Wells HAFA
Hey all,
Doing my first HAFA with Wells and have already been given conflicting information numerous times.
It seems all the reps are telling me in order to be considered for HAFA we have to send in a listing agreement along with the other customary docs they need to review (4506T, taxes, bank stmts, hardship letter, financials). 3 reps have told me that they need to know that it is being marketed. That doesn't make sense to me because if the borrower is approved for the HAFA short sale, the bank sets the list price. Even if I list the property at market value, I may get offers right away without even knowing if HAFA has been approved and/or possibly the bank may require a a higher list price than the offer I have in hand.
That is supposed to be one of the benefits of HAFA, knowing in advance the preapproved price they need to net! This is not a part of the federal guidelines. I finally made my point with the last rep I spoke to (after back and forth holding and supervisor chats) and he advised that if a listing agreement is requested in the future to "remind them" it is not within the guidelines. They prefer it, but it is not mandated. My worry now since all the previous have stated they need a LA, is the initial file processor will not know this is not a requirement and reject the file thinking it is incomplete, making us start over again.
Has anyone else dealt with a Wells HAFA?
Replies to This Discussion
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Permalink Reply by Cheryl Bray on
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The question you need to confirm is what type of HAFA short sale you are processing. The three types of HAFA short sales are: NON GSE, Fannie Mae HAFA and Freddie Mac HAFA. They are not the same program guidelines at all. So it's really difficult to address your concern without knowing which investor owns your loan, and therefore what type of HAFA short sale you are doing. Once you know that answer, it's ammunition for you when talking to the lender. If your loan is a Wells Fargo portfolio loan then this will be a non GSE HAFA short sale and those guidelines are clear. You can go online to the HUD website and find out the program details. If your loan is owned by Fannie or Freddie, the HAFA guidelines are different than for non GSE's...ok...
I'd like to propose that we all refer to the specific type of HAFA short sale on these forums. It is confusing to refer to just the lender and their possible conflicting answers because i would expect conflicting answers from the same lender on a HAFA short sale depending on what type of HAFA short sale they are doing.
Good luck!
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Permalink Reply by Stacey Wilson on
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It is non-GSE. To my knowledge, none of the HAFA programs require a listing agreement so I didn't specify because it was irrelevant for this particular question. Good idea though to state what type of HAFA it is.
My question actually has more to do with if anyone who has completed or is in the process of a Wells HAFA sent in the listing agreement. They were clear that if the processor doesn't have all the needed docs to determine if the borrower is eligible for HAFA in hand, it gets rejected for missing docs. I am trying to determine if I should just send the dang listing agreement or if they will be bright enough to know it is not a part of the guidelines.
Thanks Cheryl!
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Permalink Reply by Darlene Krause on
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Send the negotiator a copy of the Supplemental Directive 10-18, which does not call for a Listing Agreement. Make it clear that this is the Directive they are to work with on a non-GSE. Once again the negotiators for the most part do not know what they are doing.
Stacey Wilson said:It is non-GSE. To my knowledge, none of the HAFA programs require a listing agreement so I didn't specify because it was irrelevant for this particular question. Good idea though to state what type of HAFA it is.
My question actually has more to do with if anyone who has completed or is in the process of a Wells HAFA sent in the listing agreement. They were clear that if the processor doesn't have all the needed docs to determine if the borrower is eligible for HAFA in hand, it gets rejected for missing docs. I am trying to determine if I should just send the dang listing agreement or if they will be bright enough to know it is not a part of the guidelines.
Thanks Cheryl!
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