715 fico, jumbo mortgage of 550k, appraisal came in at 812k; low debt to income ratio, over 400k in income and still can't get the to underwrite loan. 8 month process with multiple, spreadsheets requested, P&l personal and on my business, multiple statements of why a payment was missed in 2011 (it wasn't), and even speaking to my accountant to understand S corp distributions. Have lived in AME residence for 11 years and refinanced 2x and this was the most exhaustive and evasive process I have ever been thru.

Underwriter has hard time understanding LLC distributions and where the income comes from. Doesn't just matter to provide 1099s and K1s, be prepared to get your accountant involved to generate all the requested P&ls. At one point underwriter wrote my loan officer to make me write why after 20 years were my retirement assets low! If you're looking for jumbo don't go with Wells. Loan officers are professional and courteous. The underwriters lack understanding sophisticated balance sheets.

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