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Wells Fargo has left a very bad taste in my mouth... everything was fine, had 5 weeks to process, had verbal approval to title... 3 days before closing, Wells bows out... said they can only loan on homes up to 5 acres... mine is 6.1 acres.
How many ways can I say stupid?
Anyway, my sellers were the ones that told me escrow had been cancelled.
I get on the phone and say how dare anyone close Escrow without informing me?
Told there is no way to remedy... 72 hours is just not enough time...
I wired the funds in total that day and closed on schedule... in incompetence of people charging for services is unbelievable.
Most recent was a refi... with my existing lender... after 30 days they say homes in my zip code have fallen and they cannot to the refi... I tell them I will reduce the outstanding balance by 100k... told this might not be enough.
Go to my Credit Union and it was a walk in the park... no problems and closed in 21 days...
I could go on... thing is it works this way for many...
On the other hand...
The Foreclosed home next to was being sold by Wells Fargo... the accepted offer was from a couple in their 80s and all cash... Wells said they would like to make them a loan up to the conforming amount at no cost to them and they say OK... and that was that... easy peasy...
We were buying a new home in FL, enough cash on hand to PAY CASH for the home, asking for a loan just to buy with an eye to paying the loan off when we sell here. Wells was an absolute PITA, even after a prequal through the lending dept. UW asked for a ridiculous amount of stuff, demands, etc, then denied part of our income.
I have been reading through all of these responses and I am glad that I don't feel alone in this issue. We had a deal on a condo using a Fannie Mae loan that fell apart 2 weeks before closing. Was told at that point after everything else had been done, inspection, title insurance, homeowners insurance, escrow, etc. that we were 2% over the maximum debt to income ratio Fannie Mae would allow, and there was nothing more they could do. Luckily we were able to get our deposit back as we were still within the timeframe of approval in the contract. Was told by the bank that we would have no problem if the loan was an FHA loan as they have more lenient guidelines and we are well within the debt to income ratio they allow.
A heartache later we found a single family home that we are in contract under. Now we are 18 days away from closing and I can't help but have a knot in my stomach. Again everything has been done, appraisal has come in at value, title insurance is set up, HOA approval has been issued, inspection has been done. I am working with a new bank and the loan officer has been holding my hand every step of the way and I have provided him with every piece of paper he has asked me for. People on the forum have spoken about not transferring money from acct to acct which I have stopped doing, I am not going to open any lines of credit and everything is being direct deposited in and out of my account. I was informed today that my file is going to underwriting next week. I am here for support during this time. As a first time homeowner I was expecting the process to be hard but not so emotionally draining. Honestly everything happens for a reason and I am 10 times happier that our deal fell through on the condo because a house has so many more advantages (for us).
Anyone else have any advice on how to chill out until closing? 18 days will go by sooner than later but my underwriting nerves are already shot!
I have been reading through all of these responses and I am glad that I don't feel alone in this issue. We had a deal on a condo using a Fannie Mae loan that fell apart 2 weeks before closing. Was told at that point after everything else had been done, inspection, title insurance, homeowners insurance, escrow, etc. that we were 2% over the maximum debt to income ratio Fannie Mae would allow, and there was nothing more they could do. Luckily we were able to get our deposit back as we were still within the timeframe of approval in the contract. Was told by the bank that we would have no problem if the loan was an FHA loan as they have more lenient guidelines and we are well within the debt to income ratio they allow.
A heartache later we found a single family home that we are in contract under. Now we are 18 days away from closing and I can't help but have a knot in my stomach. Again everything has been done, appraisal has come in at value, title insurance is set up, HOA approval has been issued, inspection has been done. I am working with a new bank and the loan officer has been holding my hand every step of the way and I have provided him with every piece of paper he has asked me for. People on the forum have spoken about not transferring money from acct to acct which I have stopped doing, I am not going to open any lines of credit and everything is being direct deposited in and out of my account. I was informed today that my file is going to underwriting next week. I am here for support during this time. As a first time homeowner I was expecting the process to be hard but not so emotionally draining. Honestly everything happens for a reason and I am 10 times happier that our deal fell through on the condo because a house has so many more advantages (for us).
Anyone else have any advice on how to chill out until closing? 18 days will go by sooner than later but my underwriting nerves are already shot!
Anyone else have any advice on how to chill out until closing? 18 days will go by sooner than later but my underwriting nerves are already shot!
Drink heavily? Seriously, there's nothing you can do except send the documents requested. It's 100% out of your hands unless you don't submit something. When asked for the same document for the 15th time for the same thing, just do it. Suck it up. Just smile and say whatever. Don't think about it. Just do it. You'll save your sanity.
I'm in the same phase right now - it's been 8 days since our LO said we went to underwriting and I check my e-mail and phone COMPULSIVELY throughout the day looking for any news. Nothing so far! I really wish there was at least a way to track the progress or something, rather than waiting and waiting for the news.
However, our appraisal (VA loan) got a little messed up because it was assigned then re-assigned 3 different times. It's finally happening today, but I assume they can't really underwrite a loan without it, so I'm trying to be patient. Since this is going on, I keep telling myself that it probably hasn't even been seen by an underwriter yet, since our file isn't really complete without the appraisal.
In the meantime, our current home is all set to close on 7/31 at 9a - the title company called yesterday to set it up - and we are supposed to close on the new house 7/31 in the afternoon. So, I'm in a panic and yesterday sent an e-mail to LO to see if he thought we could still close the 31st (seeing how we have no appraisal yet and no word from u/w). He said he still is confident we will be set for the 31st and that "VA loans take a little longer to process". I'm not sure what that means, but he's the expert so if he says he thinks it will close on the 31, I am going to try to trust that!
It's a very long and emotionally draining process. I swear I am going to sleep SO good the day we take possession of the house!!!!
I couldn't agree more with how absurd the process felt. It definitely would have alleviated my irritation if they gave more context for the many requests. Ideally I'd be able to speak directly to the underwriter rather than a middleman. It made me never want to deposit any money not related to my primary job ever again, which obviously isn't rational but it would've made the process a lot smoother.
Also I don't really care if an underwriter can't keep digital files organized; blaming poor organization on the customer when the process is so clearly flawed means it doesn't take much more than a streamlined process for your competitors to steal your market share. Banks should at least strive for a better receipt and storage process for digital documents (enter the many tech social finance startups already on this path).
I've absorbed so much great advice from this thread! #1 would be to avoid Wells Fargo.
We will be applying for a mortgage no earlier than March. We have a checking and savings account, but we are moving out of state where our current bank has no presence so we'll need to change banks anyway. Would it be in my best interest to just consolidate my two accounts into one account at this time (at least 3 months ahead of time) rather than moving money from my checking to savings each month?
I've absorbed so much great advice from this thread! #1 would be to avoid Wells Fargo.
We will be applying for a mortgage no earlier than March. We have a checking and savings account, but we are moving out of state where our current bank has no presence so we'll need to change banks anyway. Would it be in my best interest to just consolidate my two accounts into one account at this time (at least 3 months ahead of time) rather than moving money from my checking to savings each month?
Yes, most banks ask for 2 months statements. If you transfer now you should be OK. If you wait, prepare to experience hell.
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Seriously, there's nothing you can do except send the documents requested. It's 100% out of your hands unless you don't submit something. When asked for the same document for the 15th time for the same thing, just do it. Suck it up. Just smile and say whatever. Don't think about it. Just do it. You'll save your sanity.
