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We are first time home buyers and did not know we'd get into so much stress and frustration until we actually started the process.
1/31 - Meet with loan officer and obtain pre-approval
2/8 - Offer on house, offer accepted
2/9 - Touch base with loan officer. He will obtain purchase agreement from realtor, and "dress up the file today and tomorrow and get it out the door to Underwriting prior to the Inspection"
2/10 - Rate locked
2/12 - Inspection done, no issues
2/15 - Payed off two car loans. Loan officer says we might not need an appraisal, our file qualifies for "Rapid Value". "We will know more once the underwriters review the file this week"
2/15 - Receive GFE in the mail (sent by Centralized Disclosure Department) with the wrong amount. Someone had included the seller paid expenses in the buyer paid category and the GFE is nearly double what it should be.
2/16 - Clarification from loan officer that the original GFE was wrong, he emailed over the correct one, which is what he submitted with our file to processing.
2/18 - Payed off student loan #1
2/23 - Emailed for an update. Told by loan officer that he and the underwriter are working through my spouse's income and that "today and tomorrow will be big days in getting things done". Asks for updated pay slips for my spouse
2/24 - Drop off updated pay slips 1 and 2. Spouse does conference call to confirm car loans are paid off. Pay off student loan #2. No more outstanding debt. Loan officer asks for paper trail of gift funds
2/24 - Gift fund paper trail part 1 submitted
2/25 - Drop off payslip 3 (husband is a substitute teacher who works at multiple school districts). Loan officer asks for our insurance agent details - we give them to him and he says his processor will take care of it.
2/26 - Gift fund paper trail part 2 submitted. They should have everything they need now. No wait, call from Processor #1 who called HR to verify my employment but they couldn't find me in the system - well duh, she called the wrong HR. Give her correct number and later confirm with HR that she called.
3/3 - Loan officer asks for a new signed gift letter because he added the amounts wrong. New letter submitted. Processor #1 who was supposed to submit the file to UW today is out of office at training. Processor #2 does conference call with spouse to confirm student loan debts are cleared. Processor #2 also asks for front and back copies of my green card because the loan officer forgot to get these the first time we met. Scanned copies emailed to processor #2 and loan officer.
3/4 - Update from loan officer, processor #1 finally got back to him in the late afternoon, and she was "confused" about the gifts. No progress again today.
3/5 - Finally out of processing, file submitted to underwriting. But underwriters are booked solid and won't be able to look at it until Monday 3/8 at the earliest.
Loan officer also forwards me the email trail between him and the processing/underwriting department. I discover that the reason it took so long for the file to get into the processor's hands was because some idiot accidentally put it in a pile of refis to be sent to Denver. There is also confusion on who did the initial underwriting, and whether the file is still suspended. Loan officer confirms with these people that the he and Processor #2 obtained everything they needed to clear the suspense and prepped the file for final approval.
So... Monday 3/8 is supposed to be our closing date and my realtor assures me this is completely normal and has been happening with almost every deal she's had in the last couple of months. She still thinks we can sign in time, with a day's delay on the recording. I guess we'll just have to wait and see
Wells? Oh my.
They have some good loan officers..... but they also have so very bad order takers with a loan officer title.
stay on them.... or, better yet.... have your realtor get on them.
Wish I had known they had a bad rep. We bank with them and when our realtor suggested this guy we figured it was an easy choice.
I guess from the updates I've been getting we are finally getting somewhere now but on the off chance it all falls apart, do you know if switching at this point in time is an option?
I would stick it out. Loans can be fast tracked and done in a couple of weeks.... But you are so close now.
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