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  • Wells Fargo issues

    I was wondering if any other Realtor's were having problems getting loans though on time with Wells Fargo? It seems that every loan I see is either weeks late for approval or we are just having the buyers walk away from them and go to another lender.

    Are you experiencing this problem?

    Judy
    [/FONT]

  • #2
    I just had a buyer that had the Wells Fargo guarantee loan go bad. It's a program that runs the buyer through the FULL underwriting process and Wells guarantees they can close in 15 days once a buyer finds a home. Well my buyer did everything right followed all the rules but 2 days before close she was told her credit report had expired. So they pulled a new credit report. Not one thing had changed but Wells had changed their PMI guidelines and her credit report did not meet those guidelines. It had previously passed the PMI guidelines with no issues. She was forced to go FHA which cost her a lot more but she was going to lose her dream home. I was told that because Wells only has 2 companies that provide their PMI it can restrict your buyers loan and cost your buyer and you the deal. I will suggest other lenders over Wells a little stronger now.
    Patti Babish
    REALTOR BRE#01864683
    RE/MAX Gold (530)334-6333
    3375 Country Club Dr.
    Cameron Park, CA
    95682

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    • #3
      I personally haven't had to deal with Wells Fargo but have had several agents I know who have had clients that went through what you discussed. I don't know which state you're working out of but their service isn't any better in NJ. What I have seen is, that in this state not only are the property taxes a major issue in affordability but the PMI/MIP costs have dramatically increased. It appears the monthly payment could be a mere $500 P&I but with all the other fees taxes, Ins and PMI costs the buyer could carrying a monthly payment as high as $1600/ mos.. I find this to be such a sad situation.

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      • #4
        Everybody, this is why you need to be working with a broker who has access to multiple lenders and is up on the latest guidelines. Somebody like me!! Seriously, if there are any California Realtors here who would like a mortgage pro preview every deal I'd be happy to act as a pre-approval point to make sure that you're deals will close. I might even get a loan or two out of it.
        Jesse Gonzalez, Broker/REALTORŪ
        Archer Realty
        DRE License#01855372
        NMLS MLO#278103
        707-583-3666

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        judyvalicenti NATIONAL REALTY OF BREVARD OCT 2011 to current CAMPBELL & ROSEMURGY RE 2010-2011 CENTURY 21 INDIAN RIVER AGENT 2007-2009 REMAX ALTERNATIVE REALTY AGENT 2004-2007 CENTURY 21 MID ATLANTIC PROP. 1995-2004 CENTURIAN AWARD WINNER CENTURY 21 5 MILLION DOLLAR PRODUCER 2001 CONSISTANT MULTI MILLION DOLLAR PRODUCER 1988-2013 REO NETWORK RES NET AGENT KONDAUR CAPITAL PREMIER AGENT PRECISION ASSET MGMT TOP AGENT SELENE FINANCE PREMIER REO AGENT MERIDIAN ASSET MGMT AGENT Specialization I specialize in representing my clients in the purchases and sales of single-family residences and income property within the cities of Palm Bay, Melbourne, West Melbourne, Grant , Malabar, Micco,Vero and Sebastian. I keep current of all transactions in these areas, and I'm also very knowledgeable about local subdivisions and schools. Find out more about judyvalicenti

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