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What to do with a faulty loan process

This has to do with approval process & credit scores. Each time a person applies for a bank loan it will effect your credit score. Here is my issue & questions:

I recently applied for a preapproval home loan with Wells Fargo Bank. During the preapproval process my mortgage consultant that I wad been working with randomly just quit her job & left me hanging with no accepted or denied approval status; just left me with no response. I now am working with another mortgage consultant at Wells Fargo but she doesn't have my info & she says I have to start the preapproval loan process all over again from scratch. But applying again is just going to ding by credit score even further over an incident that was not my fault.

What can I do about this? Am I able to start over again without effecting my credit score? & what can I do to prevent from being left "out in the cold" again when applying for a bank loan?
  • April 30 2013 - Kenosha
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Answers (8)

Profile picture for NeedinFHA
Screw Wells Fargo home loans.  I applied for a home loan through them and then after I closed on my house they contacted me lol....I told them I already got a loan and was currently living in my new home thanks for getting back to me.  Then about a year later my loan was sold them without choice lol, so now they have the loan they didn't ask for, AMAZING huh.
  • May 03 2013
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Agree with the lazy answer and the way I see it you are 0 for 2 with this lender and it should be telling you something. 

As far not being left on in the cold in applying for a bank loan. Find yourself a good lender by asking around.  Not all mortgage loan officers are the same.  I am sure you have plenty of friends, relatives, and co-workers that have bought a house or refinanced in the last couple of years.  Trust me they will tell you about their loan officer and their experience.  Good luck.
  • May 02 2013
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Profile picture for Go Huskers
"my credit reporting agencies will treat the series of related credit checks as one event. "
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I personally like how he has his own credit reporting agencies.
  • May 01 2013
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Bryan,
Classic example of "no answer is better than wrong answer".  "Your" credit services will treat an inquiry by creditors/lenders each time, if not done with in a 30 day period and would negatively impact score. Please do not give erroneous advice, as small difference in credit score can disqualify someone from getting a mortgage and/or Mortgage Ins. It also impacts getting better rate.
Barb and Geofrey gave valid answers.
  • May 01 2013
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Profile picture for GMerino
It would be a good time to shop for a loan until you find a lender you are comfortable with.  When a score is viewed by multiple lenders the credit agencies see that you are shopping for a mortgage.  If you stop and restart sometime later, then the agencies think you are buying more than one property and that can hurt your score.  Look for a credible lender that will educate you and someone whom you feel comfortable with.  

There are many here on zillow that will take good care of you.
  • May 01 2013
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Your "new" loan officer should be able to retrieve the credit report from the credit agency and have it re-issued without having to pull it again. If you are told that it can't be done, that would be a lazy response from yet another "application clerk." You are destined to be left out in the cold once again. Cut your losses and find a lender in your area, have your credit report run again. You will have a more pleasant experience.
  • May 01 2013
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My advice is work with a smaller lender or broker shop. The large lenders all have order takers and are not experienced loan officers.  Plus they pull your credit once and can work with 100+ lenders, so they know exactly where to take you.  You should not work with Wells Fargo and work with an experienced loan professional.  Just some food for thought.  If I can be of further assistance you can contact me through my profile.
  • April 30 2013
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It should not be a problem. In working with many lenders, the general consensus is that if your credit is pulled by a handful of lenders within a couple month period, my credit reporting agencies will treat the series of related credit checks as one event. Experian, Transunion and Equifax realize that there are many options for consumers especially when shopping for a home loan. So it is expected and considered reasonable to have your credit pulled a couple of times. When your credit is pulled by a lender they indicate the purpose for pulling the credit and it will show that is for purchasing a home. You should be just fine!
  • April 30 2013
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