Wells fargo gave me a commitment letter for a fha loan a month ago.but still no mortgage from the underwriter?

Deal Score0

They have asked me for more then what than what the guide lines require like 3 months bank statement instead of two things like that . My bank statements say I made 15,000 in the last three months and My monthly new mortg would be $ 600…I have no bills.one late payment in two years It has been 9 weeks since we started going round and round. I have missed three closing dates…..What the heck is going on…has this happend to you?

5 Comments
  1. Reply
    Ellie
    April 29, 2011 at 10:34 pm

    No. I got an FHA loan and got everything done, approved, and closed within a month. Sounds like your mortgage officer is slacking BIG time. I would drop them and find someone else. Even if you didn’t qualify, they would have told you by now. Mortgage officers should be scrambling to get you funds to close in time, so I don’t know what the deal is. What do they say? Ask them why they are asking for so much.

  2. Reply
    Biggie @ Arbor Mortgage
    April 29, 2011 at 11:15 pm

    Something happened with your loan & it sounds like they won’t be able to do the loan anymore. Guidelines have changed & if your credit score has changed since, that might be a factor too.

  3. Reply
    David Beasley
    April 29, 2011 at 11:33 pm

    This is the problem with using a BANK instead of a mortgage broker. Mortgage brokers can SHOP your deal and the ones that are GOOD at it know how to overcome the obstacles in a loan by showing COMPENSATING FACTORS… such as:

    1) job stability
    2) good ratios
    3) collections/credit cards paid off/down
    4) good assets
    etc

    Wells is locked into their own guidelines AND they have to meet FHA guides (because they ultimately will SELL the loan to FHA). A personal banker sitting at a branch (likely) doesn’t know how to package your deal so that it can sail thru underwriting.

    You are stuck, until you find another lender.

    Go to your banker and demand the appraisal (you paid for it, right?). They might balk… just let them know that RESPA requires them to provide it. Ask for copies of everything that is yours in the file (paystubs/W-2s/bank statments, etc).

    I GUARANTEE that you will get action… either a denial, or the approval you want.

    Best of luck!

  4. Reply
    mengdi
    April 30, 2011 at 12:29 am

    I got my FHA from David Swedo at http://www.securityonefinancial.com

    My house was going into foreclosure, because I had an adjustable rate and david was able to get me a fixed rate and even LOWER my payments

  5. Reply
    Nick G
    April 30, 2011 at 12:32 am

    I am a mortgage broker that works with Wells Fargo as well as around 200 other lenders as well. Although Wells Fargo is FHA approved, they still go by their own FHA guidelines, I am guessing the late payment might be the reason, or FICO score. Other lenders will look past the lates and the FICO score most of the time, if the loan makes sense to the borrower. Wells Fargo is a big company and has tight guidelines because they go by the book. You can probably get a lower interest rate from a different lender.

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