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Wells Fargo Confusion? NO MI on Loan, but waiting for MI Approval?

Posted by Kimberley Kelly on September 28, 2011 at 1:36am in Short Sale Discussions

What the heck????  This HAFA.  I are waiting for final Investor approval.  This is FNMAE, one loan.  Sale Date moved to 10/24 and we seem to be moving along quickly..all good.  Then yesterday I was told there was MI and that was the hold up.  Homeowner confirmed again that there is no MI.  I called again, and was told, "No, there is no MI on this loan.  However, the Investor has to check with the MI Co. to see if they need a promisory note with this loan."

 

What????  Help me understand???

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Tags: Companies, Fargo, MI, Wells
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Replies

  • Kimberley Kelly October 1, 2011 at 2:27am
    The Underwriters approved the Short Sale.  We are scheduled to close and all is well..thank you all!
  • Kimberley Kelly September 29, 2011 at 1:26am

    Harry:  I did bring that up immediately, but the woman that day did not know it and when she switched me to the "supervisor', the line went dead.

    Bryant..I know that the Buyer didn't have to pay for it to be there, that's why we double checked to see if it was..there is NO MI.  But..as of yesterday, Wells Fargo told me, "The Investor is having an MI Company do the underwriting to see if the numbers work for final approval."  That made more sense to me, although I have never heard that before.  He did not insist on the Promissory note as the woman had the day before.  Once again, I am befuddled by how differently each person that picks up the phone can interpret the "notes on the file."  I am told we are waiting for "Final Investor Approval." and I expect to hear any day. 

     

    Thank you all as always for your SMART and informative streams!  SSS rocks!

  • Michael Schneider September 28, 2011 at 4:53am
    Does the newly enacted CA non-recourse law apply to a 2nd? And to LOC 2nd?
  • Bryant Tutas September 28, 2011 at 2:27am
    KImberley. Just because the borrower didn't pay for MI doesn't mean it's not there. This is probably a policy that was purchased by the investor to protect their interest.
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