I was reffered by U..S.A.A BANK to wells fargo military family home loans.
since this is my first time home buying i go with wellsfargo without any research about them. Wellsfargo bank its a nightmare . PLEASE if you U.S.A.A referred you to Wells fargo please dont bother. It can cause stress and frustration. i wish that USAA do something about it. The under writting of wellsfargo so strict they keep asking explanation letter in simple thing. It takes forever to hear back from them. i dont think is worth for all the stress and frustration. and we dont deserve this
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You are not alone! I just finished settlement with them FINALLY. This has been one of the worst experiences in my entire life, and not just with buying a home. On the scale of bad experiences across the board, this was one of the absolute worst. Please USAA, please don't recommend or refer anyone to them. Let me tell you just a little bit about the nightmare I had.
First, we had a hard time negotiating with the seller of our home because she said she had worked with Military Family Home Loans before and did not have a good experience. We should have listened to her and gone with another lender right then.
We had the hardest time getting our mortgage officer on the phone. We had to hound him to order the appraisal which was ordered two weeks late. Then, we had to ask him what paperwork we needed to submit in order to move the approval process ahead when he should have been on top of things. He never called to tell us that our closing date would have to be moved back a week, we had to have our agent call the manager who gave us the run-around.
The buyer of our old house had a delay that ultimately delayed our closing so MFHL got an extra eight business days to get the paperwork together and they still weren't ready. Our loan processor left early the day we were supposed to close and never notified anyone that she would be gone so we couldn't get a hold of anyone at the office.
The substitute loan processor called us at 5:30 in the evening the day we were supposed to be at settlement (at 1:00 PM mind you) and was still asking for us to send memos about this and that. These were things they could have had long ago, especially since they got a very long extension.
They finally sent the paperwork and assured the title company that someone would be in the office for questions since we were closing after business hours. We drove 40 miles to the title company in rush hour traffic to close, only to find the paperwork was incorrect. Someone had just arbitrarily removed thousands of dollars from our seller's concessions and we had an enormous amount that we owed for closing when we had previously been told to bring nothing to close.
Of course, no one was available at the office to speak to even after they said they would be. We ended up driving all the way back home and having to come all the way out the next day again to close. What's worse, our seller had a sick brother who was terminally ill in the hospital and she had to delay her flight to see him when they couldn't get our closing together.
These people go about their business, don't do their due dilligence, don't communicate with anyone, and they think it's okay. They don't realize how much stress and trouble they put people through. We had deliveries coming to the new house and had to call multiple times to reschedule, and we had to be out of our current house and with a 6-month old we're not exactly super mobile. This really messed with a lot of people's lives and it's like it was nothing to them. They barely apologized for the delay.
DO NOT RECOMMEND THIS COMPANY TO ANYONE!
I was also referred to MFHL by USAA and are currently trying to close on a home now using the VA Home Loan option. I'll explain my experience below but the ultimate take away is make sure you are clear with the listing & buying agent that you need 30-45 days to close. Knowing what I know now I would say aim for 45 days.
When my wife and I finally found a home we wanted to make an offer on we found out that our original lender would not finance the mortgage. Having been a member with USAA since 1994 and having nothing but great experiences with them I decided to give USAA a call to see what they could offer. USAA couldn't help me with my particular situation but said MFHL could.
We completed all the paperwork and submitted all of the documents requested for the pre-approval before submitting our offer on the listed property. On Monday 6/16/2014 we had mutual acceptance. By Wednesday 6/18/2014 we had completed the inspection and informed MFHL so they could proceed with the appraisal. Two week later Thursday 7/3/2014 my agent and the listing agent are "deeply concerned" and the listing agent says the seller will not extend the closing date beyond the already extended closing date of Friday 7/18/2014.
This prompted me to do a search about complaints involving MFHL and that how I found this forum. I called USAA and they were spectacular as usual. They took the time to understand my concerns and got me in touch with a supervisor with MFHL (as my assigned processor was not being responsive to my requests to contact me by phone nor email).
Folks, I'm told that VA loans take longer to close because the VA is an extra entity involved in the loan review process. So avoid the heartache up front, make sure you negotiate a closing date 45 day out from Mutual acceptance.
We'll see if MFHL can come through. I'd hate to lose my earnest money but more importantly I'd really hate to lose out on a house that my wife and I were really looking forward to having with our son as our "home". Light a fire on it MFHL, please.