sbonomo
Footballguy
Just putting this out there as a PSA for any of you trying to buy a house. Stay as far away from #WellsFargo as you possibly can. They are the worst lending institution i have ever come across. My story (for those of you that don't want to read the book i am about to write, i will put a summary at the bottom) - I am in the process of purchasing a home in Studio City CA (go ahead flame away - although if any footballguys are in the area i would be happy to buy you a beer!). My loan broker sent them a complete package with 23 working days to go before closing. My mid score is 819, i make typical FFA money (over 200K w2 income for at least the last 5 years) putting 20% down. Seems like a no brainer right? The initial approval came out 5 days with 27 conditions. Everything from an explanation of my last three home addresses and why i wasn't financial responsible for them (two apartment complexes and my brothers house - funny enough i had to supply the mortgage information for his house proving i was not liable for the payment, not sure how this is applicable and they have my credit report) to a detailed accounting of my divorce (mind you they have the divorce decree). The best was asking for documentation on a lien that was accidentally filed 8 years ago on a house that i sold 6 years ago. They were able to find the release but wanted documentation of why it was released. The most frustrating was that the underwriter didn't think i had enough money saved (i have zero debt, am putting $180K down on the house and still have substantial retirement assets). Next, the UW actually sent the loan broker an email stating that he didn't feel as though he knew me well enough yet per Wells Fargo's "know your customer" policy. Mind you we were 20 days, 50 documents and hundreds of emails into the process. He had the audacity to ask if i could get the ex wife's (we have been divorce for 1.5 years) financials to prove where cash went (once again he has the divorce decree). Random other idiotic requests: asked to supply a letter from my former employer that i was in fact employed with them. Once again, they have my w2's, tax returns and paycheck stubs from my former employer. Asked to supply an accounting of large cash outlays over the last two years and back them up with account statements (12 month worth of living expenses in cash post purchase was not acceptable for him).
Fast forward to today, i finally have an approval but they have been reviewing the HOA document for over 20 days (new build 95% sold out). I am going to miss my closing tomorrow because they have not approved the stupid HOA docs. I am now being held hostage by the seller at a cost of 500 per day until i close (alternative was to lose my 25K escrow deposit). F-YOU Wells Fargo!
Cliff notes: Wells Fargo turns a 5 day stated UW process into 25 and counting causing me to be charged $500 per day that i don't close. Along the way i have written 15 letters of explanation, sent over 200 emails and provided over 50 documents for a conforming loan. STAY AWAY.
Rant over, feel free to share your horror stories as well - it can only make me feel better
Fast forward to today, i finally have an approval but they have been reviewing the HOA document for over 20 days (new build 95% sold out). I am going to miss my closing tomorrow because they have not approved the stupid HOA docs. I am now being held hostage by the seller at a cost of 500 per day until i close (alternative was to lose my 25K escrow deposit). F-YOU Wells Fargo!
Cliff notes: Wells Fargo turns a 5 day stated UW process into 25 and counting causing me to be charged $500 per day that i don't close. Along the way i have written 15 letters of explanation, sent over 200 emails and provided over 50 documents for a conforming loan. STAY AWAY.
Rant over, feel free to share your horror stories as well - it can only make me feel better