Wells Fargo Mortgage Backed Securities (MBS)

aranger4x4

LoanSafe Member
Mar 6, 2010
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Sorry if this has already been asked. Poked around a bit and could not find any info.

I have a 30yr fixed loan with Wells Fargo. The investor is "Wells Fargo Mortgage Backed Securities"

The question is with a mbs loan greater than $417,000 ($545,000 balance) that is not a Fannie or Freddie loan, what program would I be eligible for? Most of the OBAMA stuff is for fannie freddie only...

I appreciate any help and can provide more info if needed...

THANK YOU!:confused:
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
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Hello and welcome to LoanSafe!

That would be a portfolio loan and a mortgage that they may be happy to modify since Wells is the investor. AKA owner of that loan. You actually may have an easier chance than if it was A Fannie or Freddie loan. They will do what is called an in house loan modification based on their own qualifying guidelines that will be somewhat similar to the HAMP.
 

aranger4x4

LoanSafe Member
Mar 6, 2010
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Moe,

First off thanks for the info! I had a friend at Wells look at my loan from some internal site (he does not do mods or anything) and he emailed me this info:

This seems to all be REFI stuff NOT mod stuff...

Time$aver
Information

This loan is not eligible for the Time$aver REFI program.
Reason : Non-Eligible Investor

Investor
Appraisal Requirements

FHL = Time$aver REFI

An appraisal is not required.

FNM = Time$aver REFI

A re-certification is required.

OTH = Time$aver REFI Extra

Appraisal is required.

NON = Time$aver REFI Non Conforming

Verify property type with customer.



Three-Step
Information

This loan is Not Eligible for any Three-Step EXPRESS or Rate Term programs.

HARP
Information

This loan is not eligible for the Home Affordable Refinance Program. (A)
Direct to Consumer Scripting
Direct to 3rd Party/Broker Scripting








Also my Wells fargo MBS loan is a:

Wells Fargo Mortgage Backed Securities 2006-15 Trust


I am still trying to educate myself on all of this. Can you tell me anything about this type of MBS? I tried looking up the SEC info but it all seems like a bunch of jibberish?

Once again I appreicate any help/info you can give me. I really want to educate myself before I go at this. I have NEVER been late or missed a payment either.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,850
466
1,000
49
Southern California
www.loansafe.org
You are welcome. Yeah, that seems like refi stuff.

MBS's are managed by "pooling and servicing agreements" or PSA that are the contracts with the investor. These PSA's have specific terms and conditions on how the servicer is to manage the loan. In this case Wells is the owner and servicer. They can do really whatever they feel is necessary on this. It is all up to Wells.

This is the typical wording in a PSA that is under the loss mitigation part of these contracts:

The Applicable Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans, and shall, to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any applicable insurance policies, follow such collection procedures as it would follow with respect to mortgage loans comparable to the Mortgage Loans and held for its own account.

Consistent with the foregoing, the Applicable Servicer may in its discretion

(i) waive any late payment charge or, if applicable, any penalty interest, or

(ii) extend the due dates for the Monthly Payments due on a Mortgage Note for a period of not greater than 180 days; provided, however, that any extension pursuant to clause

(ii) above shall not affect the amortization schedule of any Mortgage Loan for purposes of any computation hereunder, except as provided below. In the event of any such arrangement pursuant to clause

(ii) above, the Applicable Servicer shall make timely advances on such Mortgage Loan during such extension pursuant to Section 5.03 and in accordance with the amortization schedule of such Mortgage Loan without modification thereof by reason of such arrangement.

Notwithstanding the foregoing, in the event that any Mortgage Loan is in default or, in the judgment of the Applicable Servicer, such default is reasonably foreseeable, the Applicable Servicer, consistent with the standards set forth in Section 3.01, may also

(1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan,

(2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (

3) extend the maturity of any such Mortgage Loan,

(4) amend the related Mortgage Note to reduce the related Mortgage Rate with respect to any Mortgage Loan,

(5) convert the Mortgage Rate on any Mortgage Loan from a fixed rate to an adjustable rate or vice versa,

(6) with respect to an Adjustable-Rate Mortgage Loan, extend the fixed period and reduce the adjustable rate period, and/or

(7) forgive the amount of any interest and principal owed by the related Mortgagor; provided that, in the Applicable Servicer’s reasonable and prudent determination, such waiver, modification, postponement or indulgence:

(A) is not materially adverse to the interests of the Certificateholders on a present value basis using reasonable assumptions (including taking into account any estimated Realized Loss that might result absent such action) and

(B) does not amend the related Mortgage Note to extend the maturity thereof later than the date of the final maturity date on the latest maturing Mortgage Loan;
provided, further, with respect to any Mortgage Loan that is not in default or if default is not reasonably foreseeable, unless the Applicable Servicer has provided to the Trustee and Securities Administrator a certification addressed to the Trustee and Securities Administrator, based on the advice of counsel or certified public accountants that have a national reputation with respect to taxation of REMICs that a modification of such Mortgage Loan (including for this purpose, any extension of due dates described in this Section 3.07(ii) above) will not result in the imposition of taxes on or disqualify from REMIC status any of the REMICs hereunder, the Applicable

Servicer shall not permit any modification with respect to any Mortgage Loan.
 

aranger4x4

LoanSafe Member
Mar 6, 2010
28
0
0
Ok,

So after reading ALL of that...it seems like I COULD get a mod...What about the last line:


"Servicer shall not permit any modification with respect to any Mortgage Loan."

Are there any specifics between "groups" of MBS's? Like how mine is 2006-15 vs any other one? What the likelyhood of a mod on one vs the other?

Learning alot already!!! Should have become a member sooner!!!
 

aranger4x4

LoanSafe Member
Mar 6, 2010
28
0
0
Ok,

So after reading ALL of that...it seems like I COULD get a mod...What about the last line:


"Servicer shall not permit any modification with respect to any Mortgage Loan."

Are there any specifics between "groups" of MBS's? Like how mine is 2006-15 vs any other one? What the likelyhood of a mod on one vs the other?

Learning alot already!!! Should have become a member earlier!!!:)
 

we're_still_reviewing

LoanSafe Member
Sep 10, 2009
507
3
18
Sorry if this has already been asked. Poked around a bit and could not find any info.

I have a 30yr fixed loan with Wells Fargo. The investor is "Wells Fargo Mortgage Backed Securities"

The question is with a mbs loan greater than $417,000 ($545,000 balance) that is not a Fannie or Freddie loan, what program would I be eligible for? Most of the OBAMA stuff is for fannie freddie only...

I appreciate any help and can provide more info if needed...

THANK YOU!:confused:
Have you applied for an in house mod with Wells Fargo ? Also, if you find the pool in which your loan is in...you can view what other modifications were done within that same pool. This might help you gain leverage in negotiating a modification. Have you been to Wells Fargo CTS site ?
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,850
466
1,000
49
Southern California
www.loansafe.org
Does the Wells site let you search for this??

Sorry for the late reply here aranger. That PSA is not a Wells Fargo agreement, but some Carringtons. However, most are the same. I am not sure on the language. Wells owns this loan so really do they have a contract with themselves? I don't know?

How is your progress going arranger?
 

we're_still_reviewing

LoanSafe Member
Sep 10, 2009
507
3
18
Yes, it's called WFMBS MATRIX Loan Modification Report . You go to CTS and search under MBS... then look for Wells Fargo's MBS. It's in the Shelf documents. I did a quick search and from what I can tell there are plenty of loan modifications in WFMBS 2006-15.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,850
466
1,000
49
Southern California
www.loansafe.org
Wow! That is some great info. I am going to have some fun with this. Thanks!!
 

aranger4x4

LoanSafe Member
Mar 6, 2010
28
0
0
Moe and were still reviewing,

I appreciate all your input!!! Were still reviewing can you possibly post a link to the exact site you found that info on my loan from. I seem to be having a hard time finding the details...I did create an account on the cts site and its VERY confusing for myself...sorry. As always any info would be greatly appreciated. As far as the contact with wells goes...for months they have basically pushed me back and fourth. I have a buddy that got a mod through a family friend. They are currently speaking to wells on my behalf. (NO money paid to them unless I get a mod!!!) I am just wanting to keep arming myself with MORE info so if there are issues I can got after it again...

Looking forward to your relplies!!!!
 

we're_still_reviewing

LoanSafe Member
Sep 10, 2009
507
3
18
Moe and were still reviewing,

I appreciate all your input!!! Were still reviewing can you possibly post a link to the exact site you found that info on my loan from. I seem to be having a hard time finding the details...I did create an account on the cts site and its VERY confusing for myself...sorry. As always any info would be greatly appreciated. As far as the contact with wells goes...for months they have basically pushed me back and fourth. I have a buddy that got a mod through a family friend. They are currently speaking to wells on my behalf. (NO money paid to them unless I get a mod!!!) I am just wanting to keep arming myself with MORE info so if there are issues I can got after it again...

Looking forward to your relplies!!!!
The CTS site is VERY confusing. It has taken me about 2 months to figure the dang thing out. Lol.

Okay, I'll try and step you thru where you need to go.

Click on the link.

CTSLink


Sign in (upper left corner)

Left hand side of screen you will see Securites Report

Click on the Residential Securities (MBS)

Now you will Click on the W.

You see where it says Wells Fargo Mortgage Backed Securities Trust ?

Click on the Shelf Documents.... You are looking for

WFMBS MATRIX Loan Modification Report it will open up in Excel. You can also view Additional History.

It gives very specific information about the loans....You'll see what their payment was before the mod...what rate they had and what rate they got and for how long....

Good Luck. I hope this info helps you.
 

aranger4x4

LoanSafe Member
Mar 6, 2010
28
0
0
THANK YOU!!!

That just shows that they DO mods! I cant thank you enough...that was so simple to see. I noticed that all the mods in my MBS were a mod that the rate went down and then slowly went back up to the orig interest rate...is that common?

Once again you do not know how valuable this site is and the people on it! You guys rule! I will keep you all posted on the MOD!!!:D
 

GeorgiaGirl

LoanSafe Member
Feb 11, 2010
30
0
6
We're Still Reviewing ... I am new to posting on this site but have been hanging around and reading posts for a few weeks now. I have been trying to figure out how to determine what series my Wells Fargo loan is in. You seem to know a great deal about this sort of thing. I was able to follow the directions you listed above but in order to get to my loan, I need to determine where it is located (what Trust Series it is under) so that I can see what type of mods are being done. Can you please help me?
 

aranger4x4

LoanSafe Member
Mar 6, 2010
28
0
0
Georgia girl...what I did was type "Wells Fargo" and then my loan number in Google and it came up...hope this helps!
 

GeorgiaGirl

LoanSafe Member
Feb 11, 2010
30
0
6
Hi Aranger...thanks for the info but I tried that and nothing came up for me. Any other suggestions?
 

ultimate4799

LoanSafe Member
Nov 24, 2008
306
0
16
hey GeorgiaGirl, just like you, i cannot find mine when I google before several months ago.. But after I got the notice of default, bingo, it was stated who my investor was and which MBS series.. hope this helps.
 

we're_still_reviewing

LoanSafe Member
Sep 10, 2009
507
3
18
Hi Aranger...thanks for the info but I tried that and nothing came up for me. Any other suggestions?
Hi Georgiagirl,

Are you doing a search with your Loan number or your account number. Two different things. Do a search with the loan number that is on your closing documents NOT the account number of your loan. Does that make sense ?
 

we're_still_reviewing

LoanSafe Member
Sep 10, 2009
507
3
18
THANK YOU!!!

That just shows that they DO mods! I cant thank you enough...that was so simple to see. I noticed that all the mods in my MBS were a mod that the rate went down and then slowly went back up to the orig interest rate...is that common?

Once again you do not know how valuable this site is and the people on it! You guys rule! I will keep you all posted on the MOD!!!:D
I think more often than not they start out at a lower rate and go up but not always to the original rate.

Good luck and let us know how things are going for you.
 

aranger4x4

LoanSafe Member
Mar 6, 2010
28
0
0
Alright we will see. I really need this to go through!!! I will keep you all posted on the progress...Thanks again...