Home Buying in Lincoln>Question Details

guyla_pasco, Home Buyer in Lincoln, NE

Mortgage Broker would not respond to me

Asked by guyla_pasco, Lincoln, NE Fri Apr 25, 2014

I tried to get a FHA home loan through Wells Fargo, although my credit has kinks my mortgage broker thought he could get me approved. However once I signed my loan application I would not hear from him for weeks. Before we even started he asked me if I was enrolled in school and I stated that I was going back for my bachelor's degree which he said was perfect because then my student loan debt did not have to be considered. He did not request any documents but after 3 weeks with no response, I finally get an e-mail saying it doesn't look good and it's due to my student loans. I ask him what I can do to show the underwriter I'm going back to school, suggest a cosigner, and a bigger down payment but no response until 4 days later telling me I'm denied. He says we should reapply showing proper documentation. I get all the documents he requested and reapply, the same thing happens again and he refers me to another bank . Is there some way for me to formally complain?

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To start with, Yes there is a formal complaint department for Wells Fargo. Moving forward, I would suggest you find a local Mortgage Broker and speak with them to find out the amount your are qualified for. If you are qualified and are willing to move forward with a purchase, let your lender know upfront you have just been through this situation and would appreciate being kept in the loop through the whole approval process... communication is key!
0 votes Thank Flag Link Sun Jul 13, 2014
Welcome to doing business with big banks who in my experience are their own worst enemies. Having dealt with all of them for decades I frequent;y wonder how they ever get anything done.

Forget Wells Fargo and forget trying to work with any of the big banks, the only thing worse than dealing with the big banks is dealing with .com lenders.

Your best bet if you possibly can is to work with a credit union. If this option isn't available to you then look for a mortgage broker to work with, they can review your specific situation and because they work with multiple banks, they'll know where to place you. In case you're wondering it costs no more to work with a a mortgage broker (and frequently less) than it does to deal directly with a bank.
0 votes Thank Flag Link Sun Jul 13, 2014
In my experience, complaining doesn't usually produce results, which is the ultimate goal. The lenders act as the middle men between their underwriters, the securities folk that buy the loans, and the government requirements for federally insured home loans. His or her lack of communication is an issue, and I'd focus on that if you decide to pursue it.

I would simply recommend finding a different lender. Your business, or lack thereof, is the best feedback you can give.

If you are working with a Realtor currently, ask him/her to provide some references. They likely have a few 'in hand' that they have worked with before and one bad experience shouldn't negate their recommendations. People are people and have bad days, bad weeks, and even bad years and this lender's lack of communication may be the result of something out of their control.

If you have discontinued your and your agent's (if you have one) relationship and would like assistance, I would be more than happy to help if I can.

Have a great last day of the weekend.
0 votes Thank Flag Link Sun Jul 13, 2014
Change your Mortgage Broker. I can give you a referral if you want one.
0 votes Thank Flag Link Thu Jul 3, 2014
Another addition to this the last time he requested more documents, I was confused what he needed. Called him several times for four days and he never responded then when he does call me back says he isn't sure what documents I need and it looks bad. I was frustrated and asked why he couldn't respond back to me, he had no real response. I asked to talk to his Supervisor who said he'd try to help me but all that happened is that I got a call from the broker saying they denied me, but I hadn't even given the documentation the underwriter asked me for because the broker would not respond.
0 votes Thank Flag Link Fri Apr 25, 2014
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