Post Number: 1
|Posted on Tuesday, January 14, 2003 - 03:54 am: ||
I am having trouble closing escrow with a Wells Fargo home mortgage loan in Riverside, CA. We were supposed to close a 45 day escrow December 23.
On the 19th Heidi Moreno, assistant loan officer said we were all approved, plus we had been preapproved before we even made an offer. We were notified on the last day, by Cathy Bray the loan officer that we needed to have executive underwriter approval causing several days delay.
Then after that underwriter approved the main loan then the CAHLIF portion had to be approved (teacher loan for 3% downpayment) another several business days, then PMI approval another several business days, then CAHLIF again because of a banking error.
Tuesday January 7, a lady from Wells Fargo called verifying my wifeís employment, saying it was the last hitch, after I helped her with that, she said, you are all set, we will draw up documents later today.
Then later the loan officer called back to say CAHLIF had to be resubmitted. Nothing could be done concurrently apparently, or during the first 45 days. Finally after 2 1/2 weeks we signed documents last Thursday, January 9. We had agreed to pay several credit cards in escrow, but instead the documents called for paying off a car loan.
The truth in lending paper for the CAHLIF loan was totally wrong, showing the total interest through the 30 years to be only 9.95. The loan was supposed to fund Friday or Monday at the latest.
I had asked for table funding and escalation to supervisors for expediting due to the lengthy delay. The assistant loan officer didnít know what that was. The loan didn't fund today, at 4:45, after numerous calls from escrow, the funding agent, Valerie Tillis said four more forms needed buyer signatures, that is supposed to happen tomorrow morning.
Also we sold our mobile home to our daughter, we transferred title to the property ourselves at the County Recorder. The loan on the mobile home has not been paid off because the moneys are still in our escrow, (with New Dimensions Escrow) but the bank wants some HUD one form to show that it has been paid off.
The loan officer was not satisfied with the $1,200 premium for home insurance, insisting we find another company charging less than $700 before generating documents.
The incompetence and negligence of Wells Fargo personnel have caused us, our buyer, and our sellers and their agents much grief and has nearly caused the cancellation of the purchase of our new home.
Post Number: 387
|Posted on Tuesday, January 14, 2003 - 04:04 pm: ||
That's why I became a mortgage broker after having worked with buyers. These type of screwups are NORMAL in the lending business.
They probably want you to have a lower insurance premium so you have sufficient reserves - my guess.
The sale of your mobile is definitely a problem, you shouldn't have just transferred the title w/o making sure that was ok with WF. It takes a lot of effort to close with your "extras" - everything has to be done so it conforms to a gazillion lending requirements.
But, they should have TOLD you what to do with the mobile.
"The truth in lending paper for the CAHLIF loan was totally wrong, showing the total interest through the 30 years to be only 9.95."
What IS your rate?
Please keep us posted!