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jtrejo

42 Posts

Posted - 08/07/2008 : 10:29:32 PM

Ok so i get a client that has been looking for a loan on a 1.8M property in Beverly hills. Just got divorced receiving about 17k in alimony and child support. Had a 740 score putting 25%down. Obvuisly had to go stated income with some b.s jewelry design company that has made no money ever but has had it for a year.
Was going to be able to find with a bank at 8.0 with a 2.0pt cost. She agreed to pay up to 5 points on the deal just to get it done...Oh And a hard money lender aswell. Anyhow, tell me how wells fargo elite gets her to go stated with only 25 % down? Nobody is doing this anymore. Let alone get her a 6.75 with .50 cost!!!! Got her approved in one day and docs the next! Get this while shes at escrow about to sign her docs...the escrow officer says hmmm thats weird they got confirmation that they funded!WtF is that about?
I am just bewildered and surprised that she got all that! Do you guys beleive that or what? I swear that she was not going to be able to get that type of loan, let alone one at stated with 25% down!!! Dont you hate it when that happens. Im still feeling depressed eating a chocloate sundae from mcdonalds!

assassin17

3304 Posts

Posted - 08/07/2008 : 10:32:37 PM

Walk into your local Wells fargo with a meat-cleaver or a syringe half-filled with bleach. The rest is up to your imagination, my pal.

PS - You don't know me. I don't know you. Capiche? LOL

mr. mtgman

668 Posts

Posted - 08/07/2008 : 10:32:39 PM

I'm surprised cause it's a jumbo. She has only 1 year self employed. Not because of the LTV or rate. Can I have some icecream?

acibella

608 Posts

Posted - 08/07/2008 : 10:55:39 PM

Not sure about "Wells Fargo Elite", but I do know that Wells has something along the lines of a private client mortgage banker area. My understanding is, if you work in that area you can do pretty much whatever you want, they have a completely different set of rules than Wells retail, different programs, different processing centers. As much as it *****, I can believe it. I'm just happy Wells isn't prevalent in my market. Although, neither are 1.8 million dollar loans.

KHufford

5068 Posts

Posted - 08/07/2008 : 11:07:13 PM

I dont understand what you are talking about?

You had her at signing, for YOUR deal, hard money right? And all the sudden another lender, Wells Fargo Private, "funded it"?

Please clarify..

acibella

608 Posts

Posted - 08/07/2008 : 11:11:05 PM

I think he's saying he had a loan and it got snaked by Wells when they offered a better deal, and they in turn closed and funded the loan. He never got to the point of funding, she found the better deal and went there.

KHufford

5068 Posts

Posted - 08/07/2008 : 11:16:24 PM

quote:
Originally posted by acibella

I think he's saying he had a loan and it got snaked by Wells when they offered a better deal, and they in turn closed and funded the loan. He never got to the point of funding, she found the better deal and went there.

How would he know about the signing, funding issue at title then? He was there?

acibella

608 Posts

Posted - 08/07/2008 : 11:20:09 PM

quote:
Originally posted by KHufford

quote:
Originally posted by acibella

I think he's saying he had a loan and it got snaked by Wells when they offered a better deal, and they in turn closed and funded the loan. He never got to the point of funding, she found the better deal and went there.

How would he kno wabout the signing, funding issue at title then? He was there?

Good call, I kinda skimmed over that line. It doesn't make a whole lot of sense, unless he was sitting at the table with escrow, which wouldn't make a whole lot of sense in and of itself.

jtrejo

42 Posts

Posted - 08/07/2008 : 11:21:52 PM

Yes we had the loan in place and approved pretty much, then later in the afternoon she gets a call from her CPA of a broker contact that knew someone at wells. Anyhow, she paid this broker 1 pt outside of escrow since he "brokered" the contact. She also paid someone 13k a week before I met her because he promised her that he had a loan for her only if she paid him upfront. Im telling you its been a crazy week. She even started calling contractors to install hardwood flooring,knock down walls,etc and landscapers before she closed escrow without letting the listing agent know. (it was a short sale)

I'm still in denial that its actually funded but on goes life. I swear i looked everywhere and anywhere for a loan close to that with no luck. I know several people at wells fargo premier banking that deal with high end clientele. They swore to me that it was impossible and their max ltv was 65% no exceptions... This must of been another division that they probably dont know about because they pulled some S***T to get that done that fast...

KHufford

5068 Posts

Posted - 08/07/2008 : 11:26:27 PM

quote:
Originally posted by jtrejo

Yes we had the loan in place and approved pretty much, then later in the afternoon she gets a call from her CPA of a broker contact that knew someone at wells. Anyhow, she paid this broker 1 pt outside of escrow since he "brokered" the contact. She also paid someone 13k a week before I met her because he promised her that he had a loan for her only if she paid him upfront. Im telling you its been a crazy week. She even started calling contractors to install hardwood flooring,knock down walls,etc and landscapers before she closed escrow without letting the listing agent know. (it was a short sale)

I'm still in denial that its actually funded but on goes life. I swear i looked everywhere and anywhere for a loan close to that with no luck. I know several people at wells fargo premier banking that deal with high end clientele. They swore to me that it was impossible and their max ltv was 65% no exceptions... This must of been another division that they probably dont know about because they pulled some S***T to get that done that fast...

Ok. Something very fraudlent, and fishy just went on. I bet my top dollar she is not even the owner of this home. Check with title and look up the deed. This is not right and I bet she was scammed, 100% all day this is not legit.

jtrejo

42 Posts

Posted - 08/07/2008 : 11:26:36 PM

Sorry guys, but my friend is her personal assistant and she was there the whole time it actually happened. That personal assistant is also a licensed agent that has been in the business 10 years, so she knows the lingo and what not. She was basically my inside info on all of this. Sorry I was eating my mcdonalds sundae and typing this as fast as I could and forgot that tidbit of info.

KHufford

5068 Posts

Posted - 08/07/2008 : 11:30:21 PM

quote:
Originally posted by jtrejo

Sorry guys, but my friend is her personal assistant and she was there the whole time it actually happened. That personal assistant is also a licensed agent that has been in the business 10 years, so she knows the lingo and what not. She was basically my inside info on all of this. Sorry I was eating my mcdonalds sundae and typing this as fast as I could and forgot that tidbit of info.

A divorced woman with no job has a personal assistant?? This story is getting wierder and wierder..

wadeger

268 Posts

Posted - 08/07/2008 : 11:32:08 PM

there is a silver lining.... you got a chocolate sundae .... just throw some nuts on it and a carton of milk to wash it down.

seriously, i feel for you, its hard enough to get a loan period these days, only to get bamboozled at the expected closing

jtrejo

42 Posts

Posted - 08/07/2008 : 11:33:15 PM

Trust me I talked to many broker buddies and they said that there were no more loans like that available. (stated jumbo) There was one bank that could do it at like 8 percent with cost, that no one really has heard of, and of course hard money (even with hard money they wanted a little more down). Kyle, you seem to know your jumbo programs well from reading your postings so I know you know what Im talking about.
I'll keep you guys posted if it actually records tomorrow. Oh by the way she's leaving to the french riviera for a week tomorrow morning with her ex-husband too relax after this "stressfull" transaction. Oh and by the way she totaled her car yesterday and her ex hubby felt bad and bought her a new amg sedan for over 150K! Must be nice huh?....

jtrejo

42 Posts

Posted - 08/07/2008 : 11:36:44 PM

Yeah NO JOB just child support and alimony at 17K. Her mortgage alone was gonna be about 10K. She pays her personal assistant 900 a week to pay her bills and run errands for her. Even the divorce decree stated that she reported no income(wouldnt most lenders look at that?) Submitted it to Wachovia before they went out and they caught it... Oh I forgot to add it was a interest only loan at 6.75!

jlmandl

142 Posts

Posted - 08/07/2008 : 11:50:14 PM

I used to work for Wells back in the day and the private banking guys can get away with all kinds of things that retail couldnt dream of. More than likely she had a pile of assets and cash and put a large sum of money in a Wells account that is colateralized.

slants

4189 Posts

Posted - 08/08/2008 : 01:12:19 AM

quote:
Originally posted by jlmandl

I used to work for Wells back in the day and the private banking guys can get away with all kinds of things that retail couldnt dream of. More than likely she had a pile of assets and cash and put a large sum of money in a Wells account that is colateralized.

Yep, I lost a large loan in Pacific palisades a few years ago to Wells. The woman had large deposits at the bank and they were going to do anything it took to retain her business and keep her happy. No way to compete.

jtrejo

42 Posts

Posted - 08/08/2008 : 09:01:47 AM

Yeah i know they have certain programs where they can collateralize certain assets. She only had about 700K total liquid assets. After obtaining the loan she probably only had less than 200K left. And with her lifestyle she could go through that real quick.

brad.easter

494 Posts

Posted - 08/08/2008 : 09:17:59 AM

quote:
Originally posted by slants

quote:
Originally posted by jlmandl

I used to work for Wells back in the day and the private banking guys can get away with all kinds of things that retail couldnt dream of. More than likely she had a pile of assets and cash and put a large sum of money in a Wells account that is colateralized.
Yep, I lost a large loan in Pacific palisades a few years ago to Wells. The woman had large deposits at the bank and they were going to do anything it took to retain her business and keep her happy. No way to compete.

I concur with slants. I also worked at Wells in Premier Banking and we could pull-off all kinds of stuff for clients with a "deep" relationship with the institution. Better luck next time.

mcmoney

279 Posts

Posted - 08/08/2008 : 09:34:09 AM

Is she hot? Is she single?

KHufford

5068 Posts

Posted - 08/08/2008 : 09:43:46 AM

Tell this lady you are happy for her to get a great deal. Then, ask to be introduced to whomeever helped her at the bank. Get a good contact at the private side of Wells and next time you will be getting paid for these deals...dont miss this opportunity to make a contact.

ritabradley01

2212 Posts

Posted - 08/08/2008 : 09:50:30 AM

FOW program

Friend of Wells....

justinbayle

114 Posts

Posted - 08/08/2008 : 09:53:39 AM

There's a likely simple answer to this and that is that her ex-husband has personal/business accounts at Wells in the seven figure range. They are doing this as an accommodation. Not unheard of with WF private banking.

clarenceworley

3819 Posts

Posted - 08/08/2008 : 12:52:23 PM

So the point is you lost a loan to someone(Wells)that you took from someone?

slants

4189 Posts

Posted - 08/08/2008 : 12:57:02 PM

quote:
Originally posted by justinbayle

There's a likely simple answer to this and that is that her ex-husband has personal/business accounts at Wells in the seven figure range. They are doing this as an accommodation. Not unheard of with WF private banking.

My thoughts exactly. Pretty nice not to have to stay married to the guy and still have the perks of being married to him - they still vacations together? Odd.

rico5082

3 Posts

Posted - 08/08/2008 : 1:00:14 PM

My guess is that either your client or her ex are large depositors or have large deposits elsewhere that wells wanted to retain or get. Private banking disions have plenty of options to make a loan like this through the banks portfolio if they are or will be large bank clients or business clients. She's most likely on an arm. Not much you can do if you're not a bank.

bestbet123

1109 Posts

Posted - 08/08/2008 : 1:22:03 PM

I'd love to know who this is,gotta be somebody famous.

slants

4189 Posts

Posted - 08/08/2008 : 1:35:19 PM