Wachovia, in no new fashion of being over protective as they are already with their letter of authorization process, have been asking for additional informational when calling in as a 3rd party that just about no other lender does. In retrospect it is funny because even Wells Fargo who is notorious for their auditing procedures doesn’t request these items every time you call. In most cases the lender has to verify our information to avoid problems with breaking any FDCPA rules but it is fairly simple authentication process. The information generally has to do with the homeowner and verifying their identity, where they live, possibly the last for of their social and in some cases telephone/contact information. Wachovia short sale/loan modification department will ask you for more than just that information as these days they are requesting to know whether or not you have the information on what your client’s payment amount is monthly or what the original balance was of the loan when the loan was first originated.
I know most homeowners don’t remember the total balance that they originally borrowed, as regularly they expect their LO to take care of that, and in the cases where the home is in foreclosure they have probably stopped receiving statements so this regularly becomes an issue for us as I am sure it does for you. This mainly can become an even bigger issue when you find that the monthly payment has changed on you or the loan is a payment option ARM where the loan has seen some sort of adjustment. Also, many times those with less than enough experience will tell you that you are incorrect even if you do give them the correct number.
If the run around is like this for us it’s no wonder we are in business for the average real estate professional.
Post your crazy stories below by logging in because we can’t be the only ones experiencing these types of issues with the lenders.