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Wells Fargo and FHA Loans

Posted by Rita Cox on December 2, 2011 at 3:58pm in Short Sale Discussions

I just initiated a short sale with Wells Fargo by first faxing my third party authorization and then by uploading the authorization on Equator once I received the task. This is an FHA loan and the notation on Equator stated that it was checking "FHA Eligibility".  Is Wells Fargo now processing FHA loans via Equator... I was told previously that they were not.

 

I have been directed to upload more documents via Equator and I will do that but I don't want to spend valuable time doing this only to find out that FHA loans are not processed on Equator.  Anyone been down this path?

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Replies

  • Rita Cox December 29, 2011 at 4:38am

    Just wanted to update everyone on my Wells Fargo short sale. I uploaded my docs on Equator and from there it was evaluated and accepted for the FHA Pre foreclosure Sale Program. Perhaps Wells is finding this a more efficient way to process short sale requests. My only fax was the initial authorization. I am now off to get an offer... 

  • Celeste ODea December 4, 2011 at 5:22am

    WF is not using Equator, yet, for FHA PFS.  I would continue to fax the documents.  Perhaps the person you talked to doesn't know that it's an FHA loan.  Are you sure that it is?

    • Rita Cox > Celeste ODea December 4, 2011 at 5:55am

      I always fax the initial authorization but not the remaining documents unless I have to. Right after I faxed the authorization, I received the task to upload authorization via Equator and now they are asking for the remaiing docs via Equator. The homeowner said that it was an FHA loan and the status on Equator was checking FHA status not HAFA. I will be back on the phone with them in the morning because I don't have time to waste if FHA PFS is not done there.  I actually like the FHA PFS program - seems to run fairly smoothly.

  • Nathan Miller December 4, 2011 at 4:01am

    I also did not use Equator.  They were quick to get an appraiser out and issue the ATP, but way out of HUD timeframes for reviewing the offer and issuing the approval.

    • Kevin - Greenville, SC > Nathan Miller December 29, 2011 at 10:39pm

      You've got to push them on approvals (like everything else).  If you do and they all the requested docs they will issue an approval within HUD Guidelines (5 working days).

  • Kevin - Greenville, SC December 3, 2011 at 12:51pm

    I am currently working several FHA PFS with WF.  No Equator.

    • Kevin - Greenville, SC > Kevin - Greenville, SC January 9, 2012 at 9:41pm

      I've been told by a Manger that Wells Fargo is now working FHA Loans through Equator.

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