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Kaffy, did that information I gave you help at all?
Hang in there and don't give up. Dig your heels in - sounds like your loan officer didn't turn in the conditions in time. Can you document when you sent your faxes and emails into him?
You need to turn them into Comptroller of Currency. It worked for me, dont deal with them anymore. document all calls and emails to OCC. WF will just keep giving you the run around. been there done that!!
Finally got an answer back.. it's a denial. They said it's because of issues with income verification and gift fund documentation on our part (even though the mortgage was still approved in the end).. I still maintain that if my LO was more on the ball and did his job correctly, we would have had these issues cleared up ahead of time and not caused any delays in closing. WF is basically saying that they can deny this guarantee based on whatever grounds we like.
I did not know about this guarantee until after I started dealing with Wells (about 2 months after), and have been wondering if it was BS. I am 2.5 months in trying to get to closing on a house, my Realtor has suggested I change banks several times but I didn't want to start all the paperwork over again (have still had to re-produce it for both LOs and the UW I've had).
Signed the Contract to buy in early March. Close date was supposed to be Apr 30th. First LO didn't get paperwork submitted (wrong email) and didn't call to make sure it arrived, just kept saying everything should be done by (3-4 days from when conversation occurred). 3 days from closing and she was fired, nothing had still been submitted to UW! New LO comes in and the tire starts rolling like it's square (at least we are moving). Still getting the whole 'We should be done by (1-2 weeks from conversation)'. I've signed 4 extensions... I want to switch lenders but I feel it'll take longer to restart this whole process 'since X should be done any time', especially if I have to deal with morons at that bank also. Good to know I can't rely on the WF guarantee though. They'll definitely be getting a complaint to their regulating body when this is over either way.
i know you dont want to start over-been in your shoes. I had orignal approval through WF, switched to new bank closed 2weeks later!! the new bank asked for paper work once,did not even fax over my irs info-filled out a special form and they pulled it for me-just sent bankstatements.
We are currently working with Wells Fargo too and they've always been good. They are a little pickier now because of past bad loans. Also, remember, first time homebuyers have to have their loans closed by June 30, so they are probably trying to meet those deadlines. Not that this helps your issue. Don't feel bad, we were suppose to close on May 28 and still don't have a new date in writing and we have to be out of our house by June 25. We have no place to go. Most of our problem is because the listing agent for the house we are trying to buy is being difficult. Good luck though.
I have the exact same experience or even worse; branch manager involved & never responded me in writing but called me for updates. I am going for the 30 days closing claim; Wells Fargo has poor internal communication and kept delaying all process. Poor customer service & tried to push everthing off their shoulders. Just wondering if you had sucessfully claimed the 1st month principle & interest. Thanks for sharing your experience.
Personally, I'm not a big fan of Wells Fargo due to past personal issues with their lure for teenagers to have free accounts, then transfer them at 18 to checking accounts and give them easy credit at a absurdly high interest rate (my step-daughter once got a statement for debit card overdrafts that were moved to a credit card that she never applied for at 26% interest compounded DAILY...no kidding, the APR was stated at 286%)
However, I have 2 clients that have used a particular WF loan officer on transactions recently. I really think it's less about the company and more about the loan officer. He has been ALL OVER IT. Both times he had loan docs drawn and to escrow within 3 weeks. He kept me constantly updated and did a great job. I would definitely recommend him again.
But when great things don't happen...WF management should do a better job managing their loan officers and take more responsibility when they screw up. Period.
We are overdue to close currently, etc has been reviewing and requesting info for 45+ days. They anticipate the closing in a week. There are reqs to meet but seriously.. This is taking a long time by any standard and you can be sure well seek the guaranteed pmt.
We are overdue to close currently, etc has been reviewing and requesting info for 45+ days. They anticipate the closing in a week. There are reqs to meet but seriously.. This is taking a long time by any standard and you can be sure well seek the guaranteed pmt.
Are you making waves? If not, start.
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