Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on April 19, 2012 at 3:41am

Don't take this wrong but it sounds like Wells wants two things;

1) Proof of LIQUID funds that are readily available - not a Mutual Fund Account that may take up to 30 days to liquidate.

2) They don't like errors on contracts or other documents.  Wells is not going to do the agent's job of checking the contract for mistakes. 

 

I suggest you check and recheck the RPA and other documents to ensure they are error-free and resubmit.

Permalink Reply by Joanne Hodge on April 21, 2012 at 3:46am

Thank you for the feedback!  And I can certainly understand that I should have checked for everything to be dated, etc. prior to submission, so now I know.

 

I do have a hard time with the fact that WFB first wanted the buyer's signature on the POF, then we submitted a notarized name affidavit because the buyers  name was not exactly the same as it was on the CA RPA (understandable), next,  WFB wanted an updated POF because of the 30 day obsolete rule, then  after another week, WFB determines the mutual fund account isn't acceptable any longer.

OK, the buyer is going to transfer funds into a liquid account to satisfy WFB.

Last week, WFB sent the RMA form which the seller completed properly, now a week later WFB emails me that that form is no longer used, and the seller must now complete a 5 page "homeowner assistance" form....

I'm  waiting to see what WFB comes up with next week. 

 

Joe Beauchamp's comments seem to reflect the situation.  

 

Permalink Reply by joe beauchamp on April 20, 2012 at 1:14pm

Usually, you are dealing with some mushroom in a closet with 1 xmas tree bulb for light. They have someone beating them on the head to do a perfect job and fast.  You won't find flexible thinking - they could be fooled into creating a loophole. Also, except for FHA at BofA, I believe the worst servicer to deal with is WF - no real management, hard to find anyone responsible.

Take into account that by succeeding in a short sale, the bank is cutting its income because the investor pays them to "manage" these accounts. How hard do you think management works on getting rid of all these accounts?

You might get some traction by calling in and asking about using a mutual fund as proof of funds - from someone other than your doc person at WF.  Then you will have rules and be able to refer to someone else at WF to back what you submit.  And, yes, proof of funds and pre-app's expire.

I found an interesting cycle at WF - you need to fax things in, the negotiator saunters by once every week or two to look at your file, if you are absolutely on top of things, they will note an old paystub (expire in 2 weeks) and move on. This can go on forever.  Add up the days and a seller (or buyers agent slow to get a new pre-app, etc.) can cost you from 2 weeks to forever as they play that cycle over and over.  (They take 4 days to acknowledge the fax, what you send in is 3 days old and the negotiator will see it a week later - opps, time for a new pay stub.)

So, be nice and polite, ask questions "is this alright?" get them as much on your side as possible - 'cause nobody is running the show over there and you are at the mercy of the individual's work ethic.  (And, what Thom says is right - nobody wants to schlog through a bunch of scribbles or bad numbers or bad information.)  In other words, you have to be perfect -- at least....

Permalink Reply by Joanne Hodge on April 21, 2012 at 3:36am

Thank you for the info.

NOW  -- although they sent the RMA form last week and the buyer completed it properly, WFB  emailed me this am  and tells me that form is obsolete, and they have a NEW form (HAMP)  that the buyer must complete.....

 

I had two very smooth transactions with WFB just a few months ago -- this is amazing.

Permalink Reply by joe beauchamp on April 21, 2012 at 3:49am

no, typical, not amazing. I have a negotiator at BofA complaining that I put TWP on a preliminary HUD-1 instead of Township - ignoring the numbers on the HUD-1.  That totally does not matter.  A lot of these people cannot judge the importance of things - and the banks push for that sort of detail.  If BofA ran the Titanic, they would make sure that the managers were overseeing the "specialist" rearranging the deck chairs as it went down.  WF would have their people making sure all the paint lines in the hallways are 4.2576 feet above the floor.  blub blub  Yep, going for totally irrelevant perfection..

Unfortunately, less often these days, you run into a specialist who will skip over the unimportant minutia. Savor those rare (and rarer) times when you deal with a reasonable person..

Permalink Reply by joe beauchamp on April 21, 2012 at 4:57am

Ya gotta love 'em.  A chunk of it is not their fault - keep in mind that they are handed guidelines from their investor and apparently those change often.  WF cannot do anything about that and the file cannot go to the investor with old forms.  It isn't like WF makes money on this and it isn't like the investor cares (which is beyond me, but that certainly seems to be the case almost all of the time - why don't they care to get the most from their investment??). So, they all fall back on being bureaucrats first - and maybe there is some sort of business to work on 2nd.

Thanks for pointing out the name affidavit.  I am running into that more often these days.  Something I should put in the package to send out to agents - try to keep the names the same EVERYWHERE or spend time visiting the notary.  So far, BofA FHA has been the absolute worst, but I think that is because I have a very obtuse useless "specialist" on one file - more so than the usual useless tools on FHA files.  Won't say what the specific objection is, just "here is a name affidavit", etc.  Oh, it's like charades - I spend the next 4 weeks guessing at what you want - oh so cool.... <sigh>

When I run into "little" things more than once, I try to remember - like BofA often wants the seller signature somewhere on the tax return, make sure to get the home address of the buyer (they will flag a business address when looking for arms-length), see that the hardship letter requests a short sale (otherwise, they might stop things to discuss an impossible loan modification), etc.

But, hey, how exciting would short sales be w/o these servicers and investors not shaking things up every 15 milliseconds? Really..  ;-)