Who did you refinance with? (1 Viewer)

[Carolina Hustler]

Out of curiosity, I clicked on an online add today, expecting one of those BS calculators, where you type in your current rates, balance of your current mortgage, etc. This one was Quicken Loans, it also asked for my zip code and phone number, shortly after I received a call from Quicken, where after being transferred to a "specialist", they wanted my SSN among other things. Anyone can call you on the phone and say they are with (insert mortgage company) and ask you for your private information, so I declined..

But now I'm considering a refi, who did you use, and what was your experience?

Advice?

 

[Dentist]

I've never had a single "good" refinance or loan experience and I've used a different company each time in hopes I would get a better experience... If anything its gotten much worse since the credit meltdown.

They treat people with impeccable finances like me as if I'm about to steal rather than lend their money.

It's humiliating.

My most recent was with Wells Fargo.. but i've also used BoA and i've used smaller local mortgage houses.

If it wasn't worth so much money to refinance, the hassle would steer me away from it.

 

[Carolina Hustler]

They treat people with impeccable finances like me as if I'm about to steal rather than lend their money.

It's humiliating.

Maybe you could explain this better for me

 

[pats3in4]

I used Amerisave through the mortgage professor's link (www.mtgprofessor.com). I think they treat those referrals better than direct queries at their site.

 

[fruity pebbles]

Ive refinanced with Quicken twice and had great experiences both times.

 

[Plorfu]

They treat people with impeccable finances like me as if I'm about to steal rather than lend their money.

It's humiliating.

Maybe you could explain this better for me

The banks want a paper trail. They should know who Dentist is and waive many normal requirements.

 

[TLEF316]

Would love to refinance, but the last 2 or 3 times I've tried, the lenders have refused to waive closing costs (or roll them into the loan).

When you look at how much I'd save per month, it would take 2+ years to make up the closing costs. Not worth it, as I could decide to leave my condo at any time.

 

[Chadstroma]

This is my rankings:

1) Find a good broker. But you have to be careful because a bad broker is the worst option by far. If you are not very financially savvy or have good reason to trust the broker (he is your best friend or your brother, etc) then I would stay away because if you end up with a bad broker you are going to pay more than you would anywhere else.

2) A good credit union. Good credit unions typically offer below market rates. However, I have seen plenty of credit unions with nothing special or worst rates than market.

3) A community or small regional bank. These banks will typically have better rates than the going market depending on where you are, how competitive your market is, the health/appetite of the bank and what kind of lending the specialize in.

4) Larger banks. Typically you are going to be better off with a Wells Fargo, PNC or US Bank than a Chase, BofA, or Citibank but on any given day things may be different as far as rates go. One note, if you bank at one of these larger banks it is fairly a common industry practice now to offer better perks on checking etc for having the mortgage with them so you may end up getting some extra perks that could mean more value to you by going there.

5) Anything else.

6) A bad broker. Again, as noted in #1- a good one can get you a better deal than anywhere else. A bad one can get your a worst deal than anywhere else. If you go to a credit union or bank, you typically know what you are getting into with little surprise (some lenders may play a little word games but they cant be as cute as a broker can)

 

[Chadstroma]

I've never had a single "good" refinance or loan experience and I've used a different company each time in hopes I would get a better experience... If anything its gotten much worse since the credit meltdown.

They treat people with impeccable finances like me as if I'm about to steal rather than lend their money.

It's humiliating.

My most recent was with Wells Fargo.. but i've also used BoA and i've used smaller local mortgage houses.

If it wasn't worth so much money to refinance, the hassle would steer me away from it.

The Great Recession swung the underwriting practices from being extremely too loose to being extremely too conservative. On top of that there are a number of new regulations and too many lawsuits to name that have costs banks billions and billions. There will be no such thing as a 'hassle' free refinance any time in the near future.

 

[Courtjester]

We are with BOA, but we bank with Wells Fargo--so a couple years ago when the rates were in the threes, we wanted to refi and it just made sense to go with who we banked with.

Bad mistake. Wells took forever to get the paperwork going. Like Dentist, our credit reports are spotless--both my wife and I have 20+ years on our jobs, This was a no-brainer However, the appraiser had zero comps to gauge our house by as (not bragging) we have the biggest house on the block (5 bedroom 4 full bath) and so all the comps were for 3 bedrooms or 4 bedrooms--plus people tend to stay in our neighborhood and not move. Throw in the real estate crash and the appraisal came in lower than what we owed. Did I mention we had to cut them a check for $500 for the appraisal as well? So we get a phone call telling us we were denied, but the Wells person says, "Why don't you just call BOA and they can do a streamline for you?" Almost 4 months wasted on this process!!!

Ugh!!! Call BOA---application taken over the phone, basically no paperwork, no owed fees, they used our original appraisal, skipped two months of mortgage payments (well tacked on to the end of the loan), loan officer came to our house for the final paperwork, done and closed in less than 3 weeks at 3.75%. We are very pleased with BOA.

The BOA guy said he worked for Wells for several years and that is typical for them to do that to customers. He said if you were a Wells customer and could do a streamline with Wells, BOA would have told you to go with Wells and not even start the process, just to make is easy for you.

Just my experience with Wells.

 

[The Big Guy]

I've never had a single "good" refinance or loan experience and I've used a different company each time in hopes I would get a better experience... If anything its gotten much worse since the credit meltdown.

They treat people with impeccable finances like me as if I'm about to steal rather than lend their money.

It's humiliating.

My most recent was with Wells Fargo.. but i've also used BoA and i've used smaller local mortgage houses.

If it wasn't worth so much money to refinance, the hassle would steer me away from it.

The Great Recession swung the underwriting practices from being extremely too loose to being extremely too conservative. On top of that there are a number of new regulations and too many lawsuits to name that have costs banks billions and billions. There will be no such thing as a 'hassle' free refinance any time in the near future.

To further the point, if Dentist is a 1099 or self employed then it really makes for a horrible time going through the underwriting process now. The dotting of I"s and crossing of T's that is done now is a lot rougher than it used to be.

If you are in the northeast, I work for Santander and can try to do what I can to assist. FWIW quicken is decent these days and will usually do a pretty good job. But they will also call you daily now for the next week trying to get you into application stage.

 

[belljr]

They treat people with impeccable finances like me as if I'm about to steal rather than lend their money.

It's humiliating.

Maybe you could explain this better for me

Sure - I have 800 credit rating, had money in my online savings and in my checking account. I needed to pay some costs. I say no problem I'll transfer the money from my online savings (ING) to my checking account and cut a check.

Them: "You can't do that"

ME: "Why?

Them: "we will have to start over, your excess is in your saving you need to pay from that.

Me: well the only way I can do that is transfer the money to my checking. I don't have any other way to get money out of savings.

Them: You can't do that, it will look suspicious.

Me:" IT's MY MONEY and YOU won't take it.

Them: Sorry we'll have to restart the process after your move the money.

ME: What if I open an online checking account with the same people who have my savings and cut you a check.

Them: Sure no problem

me: How is that any different?

Them: It's with the same bank.

me: I give up. Fine here.

 

[The Big Guy]

They treat people with impeccable finances like me as if I'm about to steal rather than lend their money.

It's humiliating.

Maybe you could explain this better for me

Sure - I have 800 credit rating, had money in my online savings and in my checking account. I needed to pay some costs. I say no problem I'll transfer the money from my online savings (ING) to my checking account and cut a check.Them: "You can't do that"

ME: "Why?

Them: "we will have to start over, your excess is in your saving you need to pay from that.

Me: well the only way I can do that is transfer the money to my checking. I don't have any other way to get money out of savings.

Them: You can't do that, it will look suspicious.

Me:" IT's MY MONEY and YOU won't take it.

Them: Sorry we'll have to restart the process after your move the money.

ME: What if I open an online checking account with the same people who have my savings and cut you a check.

Them: Sure no problem

me: How is that any different?

Them: It's with the same bank.

me: I give up. Fine here.

That is what underwriting has come to these days. They have to prove where all money comes from and is and ensure that you are not shifting funds so the same money gets accounted for twice.

Side note, why does every high fico person think that the standard rules do not apply to them?

 

[StrikeS2k]

When I lived in CA I did my couple of home loans, both initial and refi, through a fraternity brother who is now a broker. Always felt treated more than fair.

I refi'ed once after moving to CO and used my credit union. I've had nothing but good experience with the credit union and the refi was no exception.

 

[ydoc]

why are you just now looking to refi....you are only a year behind...

 

[Judge Smails]

I highly recommend PenFed for any loan. Great rates - phenomenal to work with.

 

[belljr]

They treat people with impeccable finances like me as if I'm about to steal rather than lend their money.

It's humiliating.

Maybe you could explain this better for me

Sure - I have 800 credit rating, had money in my online savings and in my checking account. I needed to pay some costs. I say no problem I'll transfer the money from my online savings (ING) to my checking account and cut a check.Them: "You can't do that"

ME: "Why?

Them: "we will have to start over, your excess is in your saving you need to pay from that.

Me: well the only way I can do that is transfer the money to my checking. I don't have any other way to get money out of savings.

Them: You can't do that, it will look suspicious.

Me:" IT's MY MONEY and YOU won't take it.

Them: Sorry we'll have to restart the process after your move the money.

ME: What if I open an online checking account with the same people who have my savings and cut you a check.

Them: Sure no problem

me: How is that any different?

Them: It's with the same bank.

me: I give up. Fine here.

That is what underwriting has come to these days. They have to prove where all money comes from and is and ensure that you are not shifting funds so the same money gets accounted for twice.

Side note, why does every high fico person think that the standard rules do not apply to them?

Because when I first refied it was the smoothest thing ever and I did exactly what I wanted to do above the first refi and the second time they made a big stink about it,

All my total money was going to be equal.

 

[Chadstroma]

They treat people with impeccable finances like me as if I'm about to steal rather than lend their money.

It's humiliating.

Maybe you could explain this better for me

Sure - I have 800 credit rating, had money in my online savings and in my checking account. I needed to pay some costs. I say no problem I'll transfer the money from my online savings (ING) to my checking account and cut a check.

Them: "You can't do that"

ME: "Why?

Them: "we will have to start over, your excess is in your saving you need to pay from that.

Me: well the only way I can do that is transfer the money to my checking. I don't have any other way to get money out of savings.

Them: You can't do that, it will look suspicious.

Me:" IT's MY MONEY and YOU won't take it.

Them: Sorry we'll have to restart the process after your move the money.

ME: What if I open an online checking account with the same people who have my savings and cut you a check.

Them: Sure no problem

me: How is that any different?

Them: It's with the same bank.

me: I give up. Fine here.

Normally a letter of explanation will cover showing where the money has come from along with supporting documentation (in this case bank statements). However, there are plenty of people out there that have no idea what the bleep they are doing and it makes for a hard and now somewhat complicated process harder because they are clueless. Not to be too hard because even for people on top of their game with experience it is has been hard to keep track of all the changes. On top of that you can very well have one underwriter want X and in the same instance have another who wants Z.

 

[Mrs. Rannous]

We refied about a year ago with an outfit called Cash Call, which turned our account over to PennyMac. Mr R did the research for the refi online, including a comparison to several bank offerings. We were able to roll the closing costs into the refi. No problems at all (except for the usual 6000 documents to sign and initial). Everything is groovy.

 

[Chemical X]

working for banks I get the insider shizzle. pnc is the dope rock. if you have a vantage south in your area, give me a holler, got a great contact. it's funny, when the crisis hit everyone wanted to know why the banks made these crummy loans. now that there is some real underwriting and KYC #### everyone is like, the banks don't lend money. god forbid we don't lend to crappy profiles, then we are racists.

I never understood how loaning someone 500k was a god given right. I don't care about your property either, by the time I foreclose and you flush cement down the toilets and drains, it won't be worth what you owe.

oh and when I can be held criminally liable for not doing due diligence and KYC #### for money laundering and AML, well yeah, you need to verify that million you claim you make.

 

[Dentist]

, why does every high fico person think that the standard rules do not apply to them?

Because the ENTIRE reason you build up a good fico score is so that you have a record of how good you have managed your credit.

The Entire reason to have a Fico score is so that banks can tell the people with clean crisp records and those with spotty records.

It's so that I can get preferential rates and get preferential treatment.

I'm an elite level borrower and if anything the banks should be lining up with their best rates and fellate me while I sign the paperwork.

Not treat me if I'm some bum with a sub 700 credit score that they really need to "prove" can afford the loan.

It's ridiculous.

People should be treated differently based on information and history. Just as I treat people differently in my office.. the crappy dressing guy I've never seen at my office is going to need to pay for 100% of his treatment today because I'm not sure if he's going to stiff me or not. The rich guy who owns the business across the street who i've been seeing for ten years, I'm happy to just "send a bill" to and I know with near 100% certainty I'm going to get paid.

Instead I get every single account scrutinized and questioned as if I"m about to steal their money.

I ####### have enough money in checking/savings to write a check for what I owe if I needed to.. and they can see that... and still hassle me.

BS man

 

[The Commish]

They treat people with impeccable finances like me as if I'm about to steal rather than lend their money.

It's humiliating.

Maybe you could explain this better for me

Sure - I have 800 credit rating, had money in my online savings and in my checking account. I needed to pay some costs. I say no problem I'll transfer the money from my online savings (ING) to my checking account and cut a check.

Them: "You can't do that"

ME: "Why?

Them: "we will have to start over, your excess is in your saving you need to pay from that.

Me: well the only way I can do that is transfer the money to my checking. I don't have any other way to get money out of savings.

Them: You can't do that, it will look suspicious.

Me:" IT's MY MONEY and YOU won't take it.

Them: Sorry we'll have to restart the process after your move the money.

ME: What if I open an online checking account with the same people who have my savings and cut you a check.

Them: Sure no problem

me: How is that any different?

Them: It's with the same bank.

me: I give up. Fine here.

That's SOP though....they are following the federal gov't rules.

 

[The Commish]

It's so that I can get preferential rates and get preferential treatment.

This is categorically wrong.

 

[The Commish]

CH,

I have a contact here in CLT if you're seriously interested in refinance. Let me know.

 

[Dentist]

It's so that I can get preferential rates and get preferential treatment.

This is categorically wrong.

How so?

 

[Dentist]

flush cement down the toilets and drains

Seriously? Wow that does seem brutal

 

[towney]

Chadstroma is spot on. I've been in the business over 20 years and since the 2006 meltdown underwriting standards have swung the opposite way. They are loosening up a bit now but not like it was 10 years ago. I always prep my clients with "don't be surprised if the underwriter asks for something you and I think is crazy" right or wrong that's the way it is now..

With respect who to use, I would start with a experienced broker. As a broker we get put thru the ringer each year, rightfully so, with background check, credit report pulls, continuing education requirements and fees. A lot of the flyby night ones have left the business because of the requirements. Even us owners have requirements thru state and the NMLS.

 

[The Commish]

It's so that I can get preferential rates and get preferential treatment.

This is categorically wrong.

How so?

Just because you have a high credit score doesn't mean you aren't subject to all the hoops everyone else is. I assume that because you separate rates and treatment you aren't suggesting that the "treatment" is better rates. That's all your fico score allows you.

 

[Dentist]

It's so that I can get preferential rates and get preferential treatment.

This is categorically wrong.

How so?

Just because you have a high credit score doesn't mean you aren't subject to all the hoops everyone else is. I assume that because you separate rates and treatment you aren't suggesting that the "treatment" is better rates. That's all your fico score allows you.

You're right.. I want better rates AND treatment.

As long as I'm not a small business owner (i'm not) and don't have anything strange going on with divorces, alimony, etc.. it should be as straight forward as checking out a tax return or two whilst I take a dump in the other room, I come back in, they approve me, light up a nice cigar for me, pour me a glass of scotch, and get one of their hottest interns to give me a lappie.

Looking in every single nook and cranny is something they should do when either someone has a low credit score... OR if they are taking out a particularly large loan.

When it's a tiny loan less than 1 year of income then I should be treated differently.

 

[Phil Elliott]

I have a colleague in MN that has used Quicken Loans a couple time with excellent results. I was talking to RMC about two years go on a new mortgage and they were very pleasant to work with. I ended up going through our builder due to incentives but would consider RMC next time around. RMC had very high customer satisfaction ratings. I think both Quicken and RMC tout closing withing 30 days.

 

[The Commish]

It's so that I can get preferential rates and get preferential treatment.

This is categorically wrong.

How so?

Just because you have a high credit score doesn't mean you aren't subject to all the hoops everyone else is. I assume that because you separate rates and treatment you aren't suggesting that the "treatment" is better rates. That's all your fico score allows you.

You're right.. I want better rates AND treatment.

As long as I'm not a small business owner (i'm not) and don't have anything strange going on with divorces, alimony, etc.. it should be as straight forward as checking out a tax return or two whilst I take a dump in the other room, I come back in, they approve me, light up a nice cigar for me, pour me a glass of scotch, and get one of their hottest interns to give me a lappie.

Looking in every single nook and cranny is something they should do when either someone has a low credit score... OR if they are taking out a particularly large loan.

When it's a tiny loan less than 1 year of income then I should be treated differently.

Exactly and if a bank is doing their job correctly, they treat you no differently than anyone else (especially if you don't have an established relationship with said bank) or we begin to go back to where we were just 5-6 years ago.

 

[StrikeS2k]

Dentist,

I'm with you. I don't know why they make as big a deal out of loans for people with exceptional credit as they do with bums but for some reason they do. But I absolutely agree with your stance on this.

 

[Dentist]

It's so that I can get preferential rates and get preferential treatment.

This is categorically wrong.

How so?

Just because you have a high credit score doesn't mean you aren't subject to all the hoops everyone else is. I assume that because you separate rates and treatment you aren't suggesting that the "treatment" is better rates. That's all your fico score allows you.

You're right.. I want better rates AND treatment.

As long as I'm not a small business owner (i'm not) and don't have anything strange going on with divorces, alimony, etc.. it should be as straight forward as checking out a tax return or two whilst I take a dump in the other room, I come back in, they approve me, light up a nice cigar for me, pour me a glass of scotch, and get one of their hottest interns to give me a lappie.

Looking in every single nook and cranny is something they should do when either someone has a low credit score... OR if they are taking out a particularly large loan.

When it's a tiny loan less than 1 year of income then I should be treated differently.

Exactly and if a bank is doing their job correctly, they treat you no differently than anyone else (especially if you don't have an established relationship with said bank) or we begin to go back to where we were just 5-6 years ago.

When I refi'd with Wells fargo i'd been paying (100% on time) for a few years on the loan... so it was an established relationship.

There has to be something in between 6 years ago and what they are doing now.

Sometimes I wish I was a small town guy like my buddy in small town Missouri. In his case he's a fico 800 type of guy and when he wants a loan he does just walk into the bank, the president greats him, they shoot the #### for awhile, and he signs a few things and off he goes with his fresh loan because he's a good customer.

I just want to be treated like a good customer really... that's all... just don't comb all my documents so thoroughly when it should be painfully clear after looking through a few things that I've got the money and the history to afford this loan.. EASILY.... I don't have anything to hide... it's just that I don't want anyone looking.

 

[belljr]

Yeah that was my biggest gripe. I refied with the Same bank for the same amount of money. I was already an established customer for 5 years

 

[The Commish]

It's so that I can get preferential rates and get preferential treatment.

This is categorically wrong.

How so?

Just because you have a high credit score doesn't mean you aren't subject to all the hoops everyone else is. I assume that because you separate rates and treatment you aren't suggesting that the "treatment" is better rates. That's all your fico score allows you.

You're right.. I want better rates AND treatment.

As long as I'm not a small business owner (i'm not) and don't have anything strange going on with divorces, alimony, etc.. it should be as straight forward as checking out a tax return or two whilst I take a dump in the other room, I come back in, they approve me, light up a nice cigar for me, pour me a glass of scotch, and get one of their hottest interns to give me a lappie.

Looking in every single nook and cranny is something they should do when either someone has a low credit score... OR if they are taking out a particularly large loan.

When it's a tiny loan less than 1 year of income then I should be treated differently.

Exactly and if a bank is doing their job correctly, they treat you no differently than anyone else (especially if you don't have an established relationship with said bank) or we begin to go back to where we were just 5-6 years ago.

When I refi'd with Wells fargo i'd been paying (100% on time) for a few years on the loan... so it was an established relationship.

There has to be something in between 6 years ago and what they are doing now.

Sometimes I wish I was a small town guy like my buddy in small town Missouri. In his case he's a fico 800 type of guy and when he wants a loan he does just walk into the bank, the president greats him, they shoot the #### for awhile, and he signs a few things and off he goes with his fresh loan because he's a good customer.

I just want to be treated like a good customer really... that's all... just don't comb all my documents so thoroughly when it should be painfully clear after looking through a few things that I've got the money and the history to afford this loan.. EASILY.... I don't have anything to hide... it's just that I don't want anyone looking.

Wells was doing 6 years ago what they are doing now. It's part of the reason they didn't have the problems the other banks did and why they got the money forced on them paid back as quick as anyone else. This is SOP for them before and after the crisis. You aren't going to get "small town bank treatment" from a national bank. You want that, go to a small town bank I work for WF and that's what I do.

 

[Dentist]

It's so that I can get preferential rates and get preferential treatment.

This is categorically wrong.

How so?

Just because you have a high credit score doesn't mean you aren't subject to all the hoops everyone else is. I assume that because you separate rates and treatment you aren't suggesting that the "treatment" is better rates. That's all your fico score allows you.

You're right.. I want better rates AND treatment.

As long as I'm not a small business owner (i'm not) and don't have anything strange going on with divorces, alimony, etc.. it should be as straight forward as checking out a tax return or two whilst I take a dump in the other room, I come back in, they approve me, light up a nice cigar for me, pour me a glass of scotch, and get one of their hottest interns to give me a lappie.

Looking in every single nook and cranny is something they should do when either someone has a low credit score... OR if they are taking out a particularly large loan.

When it's a tiny loan less than 1 year of income then I should be treated differently.

Exactly and if a bank is doing their job correctly, they treat you no differently than anyone else (especially if you don't have an established relationship with said bank) or we begin to go back to where we were just 5-6 years ago.

When I refi'd with Wells fargo i'd been paying (100% on time) for a few years on the loan... so it was an established relationship.

There has to be something in between 6 years ago and what they are doing now.

Sometimes I wish I was a small town guy like my buddy in small town Missouri. In his case he's a fico 800 type of guy and when he wants a loan he does just walk into the bank, the president greats him, they shoot the #### for awhile, and he signs a few things and off he goes with his fresh loan because he's a good customer.

I just want to be treated like a good customer really... that's all... just don't comb all my documents so thoroughly when it should be painfully clear after looking through a few things that I've got the money and the history to afford this loan.. EASILY.... I don't have anything to hide... it's just that I don't want anyone looking.

Wells was doing 6 years ago what they are doing now. It's part of the reason they didn't have the problems the other banks did and why they got the money forced on them paid back as quick as anyone else. This is SOP for them before and after the crisis. You aren't going to get "small town bank treatment" from a national bank. You want that, go to a small town bank I work for WF and that's what I do.

the small town bank doesn't know me.. i'm not from the small town in question.

I'm glad wells isn't having a problem.... good for them... you guys have my loan but I still hate you and your practices with a passion.

There are people you should comb and people you shouldn't comb and I can't imagine it is truly that hard to tell the difference.

 

[Osaurus]

Went with Quicken and it was pretty easy and fast. Very happy with them overall and I would use them again.

 

[The Commish]

It's so that I can get preferential rates and get preferential treatment.

This is categorically wrong.

How so?

Just because you have a high credit score doesn't mean you aren't subject to all the hoops everyone else is. I assume that because you separate rates and treatment you aren't suggesting that the "treatment" is better rates. That's all your fico score allows you.

You're right.. I want better rates AND treatment.

As long as I'm not a small business owner (i'm not) and don't have anything strange going on with divorces, alimony, etc.. it should be as straight forward as checking out a tax return or two whilst I take a dump in the other room, I come back in, they approve me, light up a nice cigar for me, pour me a glass of scotch, and get one of their hottest interns to give me a lappie.

Looking in every single nook and cranny is something they should do when either someone has a low credit score... OR if they are taking out a particularly large loan.

When it's a tiny loan less than 1 year of income then I should be treated differently.

Exactly and if a bank is doing their job correctly, they treat you no differently than anyone else (especially if you don't have an established relationship with said bank) or we begin to go back to where we were just 5-6 years ago.

When I refi'd with Wells fargo i'd been paying (100% on time) for a few years on the loan... so it was an established relationship.

There has to be something in between 6 years ago and what they are doing now.

Sometimes I wish I was a small town guy like my buddy in small town Missouri. In his case he's a fico 800 type of guy and when he wants a loan he does just walk into the bank, the president greats him, they shoot the #### for awhile, and he signs a few things and off he goes with his fresh loan because he's a good customer.

I just want to be treated like a good customer really... that's all... just don't comb all my documents so thoroughly when it should be painfully clear after looking through a few things that I've got the money and the history to afford this loan.. EASILY.... I don't have anything to hide... it's just that I don't want anyone looking.

Wells was doing 6 years ago what they are doing now. It's part of the reason they didn't have the problems the other banks did and why they got the money forced on them paid back as quick as anyone else. This is SOP for them before and after the crisis. You aren't going to get "small town bank treatment" from a national bank. You want that, go to a small town bank I work for WF and that's what I do.

the small town bank doesn't know me.. i'm not from the small town in question.

I'm glad wells isn't having a problem.... good for them... you guys have my loan but I still hate you and your practices with a passion.

There are people you should comb and people you shouldn't comb and I can't imagine it is truly that hard to tell the difference.

You understand how easy it is to fabricate personal wealth docs right? You can hate me if you want. Seems like a lot of energy for someone you don't know, but that's on you. The practices are in place to prevent things like 2008 from happening. Sorry if it's a minor inconvenience to you if we want to make sure you are who you say you are As I said before, if "small town bank treatment" is what you're looking for, go look for a small town bank. You won't find it at a mega shop like Wells Fargo.

 

[StrikeS2k]

You understand how easy it is to fabricate personal wealth docs right? You can hate me if you want. Seems like a lot of energy for someone you don't know, but that's on you. The practices are in place to prevent things like 2008 from happening. Sorry if it's a minor inconvenience to you if we want to make sure you are who you say you are As I said before, if "small town bank treatment" is what you're looking for, go look for a small town bank. You won't find it at a mega shop like Wells Fargo.

2008 happened because we let people buy a house with poor credit and little or no down payment. It didn't happen due to people like Dentist. There's no reason to not have different standards for those two sets of people.

 

[The Commish]

You understand how easy it is to fabricate personal wealth docs right? You can hate me if you want. Seems like a lot of energy for someone you don't know, but that's on you. The practices are in place to prevent things like 2008 from happening. Sorry if it's a minor inconvenience to you if we want to make sure you are who you say you are As I said before, if "small town bank treatment" is what you're looking for, go look for a small town bank. You won't find it at a mega shop like Wells Fargo.

2008 happened because we let people buy a house with poor credit and little or no down payment. It didn't happen due to people like Dentist. There's no reason to not have different standards for those two sets of people.

He seemed to be complaining about the part that was determining which set he fell into as if the banks should just "know" he's a golden child. Dentist, if I am incorrect in your complaint feel free to set me straight.

 

[Dentist]

It's so that I can get preferential rates and get preferential treatment.

This is categorically wrong.

How so?

Just because you have a high credit score doesn't mean you aren't subject to all the hoops everyone else is. I assume that because you separate rates and treatment you aren't suggesting that the "treatment" is better rates. That's all your fico score allows you.

You're right.. I want better rates AND treatment.

As long as I'm not a small business owner (i'm not) and don't have anything strange going on with divorces, alimony, etc.. it should be as straight forward as checking out a tax return or two whilst I take a dump in the other room, I come back in, they approve me, light up a nice cigar for me, pour me a glass of scotch, and get one of their hottest interns to give me a lappie.

Looking in every single nook and cranny is something they should do when either someone has a low credit score... OR if they are taking out a particularly large loan.

When it's a tiny loan less than 1 year of income then I should be treated differently.

Exactly and if a bank is doing their job correctly, they treat you no differently than anyone else (especially if you don't have an established relationship with said bank) or we begin to go back to where we were just 5-6 years ago.

When I refi'd with Wells fargo i'd been paying (100% on time) for a few years on the loan... so it was an established relationship.

There has to be something in between 6 years ago and what they are doing now.

Sometimes I wish I was a small town guy like my buddy in small town Missouri. In his case he's a fico 800 type of guy and when he wants a loan he does just walk into the bank, the president greats him, they shoot the #### for awhile, and he signs a few things and off he goes with his fresh loan because he's a good customer.

I just want to be treated like a good customer really... that's all... just don't comb all my documents so thoroughly when it should be painfully clear after looking through a few things that I've got the money and the history to afford this loan.. EASILY.... I don't have anything to hide... it's just that I don't want anyone looking.

Wells was doing 6 years ago what they are doing now. It's part of the reason they didn't have the problems the other banks did and why they got the money forced on them paid back as quick as anyone else. This is SOP for them before and after the crisis. You aren't going to get "small town bank treatment" from a national bank. You want that, go to a small town bank I work for WF and that's what I do.

the small town bank doesn't know me.. i'm not from the small town in question.

I'm glad wells isn't having a problem.... good for them... you guys have my loan but I still hate you and your practices with a passion.

There are people you should comb and people you shouldn't comb and I can't imagine it is truly that hard to tell the difference.

You understand how easy it is to fabricate personal wealth docs right? You can hate me if you want. Seems like a lot of energy for someone you don't know, but that's on you. The practices are in place to prevent things like 2008 from happening. Sorry if it's a minor inconvenience to you if we want to make sure you are who you say you are As I said before, if "small town bank treatment" is what you're looking for, go look for a small town bank. You won't find it at a mega shop like Wells Fargo.

I don't hate 'you' - you're fine. I'm saying "people who work with loans... specifically my loans" and frankly I'm aware that you probably can only do what you can do.. your orders probably come from superiors... so really it's not you.. it's corporate banking.

So we're good for what its worth

 

[Dentist]

You understand how easy it is to fabricate personal wealth docs right? You can hate me if you want. Seems like a lot of energy for someone you don't know, but that's on you. The practices are in place to prevent things like 2008 from happening. Sorry if it's a minor inconvenience to you if we want to make sure you are who you say you are As I said before, if "small town bank treatment" is what you're looking for, go look for a small town bank. You won't find it at a mega shop like Wells Fargo.

2008 happened because we let people buy a house with poor credit and little or no down payment. It didn't happen due to people like Dentist. There's no reason to not have different standards for those two sets of people.

He seemed to be complaining about the part that was determining which set he fell into as if the banks should just "know" he's a golden child. Dentist, if I am incorrect in your complaint feel free to set me straight.

Yes, my complaint is that a very cursory glance of my Fico Score, history, and some basic record checking should yield that i'm if anything OVER-qualified for the loan, am a golden child, and should not be hassled for ridiculous levels of documentation.

Now, if I was asking for an incredibly large sum of money, then yes i would again understand their need to check everything out overly thoroughly.

There should be different standards for loans that are within X% of someone's average yearly income and for loans to people with appropriate fico scores.

 

[Chemical X]

guys, please read regulation b. there is a fine line at disparate treatment. not only is discrimination illegal, obviously, but if someone wants to claim disparate treatment because i asked them for X while we carried dentist around in a golden chariot, i would likely lose. oh and the beauty of banking if that we are personally liable too.

 

[Dentist]

guys, please read regulation b. there is a fine line at disparate treatment. not only is discrimination illegal, obviously, but if someone wants to claim disparate treatment because i asked them for X while we carried dentist around in a golden chariot, i would likely lose. oh and the beauty of banking if that we are personally liable too.

I feel discriminated by their lack of discrimination. I deserve a golden chariot

 

[Chemical X]

and paying your loan on time doesn't get you any extra points either........you are supposed to pay on time. that's the whole point of a loan.

 

[The Commish]

You understand how easy it is to fabricate personal wealth docs right? You can hate me if you want. Seems like a lot of energy for someone you don't know, but that's on you. The practices are in place to prevent things like 2008 from happening. Sorry if it's a minor inconvenience to you if we want to make sure you are who you say you are As I said before, if "small town bank treatment" is what you're looking for, go look for a small town bank. You won't find it at a mega shop like Wells Fargo.

2008 happened because we let people buy a house with poor credit and little or no down payment. It didn't happen due to people like Dentist. There's no reason to not have different standards for those two sets of people.

He seemed to be complaining about the part that was determining which set he fell into as if the banks should just "know" he's a golden child. Dentist, if I am incorrect in your complaint feel free to set me straight.

Yes, my complaint is that a very cursory glance of my Fico Score, history, and some basic record checking should yield that i'm if anything OVER-qualified for the loan, am a golden child, and should not be hassled for ridiculous levels of documentation.

Now, if I was asking for an incredibly large sum of money, then yes i would again understand their need to check everything out overly thoroughly.

There should be different standards for loans that are within X% of someone's average yearly income and for loans to people with appropriate fico scores.

I'm sure you can see the slippery slope here, right? Not only from brief, cursory looks (that can easily be fudged) to preferential treatment (discrimination) early on in the process. Heck, I have to jump through the hoops as an employee and I rarely get as good of a deal from my employer as I can from a local bank. None of my borrowings are held at WF if that tells you anything. Car loan, mortgage, personal line of credit, HELOC, none of it. I only have an account with them for ATM access really

 

[Chemical X]

WF is a BLAST, BLAST!

 

[Dentist]

and paying your loan on time doesn't get you any extra points either........you are supposed to pay on time. that's the whole point of a loan.

What kind of behavior do I need to do to get my golden chariot treatment?

pay early? send flowers with payment? overpay?

 

[Dentist]

You understand how easy it is to fabricate personal wealth docs right? You can hate me if you want. Seems like a lot of energy for someone you don't know, but that's on you. The practices are in place to prevent things like 2008 from happening. Sorry if it's a minor inconvenience to you if we want to make sure you are who you say you are As I said before, if "small town bank treatment" is what you're looking for, go look for a small town bank. You won't find it at a mega shop like Wells Fargo.

2008 happened because we let people buy a house with poor credit and little or no down payment. It didn't happen due to people like Dentist. There's no reason to not have different standards for those two sets of people.

He seemed to be complaining about the part that was determining which set he fell into as if the banks should just "know" he's a golden child. Dentist, if I am incorrect in your complaint feel free to set me straight.

Yes, my complaint is that a very cursory glance of my Fico Score, history, and some basic record checking should yield that i'm if anything OVER-qualified for the loan, am a golden child, and should not be hassled for ridiculous levels of documentation.

Now, if I was asking for an incredibly large sum of money, then yes i would again understand their need to check everything out overly thoroughly.

There should be different standards for loans that are within X% of someone's average yearly income and for loans to people with appropriate fico scores.

I'm sure you can see the slippery slope here, right? Not only from brief, cursory looks (that can easily be fudged) to preferential treatment (discrimination) early on in the process. Heck, I have to jump through the hoops as an employee and I rarely get as good of a deal from my employer as I can from a local bank. None of my borrowings are held at WF if that tells you anything. Car loan, mortgage, personal line of credit, HELOC, none of it. I only have an account with them for ATM access really

interesting.. that says a lot unfortunately

 

[Chemical X]

and paying your loan on time doesn't get you any extra points either........you are supposed to pay on time. that's the whole point of a loan.

What kind of behavior do I need to do to get my golden chariot treatment?

pay early? send flowers with payment? overpay?

pay early doesn't help, we don't collect full interest, unless we charge you a prepay fee. flowers don't help, they die. overpay only creates more work, cause the dopes in accounting wont know how to apply funds, they will contact me and then i need to decide how to refund you the money, which creates more work for me.

you can overdraft a few times so i can bang you for $35- per. maybe pay a bit slow so i can institute a default rate around, say 18%. honestly, maybe you should shoot for the private banking side of a regional bank. you could get hooked up with a banker that will fawn over you....of course the fawning will be fake, since he only wants to make money off of you, but, you might get some perks like tickets to events, etc. maybe even wind up on a yacht with a HO.