Profile picture for mbsaiv

Wells Fargo 3-step refinancing

Hi,

I tried to refinance my jumbo loan with Wells Fargo 3-step program.
I was planning to pay the diffference, so that the new loan is a confirming loan.

When I applied, they told me that I could pay the difference between jumbo and confirming loan at closing. I applied 1,5 month ago, everything was approved (appraisal was OK, credit score, etc), they said they will send me all the documents to sign and close this week.

But suddenly I find out that underwriters said that I  am not eligible, since I have not yet paid the difference between jumbo and conforming loan, and now my applicaiton will be rejected and I have to wait 90 days to reapply again. Before this, all the time on the phone Wells Fargo  would tell me that I will have to pay off the difference at closing!

Is there anything I could do now? It was 100% their mistake: they advised me to pay at closing, but now they are telling me that I should have paid first.

I am looking to refinance from 6.5% that I am paying now for 30 years fixed to something more reasonable without *any fees*. (I now have a jumbo, but I will pay the difference so that I am in conforming loan.)

 Are there any other programs I could apply without waiting for 90 days?

Thanks.
  • February 12 2009 - Monroe
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    Answers (149)

    Profile picture for Bozo the clown
    Ya know, when the stress of mortgage banking starts making ya a little nutty, it might be a good idea to take a look at other professions.
    • April 19 2009
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    Profile picture for Clearpoint
    Support the conduct? No I don't, and frankly I'm hanging my head.  This thread was back on top when I logged in and was saddened to see it.  Now I am a little confused over the latest link especially since your comment was similar to many that I have made in the past.
    • April 18 2009
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    Maybe you did not see the latest personal attacks.  There was no intent other than to show the history along with this other thread.

    Larry, I am surprised you support this sort of conduct.  This was not pulled out of thin air.

    Here is the link to the latest....The latest
    • April 18 2009
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    Profile picture for Clearpoint

    Bob thanks for bringing this thread back up, it demostrates how Greg owned up and apologized.  Your intentions are disappointing to say the least and shed some light on your own true nature.

    • April 18 2009
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    Bob Lowery,
    My personal Id is GSD7.  I f yoou want to tango, let's do it there. That way, I  don't have to be so polictically correct and state how L&F and Prosperity M. sucks.

    • April 18 2009
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    Bob, outside of my corporate inpinion, you are a very small, petty and vindictave person.  Outsite of calling you a, "man," is obvious.  I did apologize to you but you dragged up this thread again.  Why?  I believe to make yourself to look good.  So, cograts.  Yet, you have not and I still believe your are what I stated, in my personal opinion, and I think you are are very small, petty, Neoplianic, little, boy, who who wants to be a big shot in a pond that he can't even spell.

    • April 18 2009
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    Let's bring this one back to the top for all those Darlin fans.... 
    • April 18 2009
    • 1Yes

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    Holy Schmoly!  What a weekend!  Chip must have been basking in the sun since the attention was diverted!  How in the world did that all happen?
    • April 06 2009
    • 1Yes

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    So anyone else curious as to how Chip will do the 2-step around rates being at 5% rather than 2.5% for the DU refi plus and the refi plus programs?

    • April 06 2009
    • 2Yes

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    • April 06 2009
    • 2Yes

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    Profile picture for Potato Head
    Doug I doubt that Bob will even respond, from what I read and have seen of him on these discussion boards, he is far to much of a professional, a real man to comment on it.
    • April 05 2009
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    Whew! What a weekend...I'm looking forward to Chip spamming 3% loans Monday morning. It'll be nice to get back to normal. Hope his mom lets him use the computer
    • April 05 2009
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    Potato Head,

    No.  No one asked me, threatened to band me unless I apologized to Bob Lowery.  I did it on my own.  As a man, I made him guilty by association and that was wrong.  He is an excellent representative for his company.  I may not think so highly of some of the people in his company and L&F, but that doesn't mean he acts like some who work there. 

    I have been on Zillow a long time and have contributed much to this site.  There have been times, especially in the older periods of ZMM, I have lashed out and so have many.  Still doesn't make it rigtht.  It doesn't matter if I was sick with the flu, disgusted with some of the posts I saw that night, or the outragious quotes I saw, or the huge mess that will come when we cannot order appraisals anymore and have to go through management companies and websites, leaving our clients totally blind to the process as well as the loan officer.  Again, it doesn't warrant me speaking in the terms I did.  With great humility, I apologized and mean it.
    • April 05 2009
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    Profile picture for Potato Head
    Greg,

    I can't say I have really ever seen you post before, but what a serious change of heart you had.  Did Bob or Zillow call you up and threaten to have you banned?  I'd say you have the open mouth insert foot disease going on instead of the flu.  Great back tracking though. You did bring a little laughter to my day, it was a hard day out on the farm. 
    • April 05 2009
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    Profile picture for MagicalHouse
    Let he who is without sin cast the first post!
    • April 05 2009
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    BTW,
    I have many friends in Baltimore.  I just don't like the way many lenders in that area  conduct business.  So, I have nothing against people who live in Baltimore and the surrounding area.
    • April 04 2009
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    I owe Bob Lowrey an apology.  I grouped him into a handful of bad experiences my clients and I have had with his company and Long&Foster.  However, Bob Lowrey was never part of those experiences and did not deserve for me to mix him into such.
    I have been sick with the flu all week.  Went to bed, woke up and couldn't go back to sleep.  I went on Zillow to see what was going on.  After seeing impossible quotes by the same impossible lenders that nothing seems to ever get done about them, Viewing the lender, Chip and reading his nonsense angered me and then Bob was on there.  Again, he said or did nothing but brought back some distateful experiences on a company he happens to work for.
    If I couldn't do a loan and he had a loan program I needed for a client, I would have zero hesitation referring the client to him. 
    So, again, I apologize to him.  Just let my feeling flare up for all that is going on the Zillow threads.  New, hamming it up lenders self-promoting themselves with zero regard for others, impossible loan quotes that hurt borrowers, Zillow and the honest lenders.
    Bob, my apologies to you.
    Greg
    • April 04 2009
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    Profile picture for prfstrkr
    sorry OP ...
    • April 04 2009
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    WWF Smackdown "Battle of the Thumbs" with Greg "Darlin Greg" Darlin in the green trunks and Bob "Baltimores Best" Lowery wearing blue silk boxers and sporting a new haircut!
    Who will win this epic battle?

    • April 04 2009
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    Profile picture for Clearpoint
    How did Bait and Switch Chip lose the spot light so quickly to the Darlin Lowery Show?
    • April 04 2009
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    I can not help myself.......BUMP
    • April 04 2009
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    Greg, you have shown your are a true arse.

    "I went off on this, "tangent" because I got tired or reading your self-promotional, fiber posts and your quotes.  Enough seemed like a good place to start.
    Other than throwing smoke bombs, so to speak, you have nothing of substance to say back."


    And I get tired of reading your pompous tirades.  I have addressed every personal attack you have thrown out there and they are all BS...  None of my posts have been self promotional.  If you are gooing to whine because your rates stink, sorry to hear. 

    By the way....horrible picture.
    • April 04 2009
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    I think somebody may have gotten a PUI last night!
    Posting Under the Influence!
    • April 04 2009
    • 3Yes

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    Profile picture for Bozo the clown
    Didn't you guys have anything better to do on a Friday night? Me and the widow Mrs Snatchski just got back from seeing some old show-biz friends in West Palm Beach and I took a peek at the threads. If I wasn't so hammered on sloe gin fizzes I'd have joined the fray.
    Geez, you guys need a couple of girlfriends or a hobby or something.

    ---Boz  
    • April 04 2009
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    Profile picture for GaDawg1
    Call me . This is a no brainer.
    • April 04 2009
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    Entertaining! I went through 3 bags of Jiffy Pop and 4 cokes reading this thread. Now I'm wired on caffiene have enough fiber to keep the system clean for months!
    • April 04 2009
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    Profile picture for Clearpoint
    Wells might have a 3-step process but it sounds like you guys need a 12-step process. 
    • April 04 2009
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    Bob,
    Good nite.  What a $#@@&.
    I went off on this, "tangent" because I got tired or reading your self-promotional, fiber posts and your quotes.  Enough seemed like a good place to start.
    Other than throwing smoke bombs, so to speak, you have nothing of substance to say back.
    • April 03 2009
    • 2Yes

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    "Post wtih integrity, post your rates with truth and you will be okay. "

    And, I have.  I am not always the lowest....and I suck it up when I am not.  I have three locks from Zillow... two are right on... and one was lower than I quoted.  I am still lost in your attack from my original comments.

    Don't know how you went off on this tangent, but you are not King Zillow..... and as more competitive lenders come on Zillow, you will have to deal with it.
    • April 03 2009
    • 14Yes

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    Bob,
    Good nite, b'more.
    No one suggested breaking the rate lock with the original investor.  IMO, Baltimore lenders are rather . . .
    • April 03 2009
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