The three major departments you will deal with during a loan modification review with Wells Fargo:
1. Customer Service
2. Collections
3. Loss Mitigation
Customer service is typically where your call will be routed if the loan is not behind. The representatives that you will speak with in this department will not be able to answer most specific loan modification questions. They will however be the best source of general information on the loan. Information such as payment amount, interest rate, and escrow questions should be directed to customer service if possible. One trick to avoid having a call routed in a different direction is not to enter a loan number when prompted by the phone system. Customer service representatives at Wells Fargo can be very helpful and pleasant to speak with, the only problem is that they're limited in access to any worthwhile information on the loan modification process. They will typically forward you to either collections or loss mitigation quickly once you start asking questions in that direction.
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Collections at Wells Fargo is known by many to be quite aggressive. Their job is to collect from you if your behind on payments and they have a script to read that asks you to make payment on every call. The collections department typically handles the first 80% of the loan modification process. They will begin the review process and collect the documents necessary for the review. All calls will be routed to collections until the loan is ready to be reviewed by loss mitigation. Collections will have access to notes on your loan and also be able to let you know if they need any updated documents. They will normally remain pushy, always trying to collect whatever they can from. Always remember that while they may have access to the modification notes they will not be making the final decision. If they get too pushy or you don't like what they are telling you, hang up and call right back. You may be pleasantly surprised when you get a collection rep that is not having such a bad day.
If you get news that your loan has been assigned to a negotiator or you noticed that your calls are being routed to loss mitigation, this is a good sign. This means your loan has passed through all the hurdles of processing and your financial statement will now be reviewed and decision made. This is all handled within loss mitigation and you will want to make sure you provide them anything they need immediately and follow up with them at least twice a week. Things move quickly at this point and having the review closed could mean another sixty days of talking with collections. You also need to be very confident at this point in your financial statement, your finances will be the only reason the loan is either approved or denied for modification. While speaking with loss mit you may have the opportunity to update your financials at the last minute if you find they are inaccurate or have changed. Overall, loss mitigation is the best department to work with within Wells Fargo. Unfortunately only they decide when you will have the opportunity to speak with them.
When working to modify your loan with Wells Fargo always try to remember what department you are speaking with. Keep in mind that the names of departments change and their processes slightly change as well, but this is generally how most loans move through the Wells Fargo loan modification process.
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