The Silicon Valley - San Jose Business Journal reported yesterday that San Francisco based Wells Fargo just announced a record profit in the second quarter of 2011. Good for them, I mean it. They have been one of the more active and responsible lenders in regards to short sales, but still are lacking much needed help with trained staff.
Imagine a more efficient process at Wells Fargo with more people assisting in the short sale process. It would have a tremendous effect on the successful closing of short sales versus the costly effects that foreclosures have on everyone from communities, the economy and the industry. Foreclosures hurt everyone. They drop values and investors are losing billions of dollars.
Hey Wells Fargo; Let's reinvest some of those "record" profits into more help which will in turn give you another record quarter!
....you mean more qualified help. I hung out inside of a Wells Fargo loan office for a couple of days. The loan officers range from guys that really know their stuff to guys that shouldn't be holding a calculator. The processing my friend is where the problem lies. Underwriter throws up an obstacle and the processor puts the file at the bottom of the pile. People at Wells Fargo don't work through the problems they avoid them until they have no choice but to put the oil on the squeaky wheel. Your comment and my experience provoked the above comment so I apologize if I offended any ties you have to Wells Fargo. I really like your web site and respect what looks to be countless hours that you've must of spent getting the content together. I came across your site on craigslist.
Posted by: Sergio Angeles | 07/20/2011 at 10:19 PM
I hear you loud and clear and you are correct in what you are saying. The only problem is that it applies to ALL lenders and not just Wells Fargo.
Bank of America is a complete horror story! I kid you not. They are a complete disaster from top to bottom with the exception of a few good people I know there.
Aurora Loan Servicing, a bunch of village idiots.
The fact is that the entire industry is a mess. It really is and it is shameful. Not only are they unqualified and disorganized, but many are down-right criminal.
I have no ties to Wells Fargo, I have been one of their biggest critics because I have seen things that most people don't. I will say however that in the short sale department they ARE leading the way. Seriously.
The lending industry does not like me because I have exposed them for the clowns that they are. I am ok with that.
Thanks for your comments, keep coming back.
Posted by: Robert Aldana | 07/20/2011 at 10:29 PM