence and another 3000 in upgrades that I didnt want added to the loan - I am putting down 20% on $450K. I submitted all docs and now underwriting says they don't like the loan... Appraisals are done and everything I gave them was confirmed/documented. I have a collection showing with CA as placed by Citimortgage from 2011 when I did get behind, got a loan modification  and caught up - no lates for 4+ years on primary or rental property. I called Citimortgage, who sold the mortgage 18 months ago and they confirm that I owe them nothing, account was sold in good standing. CA says debt unpaid when Wells Fargo checked, but no info on what it is. Collection was on my credit when it was pulled and pre-approvala was granted. I've offered to pay it just to get closed, but WF says underwriters just don't like it and that they are "fighting for me" with UW. How can they do pre-approval and then pull it even though every bit of info was accurate? I'm going to be out the $9000 in upgrades plus $5K good faith deposit if I cant close in 2 weeks. Suggestions? I did apply last night via Quicken Loans, but due to inquiries middle mortgage score is now 616. Quicken is a preferred lender for my company provided relo (as is WF), but I doubt that they can do it if WF can't. Advice is greatly appreciated as is any info on Quickenloans and their true direct lending status.

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It's not you, its them. I've read on these forums that WF is horrible to deal with as they deny somewhere in the neighborhood of 80% of loans after giving preapproval. If possible, find a local lender or credit union as they are better at handling cases like this. Big box banks always get the worst reviews for mortgages.

[StartingOver10]

cerika, find a different lender. Wells is awful, they are known in the industry to do exactly what is happening to you:  pre-approve and then deny days before closing.

Don't rely on Quicken either. If you have any little bump in your file (and you mentioned two now, 616 score and prior modification) they will deny but take forever to do it.

Go to a mortgage banker. They originate, underwrite and fund the loan. It will take longer than two weeks now because TRID just kicked in Oct 3rd, but it can be done so you don't lose your money. PM me if you want recommendations to a couple of excellent loan officers (different companies, different states..lol).

[cerika]

Startingover10,

Maybe I don't deserve a loan because I can't figure out how to send you a PM - I even googled it, but it's not working. . The home is in Cobb County, Georgia. Thank you!

[cartwrna]

Click on his name, then click send private message

[StartingOver10]

I just responded to you, but you should remove your email address from your post for internet safety reasons