Wells Fargo and FHA Loans

I just initiated a short sale with Wells Fargo by first faxing my third party authorization and then by uploading the authorization on Equator once I received the task. This is an FHA loan and the notation on Equator stated that it was checking "FHA Eligibility".  Is Wells Fargo now processing FHA loans via Equator... I was told previously that they were not.

 

I have been directed to upload more documents via Equator and I will do that but I don't want to spend valuable time doing this only to find out that FHA loans are not processed on Equator.  Anyone been down this path?

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Permalink Reply by Kevin - Greenville, SC on December 3, 2011 at 12:51pm

I am currently working several FHA PFS with WF.  No Equator.

Permalink Reply by Kevin - Greenville, SC on January 9, 2012 at 9:41pm

I've been told by a Manger that Wells Fargo is now working FHA Loans through Equator.

Permalink Reply by Nathan Miller on December 4, 2011 at 4:01am

I also did not use Equator.  They were quick to get an appraiser out and issue the ATP, but way out of HUD timeframes for reviewing the offer and issuing the approval.

Permalink Reply by Kevin - Greenville, SC on December 29, 2011 at 10:39pm

You've got to push them on approvals (like everything else).  If you do and they all the requested docs they will issue an approval within HUD Guidelines (5 working days).

Permalink Reply by Celeste ODea on December 4, 2011 at 5:22am

WF is not using Equator, yet, for FHA PFS.  I would continue to fax the documents.  Perhaps the person you talked to doesn't know that it's an FHA loan.  Are you sure that it is?

Permalink Reply by Rita Cox on December 4, 2011 at 5:55am

I always fax the initial authorization but not the remaining documents unless I have to. Right after I faxed the authorization, I received the task to upload authorization via Equator and now they are asking for the remaiing docs via Equator. The homeowner said that it was an FHA loan and the status on Equator was checking FHA status not HAFA. I will be back on the phone with them in the morning because I don't have time to waste if FHA PFS is not done there.  I actually like the FHA PFS program - seems to run fairly smoothly.

Permalink Reply by Tamara Dorris on December 5, 2011 at 4:33am

Dale, wow...good to know! Just to be clear, why does WF deal differently with conventionals vrs. FHAs?  I'm still not clear on the big difference between an FHA loan and a conventional when it comes to processing short sales.

Happy Holidays!

Tamara

Permalink Reply by Helen Cornwell on December 5, 2011 at 5:48am

Ditto.  I have several WF ss's going through Equator, all of which are a nightmare.  Would much rather go the fax route.  Also, the financial tasks which are assigned to the agent, really should be completed by the customer.  I print out the financial questionairre and send to my sellers to complete and send back, but you are usually only given 2 days to complete the task and the questions are response driven.  Depending on how you respond, there may be addtional questions or different questions asked.  My advise is to have the Sellers with you in person or on the phone when you complete the financial tasks.  Too much liability otherwise.

Permalink Reply by Rita Cox on December 29, 2011 at 4:38am

Just wanted to update everyone on my Wells Fargo short sale. I uploaded my docs on Equator and from there it was evaluated and accepted for the FHA Pre foreclosure Sale Program. Perhaps Wells is finding this a more efficient way to process short sale requests. My only fax was the initial authorization. I am now off to get an offer... 

Permalink Reply by Kevin - Greenville, SC on December 29, 2011 at 10:31pm

hmmm...

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