- Average Days from Notice of Default to Notice of Trustee Sale
- Average Days from Notice of Trustee Sale to Trustee Sale
- Total Average Days in Foreclosure
- Time To Acknowledge
- 5 days or less
- Time to Approve
- 60+ days
- Full Release Available
Breaking News: Wells Fargo has been testing the Equator platform and we hear that they will begin to use Equator starting March 14, 2011!
1sts – They are really trying to better their service. They are also great about full satisfaction releases. Tip — recount your conversation and reconfirm they have a complete file before concluding your conversation with loss mitigation. We have also heard that if Wells is the investor on the loan they are TOUGH on approvals. If they are the servicer they are actually easier to work with. No one seems to have any idea why.
We have heard from a few sources that Wells Fargo will be adopting the Equator system soon. If you have not done any Equator training then now is the time!!
2nds - They take 30 days to review and then the first thing they want is updated docs (pay stubs, bank statements, retirement accounts etc)Watch your commission and take nothing for granted when working on a Short Sale with Wells Fargo Home Equity. We hear they are VERY picky about their packages and will look at all documents to make sure there are no gaps (bank statements, pay stubs etc). They are very slow to approve and then their is a huge rush to close at the end. They do expect EVERYONE to contribute. We have had experiences of late where Wells Home Equity has gone directly to agents demanding a portion of the their commission as a condition of approval. There is wide speculation that the loss mitigation department is bonused on contributions. Occasionally our sources have seen the approval letter come in with an amount less that what is on the HUD. There is much speculation on whether or not they are bonused on the amount collected above the approval letter. That said, they are very good about full satisfaction language on the short pay demand!!
We have been told that the closing time lines depend heavily on the investor. You can expect a prime loan to take 8 months, Subprime (2/28 & 3/27) over 12 months and their Alt-A (Option Arms, 5/1, 7/1, & 10/1 ARMs) over 10 months.
UPDATE: Wells Fargo Clarifies Short Sale Criteria for Foreclosure Postponement-”the policy allows for one fore-
closure postponement, but only if: (1) Wells Fargo has a short sale sales contract in hand that has been approved (including approvals from junior lien holders and mortgage insurers, if applicable), (2) the buyer has proof of funds or financing approved, and (3) the short sale can close within 30 days of the scheduled foreclosure sale.
Read more about Wells Fargo: http://www.dsnews.com/articles/wells-fargo-clarifies-short-sale-parameters-for-foreclosure-postponement-2010-11-23
Loss Mit Direct- 866-248-5719
Follow up on existing package 877-222-7875 option4