I have a file open with WF.  Convential loan, they won't tell me who the investor is.  To approval the file I have to reduce my commission and reduce the buyers closing assistance to 2%.  This totals $4310 total.  They won't go to the investor for an exception.  I've esculated to the 2nd level.  We were previously approved for HAFA now they wont consider the seller for the HAFA program bcs the buyers didn't close in time.  Any ideas on how we can get this resolved would be appreciated.

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Not enough information to give a solution. You just have to keep pushing. Once negotiations have gone as far as they will go then the buyer and seller have to decide whether or not to close. If they don't then place the property back on the market. Next time around you'll have a better feel for what WF will want. Not all short sales close the first time around.
It is my understanding that banks are obligated to disclose who the investor is. Try using a "qualified writtern request" to pry that information out of them if they won't tell you over the phone.
You might also try conferencing in your seller and having them ask who the investor is. Be careful with the tactic, and make sure that the servicer doesn't use the opportunity against you. Also, if you call customer service for WF instead of Loss Mit they may not know that they're "not supposed" to tell you.
I agree with Justin, A qualified written request. Check the recorded documents sometimes the NOD or NOTS sheds light on the Beni.
Depending on the amount of the origional loan, you can go to the Freddie Mac and Fannie Mae websites to see if they own the loan. It is very easy to do this once you get to the website.  Maybe ask your title rep. if they can find out.  Good Luck.
This is late action to help this deal, always send in a QWR immediately when taking a short sale listing, send one certified mail to the correspondence dept. And one to the short sale dept. Then they have three months before they have to provide the answer. If you wait until you have a problem, the deal will likely fall apart before you find out. MERS, fannie/freddie look-up work to, but I'd still send a QWR

In the past, I've been successful at having my seller contact the bank directly to request the investor's identity. However, this may not work all of the time, but it's certainly worth a try. Additionally, as Wendy suggested, try Fannie Mae's & Freddie Mac's website (be sure to have the last four of your client's social).

 

Good luck!

The bank HAS to respond to the BORROWER in terms of investor disclosure. Send a written demand to disclose the investor signed by the Borrower. Once the borrower receives you can run with it from there.

Do you know their BPO/Appraisal value? What is the offer? Are there any 2nd liens or PMI? Are you sure it's an investor or is this simply a negotiator fighting you on the numbers? 2nd level escalations are normally unsuccessful when it comes to numbers since they aren't usually in a position or have the knowledge to make changes. If the numbers are good this can negotiated and closed. Closing the Short Sale is all about the numbers and how they are conveyed to the bank.

 

The commission is a joke, I have had them try to negotiate this with me but on every Short Sale I ever closed on the listing side I was paid a full 6% by end of negotiations.

 

There are other resources to find out investors, have you tried these?

Thank you all for the feedback.  I'll be reasearching the investor on Monday, with the homeowner. The BPO value is $169k, 4 months ago the BPO expired per the negotiator; however with the offer she was able to use it.  The offer is $169 with $6k in closing.  They're only willing to approve the file if the commission is reduced to 5% from 6% ($1690) and the closing help reduced to 2% ($2370). Which is why I said there being unreasonable ($4360).  We had this file approved as a HAFA short sale the buyers were unable to close in time.  We now have loan committment. There is a 1st (ASC) and 2nd (AHMS).

Wells Fargo is difficult.  Have the seller request the investor info....they will probably have to do this by phone  I DON"T like HAFA...this program puts the price decisions in the servicers control.  They are not Realtors,,,,they refuse ro regonize realistic property values in a declining market.  I had one file with WF for over a year due to an unrealistic BPO.

You need to know if you are speaking with the processor or the actual negotiator with  WF.....the nego makes decisions then it goes to the underwriter for final approval....the processor is just assembling the file....but some of them have the autonomy to make decisionns before it gets to the nego.  You have to get to the negotiators supervisor.  Is this what you mean by 2nd level?

You can complain to HAFA if you feel the servicer is not following the designated guidelines. 

Most of all... do not give up.

One thing that seems to be missing here is that the servicer is not REQUIRED to take immediate action. Sure, they could tell you the name of the investor, but if they've already blown it off, they're not likely to tell you, especially since you are at an impasse and they won't want you to go to the investor.

 

TITLE 12 > CHAPTER 27 > § 2605 states the servicer has to respond to a Qualified Written Request:

"Not later than 60 days (excluding legal public holidays, Saturdays, and Sundays)" which means three months minimum.

you can read that here

 

You can try calling back and hoping to get a more agreeable individual, or having the seller call customer service. You might call the loan originator or mortgage broker they got the loan through, they could probably tell the sellers who the loan was sold to originally. Certainly you should certified mail in a QWR at this point so that if Wells kills this contract, you'll have the information you need next time.

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