Wells Fargo Home Mortgage (WFHM) Loan Modification

Wells Fargo Home Mortgage (WFHM) Mortgage Modification Process

Wells Fargo Home Mortgage‘s Modification process is similar to that at other banks but as is in any case each companies modification timeline varies:

1. Phone Interview With Wells Fargo If you are not assigned to someone in the Wells Fargo Home Preservation Department that is the first step.  Loan Modification Review Process starts with their department.
2. Mortgage Assistance Application Submission Wells Fargo has a package that you must complete in order to apply. While most banks have what they call the Request for Mortgage Assistance (RMA) Forms And Package Of Paperwork Wells Fargo Home Mortgage has the Mortgage Assistance Application which requires the borrowers to provide their finances, additional information, along with supporting documents.
3. Wells Fargo Mortgage’s BPO  (Broker’s Price Opinion) In some cases valuing the property is an important step. It really varies from investor to investor but Wells Fargo is known for often just using an Automated Valuation Model (AVM)
4. Negotiations Anyone who’s been through the process knows that getting modified with Wells Fargo is an uphill battle, while the terms are being reviewed, it is important to have the right team on your side to help you negotiate the numbers they are using for their review before they are sent off to underwriting for final review of any proposed loan modification approval.
5. Modification Approval/Decline The final step is getting an answer. Wells Fargo is generally working on behalf of an investor and when you get a response it’s usually the beneficiary that made the final decision.

It’s sad because the process is almost never this easy even though you can tell that even these steps have their hurdles. At Absolute Consultant Group (ACG) we support homeowners through the loan modification process with their mortgage servicer. Getting the run around can be normal when dealing with Wells Fargo’s Loan Modification Process. Sending things more than once is not out of the norm.  When dealing with any large corporation getting transfered from department to department or location to location is a regular affair. Wells Fargo’s Mortgage Loan Modifiation Department (Loss Mitigation) might transfer you to the Wells Fargo Home Loan Customer Service Department and then you might find that they are sending you back again. Submitting the wrong information on your application, getting denied, getting stuck in the re-entry department and not being able to figure out what happened is why coming to our staff can help you avoid a lot of heartache. Our staff is available to review your paperwork and to help you step with the best foot forward. Call us at 888-934-3444.

Wells Fargo’s Home Mortgage Loan Modification Timeline

Corporations and bureaucracy are nothing new; Wells Fargo is a mortgage servicer and as such is servicing loans for different beneficiaries. As such, Wells Fargo Mortgage’s Loan Modification timelines change based on some obvious things and other not so straight forward events. Here are a few of the reasons this question has such sticky answers.

• For one, Wells Fargo Home Mortgage, at it’s heart is a loan servicer. Whether they are representing their own interest or they are representing debt on someone else behalf there are limitations to the decisions the home preservation department can make. Servicers follow a Pooling and Servicing Agreement (PSA) that governs every home mortgage. These agreements are between the servicer and each institution (investor) they represent. The PSA delegates certain decisions on behalf of the investor and puts it in the hands of the servicer. The mortgage investor decides where the servicer is  not delegated (non-delegated) to make certain decisions. This means that for any loan modification term they want to to make they have to get approval from the investor. Certain investors like Fannie Mae (FNMA) and Freddie Mac (FHLMC) often take the process of making decisions and do it themselves. In a heavily regulated business the more hands involved in each review the longer it takes leaving Wells Fargo with their hands tied.

• Another issue, with your Wells Fargo Mortgage’s modification timeline is where you fall in line as to being a priority. It’s usually a first come first serve type bases. Wells Fargo has to not only go in the order the assistance applications are received but has to dynamically adapt to the environment as well. First come/serve type workflow abruptly ends when the question, “Does my Wells Fargo home loan mortgage have a foreclosure sale date?” Anyone with an active foreclosure auction date has priority over those who don’t. Those with sale dates around the corner are generally pushed to the front of the line to be considered for mortgage relief assistance. The tough part is servicers, such as WFHM, work in such a large volume that foreclosures are on the books for just about every day of the week. With the pressure mounting for homeowners and professionals alike due to the daily foreclosure auction sale dates Wells Fargo deals with what’s happening today or tomorrow and isn’t as concerned with working as quickly as you might want even if you have a sale date for next week. Remember this business is a first come first serve but it is also influenced by foreclosure status and proximity to the sale date.
• Lastly, every mortgage modification is not a good mortgage modification. The goal for the lender is to put you in a loan that works for them but that also meets their criteria for what your ability to reach affordability is. There is more than one way to slice up a mortgage and Wells Fargo looks at as many aspects as possible in order to modify your loan. The “waterfall” process is a well known approach where Wells Fargo will review your home loan for a modification by changing different factors and they go down the line. If the first one doesn’t work they will review you for the next one, and so on, until they find a mortgage solution that works. Departments due to this “waterfall” process are often very specialized so many times different representatives handle different parts of the review. An example of this is how Loan modification negotiators review only loan mods while short sale negotiators only review short pays (discounted payoffs).

Wells Fargo Mortgage’s Home Loan Modification Timeline Conclusion: One of the first questions we get is how long will it take? As much as we would like to give clients specific timelines for their home loan modification review they vary so greatly from loan to loan. As discussed above decisions aren’t always made at the servicer level. If Wells Fargo can respond or they have to send it out for a beneficiaries review it makes a big difference. Again, if their modification review fits from the first plan you are analyzed for or it takes you till the 11th plan that will also affect your modification timeline. There are even factors outside just the banking systems which includes but is not limited to how fast they get property values from valuation companies, how many times they ask you to send documents via fax (legibly) and many other factors all effect the modification timeline for your Wells Fargo Home Mortgage Loan Modification to be reviewed.

Dealing With An Wells Fargo Home Mortgage (WFHM) Loan Modification Decline And The Wells Fargo Reentry Team

Has Wells Fargo declined your loan modification? Are you dealing with the Reentry Department? Well if you’ve been contact either in writing or by your Home Preserviation Specialist that they denied your loan modificaiton or request for mortgage assistance you are not alone. Wells Fargo has one of the highest decline rates in the industry. This is where our specialized knowledge comes in. There may still be options for you but you have to act fast. In some cases you may only have a small window to appeal the process. Dealing with a Home Loan Modification Decline may be difficult and knowing what to ask may be confusing. That’s why understanding the details of all the plans and how that conflicts with your information is key. Here at ACG we have dozens of points we review in order to understand why your Wells Fargo Home Mortgage loan modification was rejected. Have us review your declined modifcation for free by calling us at 888-934-3444.

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