Category archives for Mortgage Refinance

The refinance saga lives to continue another day

May 22, 2012 Annabelle turned out to be quite the resource in Wells Fargo Home Equity.  We talked a great deal about what had happened, what my faithful(?) loan officer Faith should have already known (like the maximum loan to value on a cash-out refinance), and what my options were going forward.  I liked Annabelle.  […]

Wells Fargo Home Equity nightmare

After Frank submitted my file back to underwriting for final review I once again thought things were going to move along at a pretty decent clip.  I had already been approved through Wells Fargo Home Mortgage, we just needed this supposedly simple subordination taken care of and we could close the loan.  Right! Instead of […]

It should be any minute now

On May 10 I asked “Faith” for an update but never received a reply.  I gave Wells Fargo Home Equity a few more days on the subordination before reaching back out to “Faith” for an update on May 15, 2012.  Her reply on May 16 was not particularly impressive: “yes, I’m fine.  Thank you for […]

What is a Subordination Request?

A quick Google search will give plenty of information on the definition of subordinate but what exactly does it mean to subordinate a mortgage? sub·or·di·nate adjective /səˈbôrdnit/ Lower in rank or position – his subordinate officers Of less or secondary importance – in adventure stories, character must be subordinate to action noun /səˈbôrdnit/   subordinates, plural A person […]

Light at the End of the Tunnel?

After my initial excitement over hearing back from Perry Farmer, the branch sales manager, so quickly I sent an email specifically asking a few questions: Thank you for the courtesy of replying to my email.  I do not mean to be rude but I seem to frequently hear that Faith and Wednesday are out of the office […]

The (non) Closing Day

Around 1pm on July 6, five months after loan application was made, I have yet to hear a word from anyone at Wells Fargo Home Mortgage.  Nothing from Faith the loan originator or her boss Perry, Wednesday the processor, Tamika the closer or Wednesday and Tamika’s boss Lynn.  I sent a nice email to Faith […]

Shattered Dreams

Wells Fargo Home Mortgage was supposed to have all of the paperwork in my lawyer’s office by noon today.  As  result, I had been watching and waiting all morning for my HUD-1 so I could transfer funds and get everything I needed to my lawyer’s office for tomorrow’s closing when I got the dreaded email from […]

Requests from Wells Fargo Home Equity

Suffice it to say, getting through the Wells Fargo Home Equity subordination process was not the walk in the park I was lead to believe it would be and we were faced with more requests and even redundant requests.  Finally on April 30, 2012 after several emails, I finally got word from Faith that Wells Fargo Home Equity was […]

Clear to Close!

Magic to my eyes!  I have had several teasers over the last few months but this is the first time I have seen these lovely words.  Certainly there must be a catch! Email exchange with Faith the Wells Fargo Home Mortgage loan officer: Faith: We are clear to close on this file.  What day did you […]

The Subordination Request

On Friday, April 20, 2012 instead of closing on my refinance with Wells Fargo as expected, I instead get an email from Faith: We’ve heard from the subordination dept.  They have requested that we provide 2 years tax returns.  We only required one year for the process of your mortgage, but subordination dept has required 2 […]

Three weeks later…

After waiting patiently for three weeks I began to get concerned again, as I would have expected to have heard from Wells Fargo Home Mortgage to set up a closing date.  Although they were not able to close at the end of March as originally planned I was hoping to close the first week in […]

The Appraisal

On March 23 the appraisal finally came in at $430,000.  That was a little lower than I had anticipated but Faith assured me we were still at 71% loan to value assuming the maximum on the equity line so we should be good to go.  Yay! I love it when things start to fall in […]

The Week of Closing (take 1)

On Monday morning, April 16, 2012 I was further encouraged to have a few busy days of email exchanges with my Wells Fargo Home Mortgage loan officer “Faith” as she got what I thought were the last few i’s dotted and t’s crossed. On Wednesday April 18, 2012 I sent Faith with WFHM an email asking for […]

March’s Conditions

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 […]

March Winds Blow Away the Blissful Ignorance

Remember those tax returns we were not supposed to need?  Or the other nit picky documents you normally have to submit when you do not have a history with a bank?  Yeah, I had to submit them all and then some!  Some of the things they were requesting were, in my opinion, totally out of […]

The Structure

This may seem boring but I should probably lay some background on the deal structure. Currently I have two mortgages with Wells Fargo Home Mortgage: one on the townhouse I used to live in and use when I am in town and one on an investment property; and an equity line with Wells Fargo Home […]

Blissful Ignorance or Early Warning Signs?

After making loan application with Wells Fargo Home Mortgage the first week in February, I realized I would be back in the Carolinas at the end of March for a few days and suggested to Faith that we try to close around that time. By this time there had been a few annoying hiccups but nothing to […]

In the beginning…

Back in late January 2012, I noticed an ad when I logged into that said something along the lines of “streamline your mortgage into a lower interest rate”.  When I accessed my online mortgage statement I then saw a little text box on the right with the name of a Wells Fargo Home Mortgage […]

Nightmare or Just a Bad Dream?

Welcome to the tale of my Wells Fargo Home Mortgage refinance nightmare. The title of this blog is probably a pretty clear indication of my expectations regarding the outcome of my refinance with Wells Fargo but, I am trying to keep an open mind and am in hopes that one day this re-finance will finally […]