It's like Wells Fargo burped and threw up fund wires. A bunch of Wells Fargo short sale fund wires yesterday were returned to a local Sacramento title company. It's sort of been trickling in throughout the week. I couldn't figure out what was going on. After all, it's not like we haven't been closing Wells Fargo short sales left and right for a long time. Why would there be a glitch in the system of all a sudden?
A while ago, Wells Fargo changed how it was issuing its short sale approval letters. It used to just issue the approval letter, but now it sends an initial approval letter with a final short sale approval letter at a later date. Constantly tweaking and updating its short sale approval process, I suppose, like any good corporation, being efficient increases revenue. But yesterday two of my Sacramento short sales had the funding wire returned.
Read more about a Wells Fargo Short Sale and its return of short sale fund wires.