Wells Fargo and not postponing foreclosure rumors....
Here is a summary of a call with a VP at Wells Fargo, all identities will be remain undisclosed at this time.....BTW the call was recorded :)
-80% of loans they service are “others” (not their own portfolio)
-”Policy” was driving them to do certain things
-Fannie Mae has since modified their guidelines
-In last few weeks worked with Fannie to delay a foreclosure sale if they have a valid offer in hand with proof of financing/funds from a Buyer, and SS could close within 30 days of the current sale
-Many of the investors they work with say to follow Fannie guidelines (so what Fannie does is really important to them as it controls what their other investors do)
-In FL (for example), a lot of the judges aren’t allowing them to postpone the sale dates which is complicating matters
-Aware that emails went out last week from some negotiator but they are not going out any longer...haven’t sent out an email to “overturn” those emails b/c for some loans postponement requests still may not be honored (”More to specific cases” not every file)
-They’re working with NAR (Directors of NAR) to get the word out about their challenges and how agents can work with them better
-Every week for the rest of the year she’s going to be speaking at a conference (Going to NAR in November)
****Summary: No major foreclosure postponement changes are in place right now - especially not to the level of the emails we got last week ******
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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Thanks for sharing this Jeff. The investors really need to work with us and not against us. We all want the same thing. The problem arises because they have to deal with so much crap coming across their desks. They probably get tired of postponing foreclosures only to end up foreclosing on the property any way because the purchase contract was not solid. They have too little trust in agents. We need to work on that.
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Permalink Reply by Brigitte Powell on
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Thanks Jeff, really informative. By the way...who is SHE (......just kidding, don't want to know). :-)
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Permalink Reply by Jeff Payne on
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Bryant, you are so right. I have gotten to know alot of these short sale managers and negotiators and the biggest problem is......wait for it............ wait........ Realtors! I have listened to recorded coversations where the Realtor was screaming, yelling, huffing, puffing, only to not have the buyer in the end. I know that it is a 2 way street, but have to believe that we have a very high close ratio because we take a much different approach.
I have something BIG in the works in regards to agent/lender relationships..... more to come -
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Bridgette, after the dust settles I will certainly tell you!
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Can't wait, all the best :-)
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Permalink Reply by Wendy Smith on
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Below are changes with Wells Fargo that I just found out about. These took effect a couple of days ago. You may want to look over all your Wells Fargo files and adjust as needed......
1. Short Sales with Wells Fargo that have a foreclosure date pending in the next 0-10 Days;
· Files will be closed, rejected, returned to agents as declined.
· They are to be removed from Wells Fargo system immediately
· No more delays
· No more foreclosure extensions will be granted
2. Short Sales with foreclosure dates of 11+ Days must be closed in 30 days or Wells Fargo will proceed
to foreclosure
• No more delays
• 45 day approval is no longer on short sales with foreclosure date assigned
• Must have Formal Wells Fargo approval letter, approval from any Jr. Liens, Proof of funds if cash
buyer, and Commitment letter from lender for financed buyer.
3. Short Sales with N0 scheduled foreclosure date
· Continue to work as current process
· Approval provided by Wells Fargo will be 60 days on these.
· However, if foreclosure date is set at any time during negotiating process, closing process moves
to step #2 and time frame immediately reduced to 30 day close or Wells Fargo will Foreclose.
HAVE A WONDERFUL DAY! -
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Permalink Reply by Kylee Roe on
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I just received this email forward regarding Wells PORTFOLIO loans:
"Hello,
If you are receiving this email, I currently am working on your short sale file or have worked on your file in the past few months. PLEASE READ THIS WHOLE EMAIL AND FORWARD TO ANY PARTIES WHO MAY BE WORKING ON A SHORT SALE FOR WELLS FARGO.
Due to recent industry changes, we at Wells Fargo will no longer be granting any extensions for short sale close dates or postponing foreclosure/trustee sale dates. If you were issued an extension letter dated 9/14 or earlier, those extension letters will be honored, but no further extensions will be granted. Files must close by expiration date on the original approval letter or they will be removed. If your approval expires 9/15 or 9/16, you will have 48 hours to get me the final HUD for approval and close.
Please let me know if you have any questions! Thank you!
Timothy A. Williams
Wells Fargo Home Mortgage Liquidation
7745 Office Plaza Dr. North
MAC X2409-01F
West Des Moines, IA 50328
ph: 877-279-0650 ext: 3137" -
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These emails are investor specific and are not Wells Fargo policy. This was confirmed by the VP at Wells short sale department. This is not a blanket policy at Wells Fargo.
Kylee Roe said:I just received this email forward regarding Wells PORTFOLIO loans:
"Hello,
If you are receiving this email, I currently am working on your short sale file or have worked on your file in the past few months. PLEASE READ THIS WHOLE EMAIL AND FORWARD TO ANY PARTIES WHO MAY BE WORKING ON A SHORT SALE FOR WELLS FARGO.
Due to recent industry changes, we at Wells Fargo will no longer be granting any extensions for short sale close dates or postponing foreclosure/trustee sale dates. If you were issued an extension letter dated 9/14 or earlier, those extension letters will be honored, but no further extensions will be granted. Files must close by expiration date on the original approval letter or they will be removed. If your approval expires 9/15 or 9/16, you will have 48 hours to get me the final HUD for approval and close.
Please let me know if you have any questions! Thank you!
Timothy A. Williams
Wells Fargo Home Mortgage Liquidation
7745 Office Plaza Dr. North
MAC X2409-01F
West Des Moines, IA 50328
ph: 877-279-0650 ext: 3137" -
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Permalink Reply by Stephanie Jarman on
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Jeff, Any idea WHICH investor?
Jeff Payne said:These emails are investor specific and are not Wells Fargo policy. This was confirmed by the VP at Wells short sale department. This is not a blanket policy at Wells Fargo.
Kylee Roe said:I just received this email forward regarding Wells PORTFOLIO loans:
"Hello,
If you are receiving this email, I currently am working on your short sale file or have worked on your file in the past few months. PLEASE READ THIS WHOLE EMAIL AND FORWARD TO ANY PARTIES WHO MAY BE WORKING ON A SHORT SALE FOR WELLS FARGO.
Due to recent industry changes, we at Wells Fargo will no longer be granting any extensions for short sale close dates or postponing foreclosure/trustee sale dates. If you were issued an extension letter dated 9/14 or earlier, those extension letters will be honored, but no further extensions will be granted. Files must close by expiration date on the original approval letter or they will be removed. If your approval expires 9/15 or 9/16, you will have 48 hours to get me the final HUD for approval and close.
Please let me know if you have any questions! Thank you!
Timothy A. Williams
Wells Fargo Home Mortgage Liquidation
7745 Office Plaza Dr. North
MAC X2409-01F
West Des Moines, IA 50328
ph: 877-279-0650 ext: 3137" -
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