File in jeopardy! WF will not accept Turkish bank statements - Advice needed

I have a client with a Wells Fargo mortgage. Freddie Mac is the investor. I am working this file through Equator. The client works in Turkey as a teacher and has 5 bank accounts with two Turkish banks. She is paid in US currency and her pay is deposited into two accounts. These accounts are in USD. The other 3 accounts are in Turkish currency, Lira. She has to have accounts in Lira currency so that she can make purchases in Turkey. The Lira is the designated currency for Turkey. WF will not accept any statements that are not in USD. The homeowner has repeatedly explained to me and WF that she cannot get her bank statements in USD. She wrote a letter of explanation and also included the currency conversion rate. The processor is telling me that if we cannot provide a copy of all of her Turkish accounts in US dollars they will close the file out and we will not be able to complete a short sale. Who should I contact to try and get an exception made? I have volunteered to do the conversion myself and handwrite the USD on the statements. The processor has yet to respond as to whether that would be accepted by the lender and investor. Has anyone else had this issue? I have called WF requesting that the file be escalated to someone in upper management. The processor's manager does not seem to be helpful. Any advice would be greatly appreciated. I would hate for the homeowner's property to go into foreclosure because of the bank statement issue. We have a ready, willing, and able buyer...

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Permalink Reply by Jim McCormack on October 1, 2012 at 8:22am

I recommend that the Seller/Borrower ask the Turkish bank to type the USD equivalent on the Turkish Bank Account Statements and then have that Turkish bank rep stamp the bank statements. I also recommend that you contact Freddie Mac support and file a complaint with the FHFA and OCC.

Permalink Reply by Megan Makarewicz on October 4, 2012 at 3:04am

Thank you so much for your suggestions! I contacted Freddie Mac and they immediately put an escalation in for the loan. I went back to the negotiator and told him that I was bypassing Wells Fargo and went straight to Freddie Mac to get some form of resolution. Wouldn't you know it - the next morning I had a message in Equator from the negotiator's manager stating that they would accept the bank statements as long as the homeowner wrote the USD amounts on the statements.

Permalink Reply by joe beauchamp on October 3, 2012 at 4:44pm

I have occasionally run into this - the bank wants liquid dollars. I've had them reject stock, etc. as variable and non-liquid, too. You are probably stuck with getting some proof of funds in USD. I really don't have a clue why the banks put so much effort into pre-apps - which are pretty useless and proof of funds. Why not just freakin' approve the sale and let it go through instead of wasting weeks playing games like this? Or does that answer itself..?? ;-)

Permalink Reply by Jeff Payne on October 4, 2012 at 2:53am

Joe Beauchamp, I could not agree more! What is with the games they are playing, especially the Wells Fargo processors. I suspect, actually KNOW, that they have moved alot of loan underwriters to their short sale department and these underwriters still think they are underwriting a loan and not just processing a short sale. Wells Fargo underwriters had a hard enough time doing what they were trained to do, underwrite loans.... now they are in a world that is completely different and they SUCK! Some recent document rejection reasons: File was too fuzzy (they could read it when I emailed it but not when I uploaded in equator), Need contract changed because they have Jane Smith as the seller and not Joan Smith (when Joan is the real name), John Public needs to be changed to John Q Public on contract, buyers name is James J James and approval letter says James James, need contract and approval letter to match.... I could go on all day..

Silliness at Wells Fargo lately........ feel like I am back in 2006

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