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Mortgage Grapevine

I resigned from the stagecoach today

That's it. After being on my own for over ten years, I have come to realize that the large companies have no true understanding about the needs of the customer, or their employees. Bye bye Wells. You are imploding, and your arogance will be your demise, not any competitor.
by McC November 26, 2012 4:50 PM


Was there a "last straw" for you? And what's next?
by factoid November 26, 2012 5:04 PM


My "last straw" was allowing my VA purchase customer to be homeless for 5 days. Was supposed to be a sell/buy on same day, yet no one at the stage coach cared enough about the customer.

We all have our watershed moments, where enough is enough.

Going to work for a large regional bank who is big enough to make things happen, and small enough not to forget that the customer is what makes them thrive or fail.

My business has always been my own book and I do not rely on leads from my employer. I work the purchase market with realtors and in the purchase market, you are only as good as your "on time closings"
by McC November 26, 2012 5:58 PM


Best of luck McC. Those challenges certainly are everwhere these days. I had Plaza tell me that they didn't like something on a customer's bank statement, and that my customers should "wait 60 days and then apply again."

For a purchase. (sigh)

by MichiganTed November 26, 2012 6:22 PM



good luck on your move. I moved on from the stagecoach years ago...and have never had one regret. The stories I could tell.

When I think of Wells, I think of.....
"Never underestimate the power of the darkside"
master yoda


by Dr. Branker November 26, 2012 6:42 PM


I used to be a sales manager at Norwest, before it became the stage coach, and they were a great company then.

They understood the purchase market and understood the needs of the realtors. No longer.

Like I said earlier, their demise will be because they implode from within due to their own shortsightedness.

I hope Mike Heid or Greg Gee Whiz is reading this and takes what I say to heart.
by McC November 26, 2012 6:57 PM


Look I get it.....But quit being a stupid fuck. When you work for someone else..it's their game, their rules. AND in any business it's about the profit, not the customers needs want desires nor yours. Move your broke ass down the road. and no mike and greg won't be reading this...they're at WORK remember?
by Power Pig November 27, 2012 8:55 AM


superhero wells fighter McPa
by gears are turning November 27, 2012 8:56 AM


Pig, you are just that. May there be plenty of coal in your stocking

by McC November 27, 2012 9:17 AM


Wells is my mortgage holder, and where I have my personal banking accounts. I am satisfied with their customer service.

Looking at a refi right now, my opinion may change.
by YATI November 27, 2012 11:00 AM


The evil giant answered my call on the second ring and took my rate term refi application in 15 minutes. 3.125% APR. No appraisal, no income docs, no long closing. I just have to have my wife's and my signatures notarized and I can do that at the branch 1/2 mile from my home.

That's better than the employee loan I could get with my employer.....It certainly could go sour in the near future, but so far they are giving me the customer service I expect.
by YATI November 27, 2012 12:33 PM


Depends on what area of the country you are in. My Ops center was in Chester PA. 5000 fha streamline refis in the pipe and only 2 underwriters assigned

The 3 step refi is great if you are eligible for it.
by McC November 27, 2012 1:11 PM


With all the sour grapes McC is giving...Sounds like he got McFired.
by Power Pig November 27, 2012 1:43 PM


McC,

I'm s 3 stepper, Sure seems like it should be a snap. We shall see.

Oddly my LO is a 30 year veteran of the industry that used to own his own shop.

by YATI November 27, 2012 1:55 PM


Yati,
They will ask you for your income docs with the package that they send you. Just because you are 3 step eligible does not automatically guarantee you an approval unfortunately, but if you qualify, it is a great program.
by McC November 27, 2012 3:51 PM


they will ask for passive income or income docs if you have new employment in last 6 months.
by jimmymac079 November 27, 2012 4:01 PM


sorry to hear we are losing you, McC. I'm still aboard the stagecoach but often feel your pain-but then again, so do all of my peers at other outfits. I wish you nothing but the best and keep us posted.
by jimmymac079 November 27, 2012 4:03 PM


There are the waves and there is the wind, seen and unseen forces. Everyone has these same elements in their lives, the seen and unseen, karma and free will. ~Kuan Yin



....Sorry for your loss!


by Bo Bo the Dancing Snowflake November 27, 2012 5:25 PM


McC,

I kinda figured they might need some income documentation. Not a big problem. The mortgage they hold and a credit card I pay off monthly are the only debts I have, so hopefully I don't have to waste the 5 minutes going on line to pull up a recent paystub.

Zero costs, and done all by mail to go to 3.125% does seem to good to be true. If it goes sideways I will be on here telling you about it, and will switch my money to a different bank.

The Home mortgage consultant asked me if I knew any high producing originators I could refer to Wells. I said, why would I encourage someone that makes me money to go make Wells money. He laughed, and understood.

And good luck to you!!
by YATI November 27, 2012 6:20 PM



just got a call today from a lady who says her LO at stagecoach is not returning her calls for the last week. Escrow set to close Dec 17th. Purchase..... She couldn't even get a manager to take her call. They were all too busy. She has excellent credit and income, but a smaller loan amount $135K. Me thinks they be cherry-picking....nice

I'll take that relitter, thank you very much






by Dr. Branker November 27, 2012 7:17 PM


Refid my previous residence, now a rental, in 3 step in 2010. Still closing 3-4 a month although purchase biz is 75% of my pipe.
by jimmymac079 November 27, 2012 10:19 PM


Wishing you all the best, McC. You control your own book so you control your own destiny.
by lil_oh_me November 27, 2012 10:57 PM


Branker,
From what I have seen recently, the processor does not submit to underwriting for the clear to close, until every single doc is in including title and hazard.

At that point, the underwriter may add some additional conditions, thereby delaying the process once again.

Tell your friend that they need to make sure all docs are in before they get an answer.
by McC November 28, 2012 9:49 AM


LOL all youpro wells doofs. You said derogatory things about me when I was let go from Wells 3 years ago. They were so far behind and so terribly disorganized that I was astounded. (Ayn Rand loves that word) Their depts are run by almost ten aged 'yes-people' who dont know shit. They wont hire people who care about the industry and compliance, though they claim to be all about anti fraud.

One night a trainee asked me how to do something then asked a stupidvisor the same thing. The trainee announced 'Ill do it the way Cedo suggets'. The stupidvisor was shaken but said nothing. Later that evening I caught the stupidvisor on top a desk with a wells employee who was married to a bofa employee---they are now divorced---and I commented on how we could get more work done if they werent on the desk. My phone went off right after I left the place. I was told not to come back and no reason was given.

Wells Fargo sucks ass. They could be a super power if they would hire experienced people who have integrity and common sense but they wont. Now they have their huge position by default. Its like winning a race only becasue the other runners all broke their ankles. Some win, eh?
by Cedonulli2 November 30, 2012 12:39 PM


Meant 'teen aged'. Still having arthritis problems, dammit.
by Cedonulli2 November 30, 2012 1:01 PM


It's always someone elses fault for some.



by YATI November 30, 2012 4:11 PM


Marv, BOA is the same as Wells.

The 2013 model for mortgages is to sit an LO in every branch to drive business internally.

Trouble with that model is the Fulfillment staff has an average of 4 months training if they are new.

So now we are pissing off our own Bank clients by screwing up their loans.
by mykidsdad December 2, 2012 4:17 PM


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