Why is WELLSFARGO underwriter making it so difficult?

Asked by scom57, San Francisco, CA Wed Sep 5, 2012

Got pre approved then loan got approved but during final review the underwriter requested again my driver license and now after 5 days is still revieing the file...The underwriter asked again for a copy of the building insurance...3rd time. My banker is pissed, his boss is pissed and the underwriter manager is involved. I am closing escrow on the 7th of September.... Gave a full package with all the docs.... I am trying to keep my eye on the prize but I am pissed

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David Tapper, Agent, Burlingame, CA
Thu Sep 6, 2012
I'm sorry to hear that, hopefully everything will work out in the end. I've had nothing but positive experiences from Wells. I use Holly Brand and she has been able to remove contingencies within 11-14 days and close from 23-30 days for my transactions with her.

To a successful close. Cheers.

3 votes
Steven West, Agent, San Francisco, CA
Wed Sep 5, 2012
I'm afraid that your experience sounds completely normal to me. In my experience, Wells Fargo underwrites more than once, often in multiple locations. Although they seem to have the most market share, I have never heard a positive story from a buyers perspective.

You may still close in time, stay in contact with them. You can always get a backup lender (maybe someone local can sprint to the finish line for you?) Maybe Wells will move faster if you have a little competition... The worst !that can happen is that you spend another $400-$800 on another appraisal.

Good Luck
2 votes
Schulc, Home Buyer, San Francisco, CA
Wed Jul 27, 2016
Wells Fargo is the HARDEST company to work with. They don't care about you as the person. They are running a HUGE corporation and that is all they care about. They take their time despite deadlines. They like to point a lot of fingers and straight up lie. Get everything in writing if you still decide to work with them. I will NEVER again do anything with them and will discourage all future friends, families and acquaintances as well. If you are selling a house and the buyer is using Wells Fargo think long and hard about accepting that offer. A close date to them means nothing. They also have lenders there that apparently have a voicemail but can't access the voicemail account in order to check their messages. The managers there are as big of a joke as the non-supervisor role.
1 vote
i agree I got stock with them...and I'm now 3 weeks delay from a closing date..
Flag Wed Nov 2, 2016
I agree they suck.....my broker is great but the underwriters suck
Flag Thu Sep 8, 2016
Alex, Home Buyer, Palo Alto, CA
Fri Sep 14, 2012
Tell me about it. Every refi/loan that I've done, I've always gotten an email saying: "Congratulations! Your loan is approved! Now, we just need you to provide these 150 additional documents..."

In my worst experience, despite getting another "Congratulations! Your loan is approved!" email, the underwriter came back right afterwards, and said the loan had to be completely restructured from an owner-occupied loan to an investment loan. I'd have to pay at extra 1.75% in points!
1 vote
Jed Lane, Agent, Petaluma, CA
Thu Sep 13, 2012
they're market share is the largest so they just don't have to care anymore. Too big to fail - maybe just too big to do business with!
1 vote
Nymzhomes, Home Buyer, San Francisco, CA
Thu Aug 10, 2017
They are the worst. Loan officer stated closing in 25 days-- it's already 75 days they're still asking for 1000 documents. their 24-48 hours wait means one week. They always come up with something. Buyers are putting 25% down, good creditors, house was appraised 30% over value. But Wells Fargo's turn around time is killing everything. Nothing positive about this lender.
0 votes
Bobbysgram22…, Home Buyer, San Francisco, CA
Wed Feb 1, 2017
they are terrible and getting worse..they are over the line with some of their tactics and you would think with the past reputation they would straigten out their act but they appear to be getting worse!
0 votes
H2oearth2, Home Buyer, Charleston, SC
Wed Dec 28, 2016
OMGosh I wish I had read this BEFORE I started my loan! I am scheduled for a closing on Friday the 30th and its looks like that is NOT going to happen! I am a two time advanced aggressive cancer survivor, I am a disabled vet, and I gave my processor every piece of paperwork required within an hour of her requesting it, I took time off from work to be available to help close my loan, there was talk of it closing early ...NOW underwriting has decided to interpret the home inspection versus read it and take it at face value! Now they are requiring repairs to the home before closing....its claulking!! Nothing major but I have to hire another licensed contractor?? For a minimal repair?? I NEED to close on time..is there going to be another finding after this one? Will I ever close??
Regretfully Yours
Charleston SC
0 votes
Realtorjuan1, Home Buyer, San Francisco, CA
Wed Feb 24, 2016
Making a phone call or sending an email to wells fargo mortgage or banking is IMPOSSIBLE I tried the phone #s listed and no one answers, all I get is please leave a message. Operator??? automated...send an email...you have to register?? No thanks, I will not do business with them

also, go an cash a check I mean a Wells Fargo issued check...and they want to charge you $5 "for service"

Juan Sala
0 votes
Peter T. Chin, , San Francisco County, CA
Wed Sep 19, 2012
Wells Fargo has a reputation for bieng ultra conservative and they don't like to take risky bets on questionable loans.

Therefore, they scrutinize all loan applicants to the tee.

Peter T. Chin Realtor # 01866332
0 votes
Robert Chome…, , San Diego, CA
Thu Sep 13, 2012
It is very common to hear this. The loan process starting almost 5 years got much more intense then it was the previous 10 years. The lenders also claim they are backed up due to rates being so low and being flooded with refinances. But it is a very frustrating process with many lenders right now. Things can take very long and massive amounts of documentation can be asked for.
0 votes
Scott Miller, Agent, Boca Raton, FL
Tue Sep 11, 2012
Instead of being in business underwriting loans, they should have all been allowed to go bankrupt. They are horrible in every aspect and have truly helped to destroy the American economy.

They were rewarded instead of being punished.

Scott Miller
Realty Associates
Boca Raton, FL
0 votes
Annette Law…, Agent, Palm Harbor, FL
Fri Sep 7, 2012
As others have noted, your experience is not uncommon.
There is a reason the Big Banks, Wells Fargo, Citi, Chase, Bank of America and Never Ever Bank of Clearwater FL, are "F" graded. They FAIL in every aspect of lending to home buyers. The horror stories are endless and heartless. Too big to fail banks will pale when compared to the soon to arrive "To big to fail" health insurance companies.

You may want to try and advise EVERYONE you know, and some you don't know, to consider using a local lender who has a history of investing in the community through small business and mortgage loans. Enter your city or zip code and identify the "A" and "B" Graded lenders.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
0 votes
Ivan Diaz, Mortgage Broker Or Lender, 79936
Wed Sep 5, 2012
I agree with everything below....I just have to add that it is a mortgage originators responsibility to manage the transaction and your expectations. Sounds like a little bit of everything. Since when does Wells care about service?

0 votes
Craig Zappin, Agent, Huntington, WV
Wed Sep 5, 2012
I just had a client switch from Wells Fargo in August after they were told it would be several weeks for an appraisal to occur. If you want better/faster service, remember, "the squeaky wheel gets the oil." Sometimes you have to advocate with people in regional managment positions if you aren't getting the results you need. That tends to move the process along.
0 votes
Merrill Jenc…, Agent, Chandler, AZ
Wed Sep 5, 2012
One of the main reasons why I don't use big national banks for my clients whenever possible. They are just slow, unorganized, and bureaucratic. I mean, I know it is their job to make sure everything with the file is in order, but usually good local lenders can get conditional approvals out of underwriting in 48 hours, and then once all the conditions have been met, only 24 hours. Obviously, you can't do anything about it now because you are already in escrow and you are supposed to close on your house in a day or two, but I wish you the best of luck!
0 votes
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