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We are currently in processing/underwriting hell with Wells Fargo too. We're supposed to close on Monday but the file didn't make it out of processing until 11am today, Friday (NO excuse for this.. we were pre-approved and thought they had everything they needed LAST WEEK until we got an email from them this week saying 'oh by the way i forgot to make a copy of xxx'). The UW won't get a chance to look at the file until Monday if we are lucky. We have had nothing but delays, excuses and screw-ups from them
Some of the screw-ups we have encountered:
1. They sent us a GFE with a completely wrong amount. $13,000 instead of $6,500 - how do you mess that up so badly?
2. The processor who was supposed to have the file presented to UW on Wednesday couldn't because she was in training that day ?!
3. The file nearly got sent to Denver with a pile of refi's that were going there for UWing. This is a straight forward purchase, how it got put in the refi pile I have no idea
This is the Clackamas mortgage processing center for anyone wondering. Stay away... stay far far away
If you were pre-approved for over 3 months, your loan application was dated 2009. You received a GFE on 225K. You "should" receive an updated GFE as a common courtesy, but the lender is not required to, if your loan was in WF's pipeline. They would have also provided you with a TIL 3 months ago. Find your application date, and that will tell us what laws apply. Another one could come into play, MDIA (Mortgage Disclosure Improvement Act) which would require a new TIL. Again, date specific.
I'm not condoning the loan officer's actions - I know I provide at least 2 or 3 interest rate/point combinations for my locking borrowers - especially under the old laws. (It's a bit more complicated with the new laws, but I still run different scenarios). But, if dated in 2009, it's legal.
As for the qualifications, there are other things at play......but I agree, as long as you don't have a ton of kids, you should be fine. And as long as your disability is considered permanent and will continue for 3 more years........and so on..... (VA sets a required amount available for family support after all deductions. The required support amount is based on the size of the family and the area of the county the home is in). It's difficult to hand out warm and fuzzies, much less give definitive answers without knowing the file.
My lending experience still a roller coaster of emotions. My closing date is schedule for April 15th, 2 days from now and I still have no loan. I just received an update from my loan officer stating "all letters and documents will be reviewed in detail today. If all looks good, we expect loan docs by days end tomorrow". It has been so frustrating, lender has questions from deposits to personal marital status... they're very picky now days! I'm very stressed and hoping for a final approval soon!.
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If you are referring to me, I was replying to the fact that she is in underwriting with WELLS FARGO and I was letting her know that if they do not finish before the date on her purchase contract, then she may be able to receive some compensation for her trouble.
LOL on the spammer.....the funny part, think about it, they're so bad they have to come up w/ this gimmick. BofA did the same thing in 2008 and I haven't seen it in ages. They don't tell you all the requirements.
We (and about 2 dozen other lenders in my area) can close a loan from start to finish in 8 days. (Sooner if it were legal). I'm willing to bet the big boxes would choke on that.
LOL on the spammer.....the funny part, think about it, they're so bad they have to come up w/ this gimmick. BofA did the same thing in 2008 and I haven't seen it in ages. They don't tell you all the requirements.
We (and about 2 dozen other lenders in my area) can close a loan from start to finish in 8 days. (Sooner if it were legal). I'm willing to bet the big boxes would choke on that.
I thought I was trying to help.
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