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EricaAlt
LIF Adult
Member since 7/08 22665 total posts
Name:
Erica
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FHA Loan... Vent
Seriously, are they going to ask for my first born next?! 
Started the whole process about 2 months ago. Got approved for the rate, locked in, gave the loan officer all the docs HE asked for then he remembers he needs something else, then something else... ok, then he's good... no wait! one more thing! 
Finally goes to the underwriter and the underwriter needs something then something else. Then the thing he asked us to get him he wasn't happy about so needs something else
Seriously, we're going in circles
How much longer is this going to take?
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Posted 8/31/10 7:37 AM  |
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mamallama
<3 <3 <3
Member since 9/07 5035 total posts
Name:
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Re: FHA Loan... Vent
wells fargo? 
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| Posted 8/31/10 7:50 AM |
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EricaAlt
LIF Adult
Member since 7/08 22665 total posts
Name:
Erica
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Re: FHA Loan... Vent
Posted by Jenna
wells fargo?
LOL! Yup!! It's unbelievable! My DH and I were discussing how unorganized they are. For the company I work in (not mortgage) if we get this type of order it needs this, this and that. If it's another type we need this, this... you get my point.
Don't you think there should be some type of checklist rather than a guessing game. DH keeps saying, "are you sure that's it?"
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| Posted 8/31/10 7:59 AM |
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bookworm
Two Little Rosebuds
Member since 8/09 2106 total posts
Name:
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Re: FHA Loan... Vent
Posted by EricaAlt
Posted by Jenna
wells fargo?
LOL! Yup!! It's unbelievable! My DH and I were discussing how unorganized they are. For the company I work in (not mortgage) if we get this type of order it needs this, this and that. If it's another type we need this, this... you get my point.
Don't you think there should be some type of checklist rather than a guessing game. DH keeps saying, "are you sure that's it?"
we went through exactly the same thing with them. we didn't close until almost 2 months after our on or about date, which means we lived out of boxes for a month and our landlords for our apartment let us overstay past our notice out of pure kindness.
it's just how it is with FHA, but my advice: start shaking trees all the way up to the top. We had to get in touch with the branch manager (our broker's boss) and the head of processing to see results. don't be afraid. trust me--it's what your broker wants to get the job done because they are pretty helpless to do anything for you if underwriting is being ridiculous.
FYI--wells fargo has a policy where they pay your first-month's mortgage for you if they delay closing more than a month past the on our about date, which puts you in breach of your contract. start throwing that around as you make your aggressive phone calls. good luck!
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| Posted 8/31/10 8:07 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: FHA Loan... Vent
I closed in March with Wells and didn't have a single issue. I was working with bethpage before and they were screwing everything up! I guess its all who you actually work with at the bank. the women I used was with DE Capital through prudential but its for wells. She was amazing!!! we didn't have to give them anything more then 1x and we closed FHA in 60 days.
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| Posted 8/31/10 10:49 AM |
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Megs4
LIF Adult
Member since 11/08 1619 total posts
Name:
Megan
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Re: FHA Loan... Vent
My experience was well over a year ago now, and we were doing traditional with Wells Fargo but then due to delays (seller died) we actually had to change to FHA because Wells stopped offering the original loan in the meantime!!
It was a nightmare redoing everything. I don't know if that was because of FHA or just because it was a high stress situation anyway, and we had a much easier time the first time around with the traditional loan.
Good luck. 1.5 years after closing (and 2 years after the process started) I am still upset over how horrible the experience was. I hope yours has a better ending! 
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| Posted 8/31/10 11:35 AM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: FHA Loan... Vent
I hate hearing stories like this. I'm in the mtg business and it's so tough right now. We as loan officers/processors are in such a tough place. We are in sales and it's so tough to sell something to our clients that we actually have no control over. Every file is not the same, so once somehting is reviewed, we often need addiitonal documentation. I ask for so many things up front from my clients and still the underwriter will ask for 10 more. We all try to anticipate what the underwriters could want, but things are changing everyday and it's just really hard.
 And I know it's not any consolation, but your loan officer wants to close the deal almost as bad as you do!
Have patience, but definitely go to a manager if you feel your file is being mishandled.
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| Posted 8/31/10 11:51 AM |
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EricaAlt
LIF Adult
Member since 7/08 22665 total posts
Name:
Erica
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Re: FHA Loan... Vent
Posted by Deeluvsvinny
I hate hearing stories like this. I'm in the mtg business and it's so tough right now. We as loan officers/processors are in such a tough place. We are in sales and it's so tough to sell something to our clients that we actually have no control over. Every file is not the same, so once somehting is reviewed, we often need addiitonal documentation. I ask for so many things up front from my clients and still the underwriter will ask for 10 more. We all try to anticipate what the underwriters could want, but things are changing everyday and it's just really hard.
And I know it's not any consolation, but your loan officer wants to close the deal almost as bad as you do!
Have patience, but definitely go to a manager if you feel your file is being mishandled.
Thanks! That helps. DH has a good relationship with the loan officer and we want to keep it that way. I know it's out of his control, but I just wish there was an easier way of getting things done.
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| Posted 8/31/10 11:59 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: FHA Loan... Vent
the underwriter now has to sign off with their name on the loan
if too many loans that they did default- they are out of a job
default rates are 14% right now- you can't blame anyone for being cautious!
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| Posted 8/31/10 12:10 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: FHA Loan... Vent
I did an FHA with wells fargo late last yr... I agree about them being unorganized and asking for a million and 1 things 10x over.. I had to keep on top of them... Ask to speak directly to the underwriter... I had more success going though our UW than through our loan officer!
Our closing would have been sooner but we were being help up by the MCC program (totally awesome program that came and went in a VERY short period of time...we get 20% back on all interest paid every yr for the life of the loan!!!!!) We went into contract on 9/28 and didnt close until 12/3 ... so just over 2 months...
Message edited 8/31/2010 1:43:40 PM.
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| Posted 8/31/10 1:42 PM |
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EricaAlt
LIF Adult
Member since 7/08 22665 total posts
Name:
Erica
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Re: FHA Loan... Vent
Posted by MaZz
I did an FHA with wells fargo late last yr... I agree about them being unorganized and asking for a million and 1 things 10x over.. I had to keep on top of them... Ask to speak directly to the underwriter... I had more success going though our UW than through our loan officer!
Our closing would have been sooner but we were being help up by the MCC program (totally awesome program that came and went in a VERY short period of time...we get 20% back on all interest paid every yr for the life of the loan!!!!!) We went into contract on 9/28 and didnt close until 12/3 ... so just over 2 months...
really? I thought you can't talk to the UW. I was told even the Loan Officer didn't know who it was
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| Posted 8/31/10 1:46 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: FHA Loan... Vent
Posted by EricaAlt
really? I thought you can't talk to the UW. I was told even the Loan Officer didn't know who it was
nope... i found out the name of the guy and spoke to him directly! i wanted to know what exactly was going on... what docs he needed etc... if you push and bug the LO's enough, they will keep directing you to someone higher that handles your loan and this is how we got the UW's name and number  ... i was tired of getting the run around... no one knew what was going on... call every freakin day if you have to... if you dont push and make your loan stay on top of things in their minds, it will end up taking a yr and a day... i learned this lesson toward the end of our whole ordeal... wish i had the info in the beginning
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| Posted 8/31/10 5:22 PM |
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mamallama
<3 <3 <3
Member since 9/07 5035 total posts
Name:
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Re: FHA Loan... Vent
we were told we were closing May 17th....closed JULY 30th 
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| Posted 8/31/10 6:19 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: FHA Loan... Vent
Its the way things are right now....its not FHA, its not Wells Fargo....Its every lender.
They are double checking everything because of everything that happened. The attorneys should know by now how long it takes to close and adjust what they normally put in the contracts.
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| Posted 8/31/10 7:58 PM |
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