Wells Fargo is being unresonable!!

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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Permalink Reply by christopher block on April 4, 2011 at 3:29am

 

 Is this pre-foreclosure or post?

1) the sellers net needs to be $4,310 higher then current offer, so the easiest way is to counter the BUYER!

2) I hope you have completed and submitted your own CMA, listing activity, agent feedback, and anything else you can think of to make your case. Maybe you mean exception the same way I think BPO reconciliation? 

3) So yes, I have run across this scenario and agents get crazy but you just have to remember banks are not in real estate business. If there is a way to make seller net without countering buyer they will. So, hopefully you can have the buyer come up in that total and still get full 3% seller paids and your commission is safe.

 

* The wild card for your commissions is if your SELLER has a government backed loan. If they do then your commission can't get cut under 6%. The only way to figure that out is to ask lender unless you know that your seller had an FHA loan or something*

 

 

Permalink Reply by Jeffrey Burnham on April 4, 2011 at 4:38am
Title 12, Chap 27 of what??
Permalink Reply by Trina Gonzales on April 6, 2011 at 12:26am
Log onto freddie and fannie websites.  Plug in your seller's loan number and see if it's them.  Then you know which guidelines apply as a "rule of thumb".  The servicer doesn't have to disclose who the investor is.  Imagine it like you asking another realtor what their commission split is on a specific transaction.  Not anybody's business right?  That's the kind of protection investors have with the servicer.  Ultimately, everything is subject to investor approval so you may have to chalk it up and make up the difference somewhere. See if buyer will increase the sales price.  Do you have room in value?  Payment won't change much if they increase the sales price by $4310 to make up the difference. Maybe that will work???
Permalink Reply by Vanessa Calhoun on April 6, 2011 at 1:05am
Not true....the homeowner has the right to know who owns their note and they can submit a QWF to request this information. The sad part is that the servicer has up to 60 days to comply, but they still must comply.

Trina Gonzales said:
Log onto freddie and fannie websites.  Plug in your seller's loan number and see if it's them.  Then you know which guidelines apply as a "rule of thumb".  The servicer doesn't have to disclose who the investor is.  Imagine it like you asking another realtor what their commission split is on a specific transaction.  Not anybody's business right?  That's the kind of protection investors have with the servicer.  Ultimately, everything is subject to investor approval so you may have to chalk it up and make up the difference somewhere. See if buyer will increase the sales price.  Do you have room in value?  Payment won't change much if they increase the sales price by $4310 to make up the difference. Maybe that will work???
Permalink Reply by Jeanine Whitehead on April 6, 2011 at 7:40am
Where can I get a QWF?
Permalink Reply by christopher block on April 6, 2011 at 9:03am

Ok so I am tracking this and what I am wondering is why does it matter if Jeanine finds out who the investor is? What leverage will that give her when it comes to negotiations????

 

Maybe it is different in Minnesota, but I never ask who the investor is. I still get almost all of my files accepted so what is the deal?

 

Permalink Reply by Raymond Kennedy on April 6, 2011 at 9:40am
Sometimes going to the investor and by passing the servicer will prove to be beneficial in negotiations. Depends on who the investor is and your reason and timing in doing so. Also, depending on who the investor is sometimes you need to handle your files differently. There is no one way to negotiate, every file should be handled on a case by case basis. You might not have had to do this yet but you may come across a file that may require you to do so in order to get it closed. 

christopher block said:

Ok so I am tracking this and what I am wondering is why does it matter if Jeanine finds out who the investor is? What leverage will that give her when it comes to negotiations????

 

Maybe it is different in Minnesota, but I never ask who the investor is. I still get almost all of my files accepted so what is the deal?

 

Permalink Reply by Vanessa Calhoun on April 6, 2011 at 9:45am
My mistake, I meant a QWR...Qualified Written Request. First try having the seller contact the lender directly and speak to CSR (not the negotiator) have him/her "play nice" to see what happens. If that doesn't work, then have seller to submit a qualified written request for the investor's identity.

Jeanine Whitehead said:
Where can I get a QWF?
Permalink Reply by Justin McClelland on April 26, 2011 at 5:58pm
I like this tactic. The part about sending in a QWR as soon as a listing the active.

Jim Schneider said:
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

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