March’s Conditions

· Mortgage Refinance

While the weather was warming up, it seems the underwriting department at Wells Fargo Home Mortgage was cooking up as many things as they could to find a reason not to complete this loan.  Upon receiving the below email I asked to speak with someone higher up the food chain.

1. Borrower to provide documentation showing she is not on title of current primary residence.

2. Borrower to evidence that she is not obligated on debts showing on bank statements: {List of fifteen items that came directly from my Wells Fargo checking account’s bill pay feature.}  ** Underwriter to verify if any debts to be included in ratios **

The debts were pulled from the bank statements so underwriting wants to confirm if they are in your name because if they are, then they will need to be included in your debt to income ratio.  Let me know if you have any questions.

Of course I had questions!   First of all, I am on the deed of my primary residence and Wells Fargo Home Mortgage had already been given that information.  Secondly, most of the items in the list of expenses were already documented either on my loan application or on my credit report.  Of course, my Cox Cable bill was not on my credit report or my loan application but since when did you have to include that anyway?

I emailed Faith that I thought this was nuts and asked to speak with someone in management.  Of course I did not get a call from anyone but the following day faithful Faith replied. “Did anyone reach out to you yesterday?  I’m sorry, I’ve been out of the office, but I am back today.  What can I do to help?” Isn’t that odd?  She was in the office long enough to send the email and less than an hour later she is gone without a peep and no “out of office” responder on her email.

Oh yes, things were starting to get annoying and I was becoming annoying myself as I tried to figure out exactly what the heck was going on with this loan.  Did they want my business?  Not to sound snotty but I have been a long time customer of this bank and have never missed a payment, why were they treating me like mud on the bottoms of their shoes? It simply made no sense to me.

Finally the letter came in from Wells Fargo Home Mortgage congratulating me on my conditional approval I had another phone number to call in Raleigh, NC.  Questions were to be directed to the processor on the file, “Wednesday”.  Do you think Wednesday is any better at returning calls?

Eventually I got through to Wednesday and it turned out there was a breakdown in the communication chain with it taking several days for information to go from Wells Fargo processing to the Wells Fargo loan originator to the customer so I sent all of the information required directly to Wednesday and she was to let me know if they required anything further.

Phew… maybe we are finally back on track!  I was optimistic, as interest rates had inched up a bit and I liked my 3.875% interest rate.

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