Wells Fargo streamline refinance

Hello. Can anyone advise me about the requirements to qualify for a Wells Fargo streamline refinance? Their website (https://mortgage.wellsfargo.com/easyapp/index.jsp) doesn’t offer much information.

My existing loan is owned by Freddie Mac, and I read here (http://www.mortgagenewsdaily.com/channels/pipelinepress/01192011-earnings-goldman-usb-wells.aspx) that Freddie Mac eliminated their streamline refinance option last year. Does this mean that my loan is not eligible for a streamline refinance with Wells Fargo?

(FYI, I am already aware that I do not qualify for the Freddie Mac Relief Refiance / HARP because my LTV is less than 80% and my existing loan closed after May, 2009.)

Also, if the loan is possibly eligible for Wells Fargo’s streamline refinance program, do I need to apply directly with them or can I apply through a broker to access wholesale or correspondent rates?

Lastly, how (if at all) does the approval process for Wells Fargo’s streamline refinance differ from the underwriting for a conventional refinance? I would like to know specifically about income verification requirements, since I have both W-2 and rental property income.

Here are some other details in case they are pertinent to your assessment of my situation:

I am in California. All three of my credit scores exceed 760. My existing loan balance is approximately $294,000; no second loan or HELOC. My home was appraised at $415,000 in late September, 2011.

Thank you in advance to anyone who can help!

.

- Michelle - Jun 5, 2012 at 5:09PM

Thanks for your reply, Ted. I did talk with Wells Fargo and came back here to update my post. It turns out that the “streamlined online refinance option” that they advertise is nothing more than HARP. On their website and in direct communication with existing borrowers, they give the impression that they offer their own streamlined refinance, but that’s not the case. So I will pursue a conventional refinance through a broker since WF retail rates are higher (and level of service seemingly lower) than what I have seen elsewhere.


Incidentally, I also just learned that my loan is no longer owned by Freddie Mac. About 6-9 months ago, I used Freddie Mac’s loan look-up site to confirm that it was owned by them at that time. Today, Wells Fargo’s loan consultant told me that my loan is now owned by “HFSIMU,” which she said was a private investor. Having never heard of this entity, I searched online and gleaned that this is probably an acronym indicating that the loan is owned by WF and Held For Sale. Does that sound right to you? Can you tell me what the remaining letters “IMU” might represent? If the loan was previously owned by Freddie Mac and is now owned and held for sale by Wells Fargo, does this mean that WF was forced to buy back my loan? Why else might the ownership have changed? Sorry for all the questions, but I have been studying real estate independently for a while and am interested in every little detail that I can learn. Thanks again for any additional information that you can provide!

- Michelle - Jun 5, 2012 at 5:29PM

Hi Michelle,

Think you need to be a forensic loan auditor, you've certainly done your homework. I agree with the thought that your loan was probably sent back to Wells by Freddie for whatever deficiency they found. Can't tell you what IMU stands for. If you have 20% equity and decent credit and income, would be refinancing immediately! Since you owe about 294K, need current value of home to be 370Kish to avoid PMI on new loan. I do originate loans in all states, if you want me to take a look at this for you would be glad to. My email is ted_rood@yahoo.com, or cell # is 314-740-0004.

Thanks,

Ted

- Ted R. - Jun 6, 2012 at 4:49PM
1 Answer

Your best bet BY FAR is to talk with a Wells Fargo retail loan consultant. If you're not HARP eligible, going through retail is probably your best and only option, tough for anyone but them to provide any definitive answers. If you need a referral, let me know.