Mortgage company taking forever on preapproval

[Luis Lopez]

Hello everyone,

My partner and I have been trying to secure a preapproval with Wells Fargo for months now and would appreciate some input on if we should move on to another bank or look elsewhere.

Here’s the timeline and causes of delay.

First delay (Late Feb) was totally on me as my 2 unit property was under forbearance which caused Wells Fargo to decline approval until out of forbearance and payments were made.

They asked for proof of loan modification once everything was complete and said they could expedite everything as my file was complete.

March 15th everything was complete and to include loan modification, 2 months of mortgage and I even sent the 3rd month early to have 3 months paid although not required according to mortgage specialist.

As of today still nothing and no update on timeline. Mortgage specialist takes days to reply and all she can say is they are busy.

I am pretty frustrated as I have missed opportunities to make offers on properties and jus the lack of commutation.

I understand everyone is busy so not sure if I should hold out with them as they do have all my docs or go elsewhere?

Thank you in advance for your input!

[Jared Rine]

@Luis Lopez..don't know if you found what you're looking for, but I'd recommend you leave.  Big bank timelines are ridiculous, where at most a loan pre-approval like Caroline mentioned, should be taking a couple days, no longer than 72 hours. Even with the quirky situation.

Where is the property?