can any tell me how long it normally takes to get an approval from Wells Fargo?

Asked by Tfallon680, Charlotte, NC Thu Apr 18, 2013

we started this process 2 months ago and everytime I ask our LO the status there is always an excuss on why the file didn't go to underwritting now its been two weeks that they asked how much money in hand to date. I know we don't have the best credit our scores are at the 640 range and nothing late, no collections in the last 2 years.

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Daniel Fisher, Agent, Charlotte, NC
Fri Apr 19, 2013
Good morning, TFallon
60 days is on the long end of approval and if I were in your situation and this far along, I'd stick with Wells. I'd also start pushing this up the chain of authority - everyone has a boss. Call, email, start asking a lot of questions until you have clear answers. If you need to, ask for an in-person meeting with the branch manager or regional VP, SVP, EVP, etc. example: "EVP/National Sales Manager at Wells Fargo" If this is a purchase money loan and you are buying a new home, ask your Realtor to go along and advocate with and for you. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
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My NC Homes…, Agent, Chapel Hill, NC
Thu Apr 18, 2013
The problem is Wells Fargo. What their not telling you is that they have all sorts of overlaid requirements not required by the secondary market. This is the case with all the major national banks at this point in them. Your so far into it with Wells that there's little you can do but hang in there and keep calling them daily to pressure them to get it done.
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Jon Widdifie…, Agent, Charlotte, NC
Thu Apr 18, 2013
I have had great experiences with Wells Fargo. The loans that I have done with them have closed on time and have been approved by the due diligence period.
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dave, Agent, Charlotte, NC
Thu Apr 18, 2013
it seems like there is something they are not telling you. Generally it should not take more than 30 to 45 days tops to get a file from beginning to underwriting to close.

I would be a little concerned they are not telling you everythign and ask to speak to soemone above your loan officers head to get an answer to your question.

If that does not work call another lender. With credit scores like that and no lates and collections most lenders would be running to help you out.

I can refer a couple of different people to you if you do not have any luck....

Dave diCecco
Coldwell Banker United
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