The saga started in February 2010 Yes ma'am, that's right. 4 months later, Wells Fargo Bank decided they would fund the loan and allow my clients to close.
The transaction went smoothly at first. Both buyer and seller came to a quick agreed upon price. The FHA inspection went very well. My client scrupulously dotted her I's and crossed her T's. She should have said more Hail Marys though.
The owner traveled up from Florida to arrange the selling details. Little did he know that the couple of week trip would burgeon into a full-fledged two-month ordeal of sleeping in an empty house on the floor. His patience went south as the process kept dragging on.
My clients were living out of cardboard boxes and eating cereal-- all three meals-- while their lender sliced, diced, mixed, pureed, and heavily salted the lending file. They could not have been working on my client's file in a professionally seasoned way. This loan was not getting cooked at all--it wasn't even thawed.
I did what any self-respecting realtor would do. I called the loan officer at Wells Fargo numerous times and was assured all requirements were met. Then, I'd call and asked: "When will the loan come through?"
Ms. Loan Officer replied: "Oh, it's in underwriting and out of my hands." I'd call again and inquire as to the loan status. Ms. Loan Officer said: "Oh, so glad you called we need 50 more documents. Underwriting sent it back to us."
I responded: "Oh, you want us to send the 50 documents we sent you 2 months ago?" Ms. Loan Officer responded: "Yes, somehow, they never got to the file." My last two calls to Ms. Loan Officer never were returned.
It's pretty evident to me that Wells Fargo isn't interested in mortgage lending. I don't know what they are interested in doing, but helping buyers into homes is certainly not on their current agenda--don't know if it ever was.
It's pretty evident the loan officer wasn't doing her job well, professionally, or attentively. I suppose you can just file your nails and get paid for doing that.
My clients were furious with the entire procedure. I was furious with the entirely hostile lending environment and attitude of Wells Fargo and their representatives. Needless to say, I will not suggest any of my clients use Wells Fargo.
And you know something? I think that's exactly what Wells Fargo had in mind.
P.S: Oh yes, we did close yesterday--thanks Wells Fargo
