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Old 09-24-2008, 01:39 PM
 
27 posts, read 112,089 times
Reputation: 27

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My broker is using wells fargo and the underwriters are being a pain. 2 weeks ago i had to supply a gift letter for 8K from my grandparents, and they submitted the gift letter along with a statement from their bank. well apparently they transfered money from their brokerage account into the checking account where they wote me the check. now they want to know if the money was in fact from the brokerage account. let me remind you how they have sat on my file for a whole week and we are to close moneday the 29th at 10 am, and here it is alomst 4pm on wednesday and with no answer! This wait is killing me. I have supplied everything they have needed instantly! We received our approval with conditions back on Sept 4th, and here it is the 24th!
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Old 09-24-2008, 05:47 PM
 
Location: Plano, Texas
1,675 posts, read 6,806,228 times
Reputation: 697
Your broker should have made sure where the gift funds came from, so that way you would have provided the correct documentation upfront. Since you are doing a purchase loan, you still have plenty of time, but get the brokerage account statement to the lender asap. The reason why the lender is asking is they need a paper trail for where the money came from originally. So, since they transfered from brokerage to checking, the lender needs the paper trail to the brokerage account. Seems petty, but all lenders require that you show where the money came from.
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Old 09-25-2008, 08:20 AM
 
Location: anywhere
1,730 posts, read 4,480,773 times
Reputation: 1873
While Wells is in fact correct on gift guidelines and paper trailing them, the OP is also correct in that they are being a pain. I have a few loans into them right now and while I normally get Clear to Close right off the bat, I am being asked for things that haven't been asked for in years. Now this is probably going to be the norm for all lenders from here on out but man is Wells driving me nuts. Not only are they making sloppy mistakes and missing things that they already have but they are also taking a lifetime to review everything. And forget about getting your calls returned. I told my boss as soon as we close out these loans I do not want to use them ever again.
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Old 09-25-2008, 09:34 AM
 
Location: Fort Myers, FL
1,286 posts, read 2,801,673 times
Reputation: 249
i have always found wells fargo to be like that. i always let my processor deal with them. same with chase. but you deal with the worst to get the best prices.
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Old 09-25-2008, 09:47 AM
 
Location: anywhere
1,730 posts, read 4,480,773 times
Reputation: 1873
Quote:
Originally Posted by brokerdave View Post
i have always found wells fargo to be like that. i always let my processor deal with them. same with chase. but you deal with the worst to get the best prices.
I am a processor & my boss knows that while pricing may be a bit better, he has to deal with me all day and if I don't like working with a lender we do not use them.
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Old 09-25-2008, 10:38 AM
 
3,630 posts, read 14,048,553 times
Reputation: 2727
BOA appears to be just as bad with sitting on things, not communicating, 11th hour stuff, etc. Their 11th hour is your "I need it yesterday"
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Old 09-25-2008, 10:52 AM
 
Location: Kansas City, MO
5,763 posts, read 10,536,924 times
Reputation: 2829
Quote:
Originally Posted by grannynancy View Post
BOA appears to be just as bad with sitting on things, not communicating, 11th hour stuff, etc. Their 11th hour is your "I need it yesterday"

I always have good experiences using BOA. They were quick and always willing to consider an exception if reasonable.
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Old 09-25-2008, 10:57 AM
 
Location: Norfolk, VA
1,036 posts, read 3,846,215 times
Reputation: 515
I had to deal with similiar issues with Citi lately. Most lenders have increased standards and documentaion and at the same time decreased support staff. You know what happens when you try a new system, double the work loan and halve the number of employees.....
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Old 09-25-2008, 11:18 AM
 
Location: anywhere
1,730 posts, read 4,480,773 times
Reputation: 1873
I have heard Citi has been difficult. That's a shame. Boy, I used to love them when they were Principal Residential and had their Clearwater branch. The good old days lol.
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Old 09-25-2008, 05:06 PM
 
27 posts, read 112,089 times
Reputation: 27
ok i like the underwriters now....I GOT MY OFFICIAL CLEAR TO CLOSE! YIPPEE! Thanks to you all to calm my nerves over the past few weeks
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