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Mac Rogers' Blog

By Mac Rogers | Broker in Castro Valley, CA
  • Trouble with Wells Fargo

    Posted Under: Financing in Millbrae, Agent2Agent in Millbrae  |  December 8, 2012 11:14 AM  |  179 views  |  No comments

    Wanted to get people's thoughts on my current predicament. I have a client that Wells Fargo Approved for a VA loan. We were told that we can go ahead and make an offer and the only contingency was the appraisal. Got accepted.

    One week before closing (Dec 10 is the COE), Wells requested some escrow conditions. No big deal. I follow-up with the Wells Fargo loan officer and when she finally returned my calls she told me what transpired during the day.

    1. New underwriter has been assigned because the old underwriter resigned.

    2. New underwriter declined the loan because my client not VA eligible.

    3. New underwriter said wait I made a mistake. He is approved for $100,000.

    4. Loan officer told new underwriter to review calculations again because there's no way he is only eligible for $100,000 because we offered on a $900,000 home.

    5. New underwriter said "your right". He's eligibility is $858,000.

    6. After all this new underwriter request new conditions from the buyer. These conditions have been met because all the documents new underwriter is asking for were submitted prior to getting approval. (requested conditions were sent again the same day it was requested)

    7. Yesterday I asked loan officer what our new scheduled closing should be because I need to get an extension. Response was I don't know.

    Before we started shopping for a home, Wells Fargo kept on telling me we cannot give you a pre-approval because we do not do that anymore. We issue ACTUAL approvals. We had to wait 3 weeks to get the actual approval. We lost out on 4 properties because of the wait that we had to do.

    Now Wells Fargo assigns a new underwriter to the file and they have to re-underwrite the whole file? I understand that if I was the underwriter I would want to review the file but to re-underwrite it again after you have issued a commitment letter is absurd.

    On top of that the lack of response from the loan officer and her boss is ridiculous. When everything was starting to fall apart they told me that they could not get to it because they were in a seminar. Are you freaking kidding me!

    It seem to me that the new underwriter is not familiar with VA loans. How can you go from APPROVED for $890,000, to decline to APPROVED for $100,000 to APPROVED for $858,000? Then ask for the same conditions that is already in the file. I've been around long enough to know that this underwriter doesn't know what she is doing and lazy. All she had to do was open the file and see everything that she requested is already there.

    Why is my client suffering because there's a new underwriter? I have asked the loan officer to escalate this to someone that can actually make a decision and I don't even know if she did that. I'm sure she didn't because the UW is still calling the shots. What really blows me away is when I tell them that there's a possibility that we lose the house and the 3% deposit of my client, NO RESPONSE!

    BTW, there is no change to client's situation to warrant this new underwriting. Anyone know any WF people that I can escalate this too? I didn't expect this kind of treatment from a world class organization like WF.

    In the meantime my client, a retired airforce captain is left out in the cold without any support. Is this how we treat our veterans?

  • Co-Op Financing

    Posted Under: Financing in Hayward  |  April 18, 2012 1:06 PM  |  158 views  |  No comments

    Anyone out there know of a local lender that is willing to finance a co-op?Thanks so much.
  • Accelerating foreclosure.

    Posted Under: Foreclosure  |  December 18, 2011 7:56 PM  |  161 views  |  No comments

    I got an email regarding lenders accelerating foreclosures in California.  Any thoughts on this? 
  • HOA

    Posted Under: In My Neighborhood  |  November 15, 2011 7:21 PM  |  186 views  |  No comments

    My HOA decided to remove the diving board in our community without consulting the residents.  They said that this was the advise of the property management company.  Liability issues.  When a resident found out about this he asked them why we the residents were not consulted.  They said no one in the meetings raised any objections.  Anyone go to those meetings?

    They told him to get a petition signed and that it will be discussed.  Well he did.  Guess what?  The board just brushed it aside.  Now the residents are up in arms about this.  But the board is insisting that they did the right thing.  They were looking after our interest.  The board doesn't get it.  It's not the removal of the diving board that's the issue.  It's that they made a major decision without consulting the residents.

    If I was in their shoes I would have said "here are the facts why we removed the diving board...  Now if residents wants to put one back again then lets put it to a vote.  But instead of doing that they just keep on resorting to scaring tactics.  They keep citing liability issues and that the management company advised them to do it.  I swear listening to the board meeting it was like listening to a bunch of children.  "he made me do it"  or "if we do this we might be in a lot of trouble"

    And these are MATURE ADULTS.  Geez....
  • Fannie & Freddie Payday

    Posted Under: Market Conditions  |  November 15, 2011 4:26 PM  |  179 views  |  1 comment

    $100 million payday.  Hmm.  Warranted or not?  I can't decide.  There wasn't really any information given behind the headline.  Another case of sensationalistic (is that even a word) journalism perhaps?
  • How to fix the housing crisis

    Posted Under: Foreclosure  |  November 14, 2011 5:06 PM  |  170 views  |  1 comment
    I heard one republican presidential hopeful say that to fix this housing crisis/mess, we need to let it run it's course.  Meaning that if people get foreclosed on so be it. I'm inclined to agree with him.  BUT. What about the human cost? I mean think of all the families that will be displaced. Think of the children that is involved.  We cannot quatify the emotional toll that this would put on thousands of families.
    I think it's time for the banks/lenders to really step-up and come up with a better solution.  No matter what they say, I think it's not enough.
 
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