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Issues With Wells Fargo as HomePath Lender

Posted by Charisse Dancy on June 22, 2011 at 10:52am in Sample Title

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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Replies

  • Brandon Jordan June 23, 2011 at 6:14am
    Charisse the asset management company normally sends me a copy with the executed contract with the fee stating where it is to be paid would they not accept that either?
    • Charisse Dancy > Brandon Jordan July 16, 2011 at 10:51am
      They didn't do none of that. It just said check paid at closing.
    • Charisse Dancy > Brandon Jordan June 24, 2011 at 7:10am
      It finally closed. But had a rekey issue. Listing agent didn't get a check for rekeying property at closing and now wants my client to pay it after the fact. The rekeying was done after the 1st closing date that we had scheduled. Fannie Mae wouldn't let us have an extension for a week.  We had to start over again. 19 days later we close and people have been in and out of the house. Client doesn't want to pay for it unless they rekey again. I spoke with a Fannie Mae listing agent and she stated that the Attorney was suppose to cut the agent a check for rekeying.  Not my client.  I never experienced this with Fannie Mae before.
      • Crystal M. Bush > Charisse Dancy June 24, 2011 at 6:16pm
        See paragraph 23 of the Fannie Mae Seller Addendum.  It states " If the Property is presently on a Master Key System, the Seller will re-key the exterior doors to the Property prior to closing at the Purchaser's expense. The Purchaser authorizes and instructs escrow holder to charge the account of the Purchaser at closing for the rekey."
    • Danny Hernandez > Brandon Jordan June 23, 2011 at 1:44pm

      Usually on pg 12  line 38 is where one is supposed to put that fee, my AMP told me to put the specific language stating

       

      " Seller agent Bonus $1,200 expire on 10/31/2011"

       

      maybe that would help.

  • Crystal M. Bush June 22, 2011 at 11:38am
    I've never had this happen.  I don't understand why the lender is concerned. The AMP fee is on the seller side not the buyer. Can't the seller's title agent produce some documentation for the $1200 fee?  There should be some e-mail or policy document they can provide that satisfies the lender that this is a legitimate fee.
    • Charisse Dancy > Crystal M. Bush June 22, 2011 at 11:43am
      Nope. I don't understand either.  I thought the same thing.
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