What is taking so long with the house buying process?

Asked by Usforever, 28146 Tue Jan 18, 2011

We applied for a home loan November 28th 2010 It is now Jan. 18th 2011. He doesn't return my calls and when I do get him on the phone he'll say" I am away from my desk, or in a meeting, call back in 30 minutes" Then I call back and get the answering machine and then leave a message, and hardly ever get a call back. The papers have been in underwriting since the week of Christmas, and He still hasn't heard anything.. On top of that we haven't even had the house appraised, so how can it be in underwriting? We really want this house. the credit score is 622. I don't even know what kind of loan we have or APR. He is never in front of his desk to tell me. The owners are nice enough to trust that I am working with a loan person that they took the for sale sign down. He is starting to make me look like a liar, and I am not liking this. What would you do? Is this the way it happens? I was in and out in same day buying a car. The company is Wells Fargo.

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Anna M Brocco, Agent, Williston Park, NY
Tue Jan 18, 2011
If you are unsatisfied with your loan officer, do contact his/her manager and express your concerns, and you wish to ask to be assigned another officer from within; then go from there...
1 vote
Elisabeth (L…, Agent, Sparta, NJ
Tue Jan 18, 2011
I would call the Manager at Wells Fargo and explain your situation...they are supposed to mail you or give you a Fair Estimate of all closing costs and fees and rates for the mortgage before they go into underwriting..Not sure what state you are in but something is not right here...you can get a mortgage
approval without this Fair Faith Estimate and definitely an appraisal. When I am trying to get my clients
preapproved, I will run it past the underwriter to see if they would consider it and then I save my clients the
money of an appraisal till I am sure they will be considered. I would definitely call a Manager, Branch Manager and get an update.
1 vote
Robert Pratt, Agent, Chicago, IL
Fri Jan 21, 2011
First- You sound very frustrated- and rightfully so. Your lender should be available for you whenever you call them, or at least call you back when a message is left. They work for you, and make money when you close too, and should be honest, responsive and accommodating. I assume you decide to work with this lender after they gave you a pre-approval letter indicating the terms of your loan, meaning you felt that they gave you the best deal and they felt comfortable enough that you would be a good borrower. Because of that- your 622 score should not be an issue anymore, unless there have been significant changes to your credit such as loss of job, or if you applied and granted a loan elsewhere.
Depending on the complexity of your situation, the loan process can take up to 45-60 days, so that part is somewhat normal, but having to deal with this kind of loan officer, should not be a part of it.
Web Reference:  http://www.dreamtown.com
0 votes
Corey Grushin, Agent, East Brunswick, NJ
Wed Jan 19, 2011
Usforever per your loan scenario you may not qualify per W--- Far-- underwriting criteria. I believe they now require a minimum 640 credit score. It could also be that underwriting is very backed up, The minimum lock period for a loan is 60 days because it takes so long to process. My evaluation and opinion is based in the fact that an appraisal hasn't been yet, which absoloutely should have taken place by now.
My suggestion is to call the sales manager of the office and ask for a status update. Also mention how your loan officer hasn't gotten back to you.
FYI I'm not licensed in NC but my company is and we only require a minimum 620 credit score. Good luck
0 votes
Larry Story, Agent, Greensboro, NC
Wed Jan 19, 2011
I am with Anna and Elisabeth you need to contact his manager. If that does not get you results I can put you in touch with some people at Wells Fargo that can get you some answers.

As far as the file being "in underwriting" many times that is a way they deflect blame and buy time. Simply because then they can say it is out of their hands and they have to wait to hear. It is strange about the appraisal but they may have simply done a "drive by" appraisal where the appraiser did not go and see the home.

In ending you definitely need a new loan officer. If you cannot get a hold of the manager let me know and I will get you some names and numbers to call to get you the answers you need.

Are you using a Realtor for this transaction? They should be there with you trying to get answers if so.

Hope this helps,
0 votes
Bill Eckler, Agent, Venice, FL
Wed Jan 19, 2011
The commercials we see on television that convey the message that banks care about people and work for the best interests of the public are at best misleading. Your situation is not unlike the majority of our recent transactions that involve processing a loan. Many of our recent buyers have become frustrated to the point of wanting to walk away from their transaction....three of my last five deals.

Based on the feedback we are hearing this seems to be the trend. It would appear that establishing good customer relations is not a very high priority for today's banking industry.

0 votes
Usforever, Home Buyer, 28146
Tue Jan 18, 2011
The state I live in Is North Carolina...
0 votes
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