Guild Mortgage, Laura Wells Promised approval of home loan, then denied at last minute Spokane Valley, Washington

The loan was never "APPROVED" it was DECLINED, and Guild Mortgage and Laura tried to blame us, we were not aware of the new "debt" they found after MONTHS of asking and being told there was nothing for us to do. 

Do not accuse people of not doing their research if you can't even do a little yourself, you obviously didn't read the entire report.

First of all, you morons posting that this is "Slander" are just that... morons, two fold.  First of all, you were not involved so you can't prove jack s**t.  Second and probably most of all.... SLANDER IS SPOKEN.  You would all fail miserably as Lawyers.  

Second, I find it hilarious all these people coming here that "know Laura" does anyone really think that you found this report organically? I seriously doubt it.  But even if you did, your opinion is irrelevant.  Guild Mortgage ripped us off for $1000 which is now an unclaimed property with the State because they lied about why the mortgage was refused.  Which made the seller dispute the claim to the earnest money we put down.  Guild mortgage claimed "we walked away from the loan" which was NOT the case in any way shape or form, we were denied the loan AFTER MONTHS OF BEING TOLD WE WOULD HAVE NO PROBLEM. 

We had 3 people on our loan application, one had a debt we were not aware of until SHE TOLD US ABOUT IT and said we had to pay it to get the loan, the debt was more than we could afford and at the time removing that 3rd person would make us not qualify for the loan, and with the debt we also could not qualify.  This was news after being told for OVER 3 MONTHS there was nothing to worry about.  Then all of a sudden "Hey you have this new debt because we took so f**king long to process your paperwork even though you got us everything we asked for immediatly for months"

The rebuttals in here under this one are from clueless people most likely getting paid off to say this sh*t.  

Folks, if you simply to research on mortgages you will find that it is very common practice for underwriters (who, by the way are NOT under the control of the mortgage 'broker') to pull credit reports - sometimes every so often but most certainly before closing; its a requirement for most lenders if not all.  Furthermore, its also not uncommon for lenders to require that any "recent" (sometimes as far back as say, a year or more) collections to be paid before, or at, closing in order for loans to go through.

It can be for many reasons, and sometimes its the over all debt to income ratio or maybe they just don't like recent colections. So...in this scenario none of the 'issues' are uncommon. And..could not have been the brokers fault. Underwriters deal with many lenders. The broker does their best to know the rate sheets and the underwriting guidelins but ultimately it is an underwriter/lender decisioin.  So it is best to be up front of any/all collections and such because ultimately it will be found. 

The simple fact is, brokers do not get paid until closing. Yes, the buyer puts money out for things like inspections, earnest money etc. So it pays up front, to know your own credit history, and be upfront and ask questions BEFORE putting that money out there.  

Lastly - closing credit cards can mess with credit scores and qualfications. IF a broker said, to close it before a loan closing - it would most likely be from an underwriter requirement but it is wise to check. Almost every loan will have 'things' an underwriter will ask for so repeatedly being asked for documents etc is normal as well and to be expected. There are mountains of paperwork that go with it. 

By the sounds of this story -- the OP had issues (1) with not being aware (?) or disclosing in any event, a recent collection and then when the underwriter still APPROVED the loan with a CONDITION that this be paid - they threw a fit.  Yes, they were out of some money it sounds like -- but they sure learned to do their research next time...and to be better prepared. Moral: if you are going to do a home loan... know your history, and be ready to fulfill any conditions.  Many ions ago, I was in loans and I have done some recent research, so I can state this. I also have worked with Ms. Wells in the past who did a home loan for me and she seemed to know her stuff and got the loan done in a fast timeframe.

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It would seem to me that if you knew that you had this outstanding debt that you were the one at fault by not disclosing this in the first place.  From what I have read your lender did nothing wrong here.  If you are not telling the whole truth to see if you can sneak something by and you have signed the application stating that all the information is true and accurate when you know that it isn't that is committing fraud and you can go to jail for that.  Why are you up set that the lie that you tried to cover came out?

It sounds like your lender was working as hard as she could to get you through the door but you kept getting in your own way. 

I have worked closely with Laura Wells, shared mutual clients with her since 2004 and was shocked and distressed to read the report in question.  No matter what you do for a living you will not please 100% of your clients/customers and its a bad statement about our society that one can be hung out to dry by a single displeased client. 

As an impartial third party to the real estate transaction I often get an earful of complaints about lenders and/or real estate agents but I have never heard anything of this nature from Laura's clients.  "Upfront and honest" is the word I've gotten from homebuyer's and that is exactly what I want to hear about any business associate of mine.

We've worked with Laura for over two years. She goes the extra mile for our mutual clients and she works long hours to stay on top of the details and keep everyone informed.  As Realtors, we find that most buyers do not understand that the person who makes the final determination on an approval is not Laura, but someone they will never talk to or meet: the underwriter. Underwriters are under enormous pressure to mitigate any risk of borrower default, so it is their job to dig deep and uncover any information that may not have been provided with the required upfront documentation.

It is absolutely heartbreaking for all parties when something comes up at the last minute that results in a delay or denial. But I can say without hesitation that Laura is passionate about what she does and will do everything possible to get homebuyers to the closing table, when it is within her means.

We've worked with Laura for over two years. She goes the extra mile for our mutual clients and she works long hours to stay on top of the details and keep everyone informed.  As Realtors, we find that most buyers do not understand that the person who makes the final determination on an approval is not Laura, but someone they will never talk to or meet: the underwriter. Underwriters are under enormous pressure to mitigate any risk of borrower default, so it is their job to dig deep and uncover any information that may not have been provided with the required upfront documentation.

It is absolutely heartbreaking for all parties when something comes up at the last minute that results in a delay or denial. But I can say without hesitation that Laura is passionate about what she does and will do everything possible to get homebuyers to the closing table, when it is within her means.

After reading this report I became sick to my stomach.

I have worked with Laura in a professional manner for many years.  I send virtually every client I work with to her for their home loan.  I have only experienced her to be exactly of her word.  If she approves you she follows through...  If she can not approve you for a loan, she will be the first to tell you.  She tries with all her heart to do anything in her power for her clients. 

Lender standards have become much more stringent and they will not give you a loan if you don't pay your bills.  As the report stated, there was a new derogatory mark on the credit report.  If your report would have stayed the same, you would have had the house.  It even sounds like she tried to help you by allowing you to pay the debt and still get you the loan.  If you would have disclosed everything, good and bad, to Laura you would not have had to ask if she would guarantee your loan because the denial would have been in place from the start.  Your sneaky half story came back to bite you in the a$$.  If you would have been honest, she could have saved herself and staff countless hours of useless work on your behalf....  Not to mention the sellers that counted on you following through on your contract, the title companies hours of research, the escrow agent and the hours and gas of your poor Realtor!  You have wasted so many hours of people trying to help YOUR dreams come true.  In case you initial insult wasn't enough, you now continue to waste every one's time with this ridiculous report!  I am ashamed of you and grateful you were NOT my client!

This report should absolutely be removed and an apology posted NOW! 

Having been a Realtor for the past 28 years, I feel qualified to discuss the fact that lenders and loan originators vary.  If you find one that does a good job you are lucky. If you find one that does a Great  job you are blessed. This is what I have found in Laura Wells.

She not only goes the extra mile with clients to make sure the loan fits their needs, she gives them
different costs sheets to prove why. She is professional and knowledgeable in all facets of lending. She has the best staff supporting her and stays on top of education and the latest new rules to make sure all goes smoothly. If she tells me my client is qualified I feel  VERY confident that she will get the loan through underwriting.

IF THE CLIENT LIES TO HER ABOUT AN ISSUE AND IT IS FOUND OUT THE LOAN WILL NOT CLOSE!
The lenders are now strapped with all new rules and guidelines as a result of poor lending practices that caused our current financial mess. Underwriters have to triple check files and then check again as they are being reviewed constantly. THIS IS GOOD! If information is needed to justify them giving their ok for the loan it must be provided. If new information is revealed it must be deal with. This buyer, client must have know about the issue that caused him to not qualify. HE CHOSE TO HIDE IT.  HE CHOSE NOT TO COMPLETE THE LOAN PROCESS. HE WAS MAD.

In reviewing the claim by this individual my take on the matter is that he is unhappy because he failed to disclose an issue that was found out by the underwriter at the end of the loan process. He could have been glad and done what was needed to complete his transaction. However, he chose to be mad and take it out on the one person who was working for him to obtain the home he wanted. He chose to be mad. HIS CHOICE!

TO POST SUCH SLANDER IS OUTRAGEOUS! IT SHOULD BE REMOVED IMMEDIATELY AND AN APOLOGY POSTED.

Karen

Hello folks.  I am a partner in and independent Insurance Agency here in the Spokane Valley and find this report to be very inaccurate.  Of course Im taking into consideration, my own personal knowledge of Laura Wells and her team and all the professional collegues, friends and family members I have witnessed "Win" keys to their dreams by using them for their mortgage needs.

In my opinion, this team of professionals, are way above the mark, when it comes to a strong work ethic.  If you want to work with a team that genuinely pulls out all the stops to get your loan approved than look no further.  Laura Wells hardly "EVER" gets told NO by a mortgage underwriter, and when she does its just not acceptable.....unless.....

Unless there is something that comes up on behalf of the borrower that shows their credit worthiness is not what it was thought to be.  This is an unfortunate and uncontrollable situation on the loan officers behalf.  At this point the borrower can't scream... "You promised me a loan"  I am not sure what happened here, but I can tell you that Laura and her team, would not have put this much time and effort into this file, and asked the borrower to either, if they didn't have every intention of getting it closed.  Suprises happen.

I have seen them say "not yet" to several people, rather than drag them through the loan process to get a NO.  This is bad business, and I can assure you, mortgage professionals won't stay around long if they operate that way.  Laura Wells has been in the business for over 21 years... I highly recommend her and her team.  Thanks.

I know Laura quite well and she will fight to the end to help a client realize the dream of home ownership. Laura informs her clients every step of the way. If given all truthful facts at the begining of the transaction she warns her clients if there are possible road blocks. Of course updated documentation is needed throughout a transaction to keep a file current (which is a requirement). I also know that Laura never advises a client to give notice at their current residence until the keys are in your hand. 

Credit reports expire and if a new one is ran and a problem comes up, she will try to advise you with the best course of action. You also sign a document during disclosures addressing that if there is undisclosed debt there can be issues that may not be able to be resolved.

For those of you who know Laura, you know this "story" is absurd. For those of you who do not know Laura, perhaps you should not chime in unless you personally know the facts which in this case were totally distorted.

Basically, both you and the person filing the original complaint are saying the same thing, only from a different experience.  You state the obvious "If a $1,700 debt kept you from qualifying you obviously fell close to the edge of the guidelines."  I say "Don't you think it would have been a good idea for the loan applicant to have been given that information?"  Stringing along the loan applicant sets them up for an inaccurate expectation.

As you said, you "don't know Laura or her abilities", so you can't say for sure she was trying to be "nice".    I have some experience with her abilities, and I believe even though she knew better, she made an error in not following through with this applicant.  She failed to accurately inform the loan applicants as to what their chances were for being approved for the loan.   My experience with Laura Wells is that she has not been as professionally responsive as is needed for a positive client experience.  

You say that you would have "turned them down immediately" - that would have been the more professional option, and the option that the loan applicant would have welcomed, instead of being strung along lied to, and turned down.  Laura's job was not to be nice - her job was to make sure her clients understood the entire situation, and to inform and educate them regarding how they were honestly being seen by the financial institution (underwriters).  Her "lack of action" borders on "predatory lending tactics". The  mortgage applicant should have been told from the start that they "fell close to the edge" of being approved, and what their chances actually were.  

A loan applicant should never be "strung along" with a totally false expectation, and hopefully both parties have learned important lessons from this.

The 1st amendment protects your right to free speech from the government, not a private citizen.  She can definitely sue you for slander and if you think a 1st amendment defense is going to work you probably are in the wrong here.

If a $1,700 debt kept you from qualifying, you obviously fell close to the edge of the guidelines.  I don't know Laura or her abilities, but I do know that she doesn't get paid until the loan closes, meaning that she worked for free trying to get a borderline borrower a loan.  I would have turned you down immediately and saved myself months of wasted time and aggravation.  I imagine she is a nicer person than me, and for her efforts, an anonymous person plasters her name on this web site for all her friends and family to see.  Unfortunately, the industry's privacy guidelines prevent her from using your credit profile and financial information to defend herself.  I suspect if everyone had access to this information, the story might look a little different.

sounds like a bunch of scumbags.

Laura why are you such a CROOK?

Her daddy Ron isn't the brightest bulb either...like Forrest Gump, but without the I.Q..  And the acorn did NOT fall far from the tree.

Get a lawyer, to sue the collection agency.  The house you couldn't buy is called "actual damages".  Just for the f*&^ of it, throw the mortgage company and Laura in as well, just to make it fun.
Laura told you to close credit cards, which is about the most retarded thing anybody in Real Estate can say.  She might fall under CROA for it, and be liable, just like the collection agency.

And, as I have said for years, because I have a brain in my &#^@%#^ head, SLANDER is spoken, LIBEL is written.  Unfortunately, you won't find a single person along the entire length of Shelley Lake Lane that knows that.  Sad, huh.

So I am now told that they want to sue me for "Slander".  Good luck with that, You wont get a dime out of me.

I am protected by the constitution's first amendment.  I also have not stated anything that is not absolute truth or my honest opinion.

Not to mention that if you would actually pay attention you would realize that suing me won't remove this post.  It is permanent, Ripoff Report will not remove posts, for any reason, ever.