I assume it will be faster because they're currently servicing my loan. (It won't be)
I submit all the documents the next day and wait for the next steps.
May 5: I call to figure out what more they need from me. I'm told they're waiting to submit the packet to underwriting for review. Someone will reach out to me.
May 19: I call again after over 2 weeks of no contact to check on status of loan. I'm told I waited to long to upload my latest pay stub and have to start the whole process over.
Start the whole process over and immediately submit all documents again. Get a slightly higher rate this time.
May 25: I call to make sure they don't need anything else from me. Don't want the loan to fall through again and have to start over from scratch.
I'm told it's being submitted to underwriting and a loan processor will be in touch with me.
May 29: I call again to check on status of loan, don't want it to fall through like last time.
I'm told they need "A letter of explanation" breaking down how much rent my tenant pays.
I quickly submit this along with a copy of the lease.
Jun 1: I call back again to check on loan status, don't want it to fall through again like last time.
They tell me it can't be submitted to underwriting until they get the appraisal back.
The appraisal I paid $750 out of pocket for 6 weeks ago.
I have to call and schedule this appraisal myself.
I call and schedule the appraisal for 6/6.
June 6: Audie comes and inspects my duplex, it comes back at $164,000 as is with $178,000 contingent upon a new roof.
He also mentions something weird about the zoning laws changing and isn't sure if the loan servicer will care or not. (Spoiler alert, they will)
Jun 10: I call again to see what else they need from me. I'm assigned a loan processor named Aftab who assures me everything will move quickly from here.
Over the next 3 weeks I submit all documents again, (Latest pay stubs, new bank statements, verify employment again, etc.)
Jun 28: My loan is conditionally approved contingent upon a new roof.
I'm told I need to get a new roof for them to be able to refinance the property.
I call around and schedule someone to put a new roof on.
They can come out in a couple weeks 4th of July weekend.
Great!
$6500 and 3 days of work later I have a new roof.
July 6: I call WellsFargo again and submit the roofing invoice with pictures of the new roof and ask what more they need from me.
I'm told I need to have the roof inspected from a licensed professional who states it's good for 30 years and also show where the funds came from to put on the new roof.
They have my bank statements and CAN SEE where the money came from for the new roof.
July 14: I make a digital copy of the invoice myself because the one I sent them wasn't "professional" enough.
I get a written statement from Norman Long Roofing that my Roof has a 30 year warranty.
I submit all documents to Aftab again. (Latest Bank statements, employment verification, written statement of address changes, new roofing invoice, etc.)
I ask what more they need from me.
I'm told I'm crushing it, super fast with requested documents and they should be good to submit to underwriting for processing.
I call 2 -3 times a week for the next few weeks to figure out where the loan is at.
Aug 5: I'm told that I don't show enough money in the bank for 6 months of PITI and need to upload most recent bank statements again.
I tell them the reason I don't have sufficient funds now is due to the new roof I paid $6500 for and transfer enough money into the account to cover 6 months PITI.
I must show where those funds came from.
I submit all relevant documents again. (Proof of funds, most recent bank bank statements, pay stubs, proof of employment, etc.)
Aug 12: I'm told we have everything we need to submit for final approval and my case will be "expedited" and put in for "rush" review.
Aug 17: I call to make sure they don't need anything from me. I'm told I should have an answer by today or tomorrow.
Aug 24: I'm told I need to resubmit most recent 2 months bank statements again to close, it's the only thing underwriting needs from me.
I quickly do so.
Aug 30: I call to check on status of the loan. I'm told Aftab is on PTO and I'm being helped by a guy named Grant now.
Grant tells me my latest pay stub has "expired" and I need to resubmit it again.
He also tells me my zoning has changed and my property is zoned R1 as a duplex meaning it's "Legal Non-Conforming"
This means that if my property were structurally damaged more than 50% it couldn't be rebuilt as it currently stands without rezoning it first.
I'm asked to call the chamber of commerce and get a written statement from them on the zoning laws.
I call around every day for the next week until I finally get someone to agree to send me what I need.
Sep 6: I finally get the document emailed to me and forward it to Aftab who's back from PTO, and again resubmit all relevant documents that have expired. (Employment verification, recent pay stub, latest bank statements, etc.)
Sep 8: I call to check on status of loan, I'm told it's in underwriting and the only thing that can possibly hold it up is the zoning document.
I get a call back from Marvin my original sales person who tells me that underwriting has a problem with the zoning laws, and it could go either way.
Due to Fannie May and Fredie Mac this is a problem I'll run into with any lender as it's regulated by the federal government and has nothing to do with WellsFargo policies.
I'm told I'll know in the next couple days if the loan is accepted or not.
Sep 10: I call to check on status of the loan. I'm told Marvin or his supervisor will reach out to me later that day to review loan status.
Sep 15: I call Aftab my processor to check on status of the loan.
He tells me it was denied on Sep 10 and someone should have reached out to me to tell me why.
He makes a note about Marvin and his supervisor not reaching out to me and tells me he'll escalate this to management.
He thanks me for submitting all relevant documents quickly and apologizes relentlessly for how long it took and that it was ultimately denied.
The only redeeming quality about this entire experience was Marvin and Aftab. Both were friendly, professional, knowledgeable and helpful.
It's not their fault WellsFargo sucks so bad... Seriously... Really Really Bad.
Sep 15: I call Stefanie and Blake who helped me get my original loan in the first place.
I get a call back later from Blake who takes down my info and tells me he'll be in touch later.
Kenzie reaches out to me later that day and gives me estimates for rates.
They've gone up and she tells me she wished I'd have called her first as she could have matched or beaten WellsFargo's rate if I had.
I tell her I have a business trip coming up and I'll call them back when I return.
Sep 27: I come back from my trip and I call Kenzie to get started.
I have all documents readily available since I've been jumping through hoops for WellsFargo for the last 6 months.
I submit all documents and wait for the next step.
Sep 30: I'm told my Loan Packet has already been submitted to underwriting.
October 14: I'm given my disclosure packet and cleared for closing upon a new appraisal.
This one doesn't have to be paid for out of pocket and can be rolled into the closing costs.
October 19: I get a message from WACO title they've received the order for my title work.
October 21: I go on a 10 day cruise with my wife for our 9 year anniversary.
We have a blast.
October 31: My wife and I rush home to take the kids trick or treating.
I return from our cruise to multiple missed calls from Kenzie asking me to please schedule my appraisal and she already has the title company ready to go.
Nov 4: Appraisal completed and submitted.
Nov 5: Cleared to close at my convenience on Nov 15.
Nov 15: Go to title company and sign.
Nov 18: WellsFargo statement reads PIF (Paid in Full)
