I was not able to close today, because Wells Fargo (HomePath Loan) saw a $1200 fee that Fannie Mae's Asset Management is paid. Wells Fargo is asking for an invoice. This is a contractual agreement so there is no invoice.  Therefore, Seller won't sign HUD and Wells Fargo won't approve HUD.


Has anybody dealt with this issue?

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  • Congrats on the closing.
  • I think the processor did not know what they were doing and finally figured it out. It was like the loan officer. never done fannie mae before and neither had the processor. The seller signed once processor or bank figured out that no invoice was needed.
  • How did you get around the seller/Fannie Mae not wanting to sign the HUD?

  • I must respectfully disgree with George's interpretation of Fannie Mae's First Look Initiative. First off, this program will only owner occupant and governmental entities to purchase AND they can purchase with any type of financing options that they desire....including 20% down. In fact, I have a buyer purchasing one of my Fannie Mae properties with 20% down. She's an owner occupant purchaser and she submitted her offer during the initital 15 days of market time. This program was enacted in an attempt to stabilize neighborhoods and it's actually working in my area. It's not meant to prevent investors from competing in the market, but it does encourage owner occupancy in neighborhoods that have been negatively impacted by waves of foreclosures. Besides, a majority of Purchasers in my area are either conventional or FHA buyers.

  • If our Congress would get a backbone they would end Home Path NOW.. it can not with stand the smell test of fairness or market principles.  They are further eroding values of equity held homes by offering financing and marketing incentives that do not apply to all properties they finance.  The whole idea is to make their FAILED LOANS  look better than equity sales.  How fair is that?


    On my street they did this to a home that they had a short sale offer on,  for $270K and they refused it, only to bring the property back on the market at $239K with HOME PATH benefits and then excluded people that could put down 20% for 15 days,  some great society we live in .... Our Government is allowing an agency they control to erode property values and hurt the local tax base.. go figure... do we need some new leaders of what?

  • Crystal is correct. However, the listing agent obviously didn't do their due diligence on this one and should probably eat the cost of the rekey and learn from this experience. Asking the buyer to reimburse after the closing is just plain tacky. Didn't the listing agent review the HUD prior to closing????
    • Vanessa, you are right. The Hud was revised so many times it was mad crazy at closing.  The attorney didn't even say anything. I didn't even catch it until afterwards.
  • Sellers Agent Bonus


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