Financing in Concord>Question Details

Clt, Other/Just Looking in Concord, NC

I saw in the Q&A that FHA loans usually close in 30 days. I applied with Wells Fargo for a re-fi and it has been 7 months and we are still not

Asked by Clt, Concord, NC Wed Dec 2, 2009

closed. I have a high credit score and only debt is my home. I have heard many excuses but no action. Has anyone else had the same problem? I changed my mind about re-fi but wanted to see just how long Wells Fargo would string me along.

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My opinion (regardless of the loan program) is that one should never go directly through Wells Fargo (or any lending institution that size) because of the amount red tape and lack of customer service.

Based on your explanation of the situation, it wouldn't surprise me if the Wells Fargo loan officer you're dealing with never locked your rate in when they said they did (hence, the excuses & extra conditions). Mortgage Rates spiked relatively quickley at the end of November & throughout the month of Decemeber (right around time you were in the approval process).

0 votes Thank Flag Link Sat Jan 29, 2011
We have gone with Wells-Fargo on an FHA re-fi. It has taken two months so far. We did it throught the holidays so we have been patient. We got a 45 day lock in rate at 4% on November 30, 2010 but they have dilly-dallied and dilly-dallied to the point to where we are beyond the 45 day lock-in rate. Wells-Fargo has submitted several haphazard requests for information from us that has been pushing the closing date farther and farther into the future. They have asked sporadic questions like what loans did we take out on our 401K? (They were for home inprovements before appraisal). Who is the lender for your new car Lia Honda? (Well-Fargo..dduuhhh). Is there a statement for your 401k account that we can review? We have no idea why these stupid questions should affect the loan but they bank seems to be somewhat disorganized in their approach to completing this transaction and could care less about us and this loan for a mere $153,000.

We are submitting answers to their last round of questions for an approximate closing date of 2/14/2011. We think that our "lock-in rate will not be honored at that time. At that point we will cancel the transaction and take our business elsewhere. We will keep you posted. Its ashame that due to these banks careless actions of the past 10 years that hard working people with decent credit scores and payment histories have become hapless consumers. And we are the ones who bailed they sorry jerks out. No wonder the economy is stagnant.
0 votes Thank Flag Link Thu Jan 27, 2011

That is absurd. Here are a couple local people that can help answer your questions.

Josette Alexander
Mortgage Consultant
FHA Specialist
Wells Fargo Home Mortgage
1320 Willow Pass Road Suite 150
Concord, CA 94520
(925) 288-1109 Tel
(925) 285-8617 Cell (my email) (my website)

Kathy Zickenberg
Certified Mortgage Planner
(925) 706-6706 Direct
(866) 319-2304 Fax


0 votes Thank Flag Link Fri Jan 15, 2010
As already stated, the issue was with your previous your loan officer and his/her inability to put a proper file together and/or to tell of the issues delaying the transactions. A refi are straight forward and the simplest of loans to do. Especially if their FHA's Streamlines or VA's IRRLs (Interest Rate Reduction LOan). Either way, it should take no longer than 15-30 days at the most. Considerably less If the appraisal value came in too low, or there was a mess up in the processing that ultimately led to the loan being denied/rejected. You should have been promptly informed regardless.
0 votes Thank Flag Link Thu Jan 14, 2010
I have had them close in as quick as 30days. However, I have a 203K loan that is supposed to close on the 19th. It took close to 90days. You are better to work with a lender that you know. Some of the big banks you are just a number. Let me know if you need anything else.
0 votes Thank Flag Link Thu Jan 14, 2010
There is something bad wrong with this picture. I happen to be on the phone with a mortgage broker who said for you to call her at 704-7992456 , ext. 25 and she will see if she can help you. Her name is Peggy Broach with 5 star Mortgage. I think you have a loan officer that is not really trying to help you .
0 votes Thank Flag Link Wed Dec 2, 2009
It's all about the loan officer. The documentation that is required for your loan is a known quantity. Income docs, asset docs, etc. It's all about the loan officer putting together a 'full file' prior to sending it to the underwriter for processing. If the file is complete, even lender's that are backed up with business will be able to do the loan in a reasonable amount of time. The key is the full file. If an underwriter gets a full file, they can underwrite it and approve it without conditions, or with very few conditions. Loans coming out of underwriting without conditions is a rare thing, but it's only rare because the loan officer doesn't take the time to get all the information, all the necessary documents, the hazard insurance binder, the title work, etc., etc. Ask your next loan officer for a list of documents required by the lender and then make sure they get everything on the list that applies to your refinance. It's not an art, it's a science. Everyone knows what is required for a loan to be approved!
Web Reference:
0 votes Thank Flag Link Wed Dec 2, 2009
It sounds like you have just gotten a VERY bad loan officer. The only time I have heard of loans taking 7 months is if there is a short sale or loan modification involved. I have an EXCELLENT lender that I would be happy to refer you to if you would like to try someone else. She is usually able to close a loan in as little as two weeks, but never more than 30 days. Feel free to send her an email Lou Ellen Scott - or check out her website I have worked with her for YEARS and she is AMAZING and always has the clients best interest in mind. Don't let a bad experience from a BAD lender defer you from saving yourself some money.
Best of luck, and if there is anything else I can ever help with, just let me know.
Heather Hopkinson
RE/MAX Signature Properties
0 votes Thank Flag Link Wed Dec 2, 2009
Wells Fargo is one of the biggest banks in the country with regard to Mortgages and they are slammed. Add to the pot that our industry is changing every month with regard to compliance from the governement (HVCC/MDIA) and the newest compliance coming out in January 2010. It actually takes about 40 days to close and FHA loan (with appraisal) and about 15 to 30 days without an appraisal. If you're currently with Wells Fargo, look to use a broker set up with Wells Fargo if you wish to stay with them. With Wells acquiring Wachovia, they may end up selling your loan to Chase. FYI about rates...don't go with a company just because of their rates and closing costs, go with them because of their service, but i guess you figured that out.
0 votes Thank Flag Link Wed Dec 2, 2009
The answer from Joseph is correct. It should not take that long. If you decided to not refinance because you got frustrated with how long it took to work with Wells Fargo, it may be a good time to reconsider. You can get rates as low as 4.625% on a 30 year FHA fixed rate or 4.25% on a 15 year FHA fixed rate right now if you qualify. Let me know if you are interested in applying again.

Best regards,

Andres Gomez
0 votes Thank Flag Link Wed Dec 2, 2009
Wells Fargo is extremely backed up. I have done several loans for people who were in the process as long if no longer than you. I have since closed many of these loans and wells is still in the processing stages ?? Feel free to give me a call with any questions or scenarios you may want to discuss i have over 20 years experience in the mortgage industry. Sean Hegarty 866-970-7283 extension 7997. Have a great Day !
0 votes Thank Flag Link Wed Dec 2, 2009
FHA loans can take longer to close than conventional, but 7 months is far too long. For your loans to take this long to close, there is an underlying issue that is not being addressed. Generally, 30 to 45 days is standard to close an FHA loan.
0 votes Thank Flag Link Wed Dec 2, 2009
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