Home Buying in Brooklyn>Question Details

Chuck Taylur, Home Buyer in Brooklyn, NY

How long does it take to get a denial letter?

Asked by Chuck Taylur, Brooklyn, NY Fri Sep 27, 2013

Its been exactly one week since my loan officer ( wells fargo ) told me that Ive been denied for my loan. I have yet to receive my denial letter. Ive been chasing all week and today I was finally told ''the denial hasnt been fully completed or executed ( i forget the exact word)''.

I have my lawyer waiting for the denial letter in order to get an extension or my deposit back.

Is there anyway I can expedite this process? Im pretty sure the loan officer tuned me out since hes no longer getting his commission.

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Answers

3
Dear Chuck:

Have your attorney contact your mortgage banker and request it for you from the bank.

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate
Office: (718) 252-2000/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Fri Sep 27, 2013
If your loan officer is not being helpful, contact his/her supervisor....
0 votes Thank Flag Link Fri Sep 27, 2013
Hi Chuck
Under the Equal Credit Opportunity Act (ECOA), if a lender denies your application they have to issue a denial letter and reasons for denial within 30 days. Generally a loan officer does not issue this denial directly. It is handled by either the loan processor or someone in the compliance department.

If you want to expedite this you should speak to the branch manager where you applied. He or she can likely direct you to the person to speak to.

With a large bank like Wells, it's probably going to take a longer time because they usually have several levels of authority that things need to go through and they probably arent the most efficient.

Best of luck!
0 votes Thank Flag Link Fri Sep 27, 2013
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