Consumer Complaints & Reviews
Had a great experience working with Todd. The process was seamless from start to finish and I was happy with the accessibility once it was closed out. Feel good to have that HELOC available for a rainy day.
I absolutely HATE this company with my entire being!!! They are the devil and they have no intentions of helping ANYONE! They are the scum of the earth!! Have been dealing with WF for almost a year concerning my parent's reverse mortgage. WF is a joke and should be out of business. They have absolutely no customer service.
My mother passed away over a year ago. When her death was reported, we were told we could purchase house, do short sell for 90% of appraised value, or try to sell home for profit and keep the difference. Never was a will or death certificate asked for. We have yet to get any information from WF concerning this reverse mortgage. Was told a few months ago they needed will & DC, faxed it... they don't do email!!! They never received it, faxed again a month later.
Then told that my sister and I were co executors of will and they will not release any information to me without my sister authorized signature (she lives in New Zealand). Was told she could send letter stating they could speak with me... letter was faxed (still no emails) but she signed her married name. Wasn't acceptable even though her married name is what appeared on Will. She resubmitted with maiden-married name... still not acceptable as she did not relinquish her rights as a co executor and then we were told we were not co executors only representatives. To make a long story short, house is to be auctioned in October and my siblings and I are no closer to any sort of answers to any of our questions. Several people are interested in purchasing the house, but apparently WF feels the need to auction it.
I will never use Wells Fargo Bank again for any of my business, nor will I ever tell anyone to use them! My husband and I recently married in April 2016 and wanted to refinance our mortgage to have our names on it and to get my ex husband's name off of it. My mortgage was already with Wells Fargo, so they already have my record of NEVER missing or being late on a payment, plus mine and my husband's credit are excellent.
So, I called them in May to check with them about a refinance. BIG MISTAKE! Do NOT use them! We were assured by them that we qualified for their HARP refinance. We started sending them our private information in May. We kept being assured by them that everything was going along fine, but could we send "one" more thing. Then the one thing led to another, then another... At the first of August, they called and said I needed to send them typed, signed, and dated "letters of explanation" stating why my previous address, which I moved from 11 years ago when I sold the house and built the one I live in now, was showing up as my current address.
So, once again I sent in what I thought they needed. We were able to set a close date of August 16 at 4:30 with a local a notary. I was called at 3:00 on the 16th by Wells Fargo to let me know that they couldn't allow us to close because they weren't getting current employment information from my husband's job, even though his work had sent his information over and over again to them. Wells Fargo was supposed to contact my husband's work to get that information. His work never was called or contacted in any way by Wells Fargo to get that information. We were cooperative in every way with Wells Fargo, even when asked for, what we felt was unreasonable information. It is our opinion, after dealing with this bank for over 3 months, that they are very incompetent, unreliable, and don't follow through with what they say they will do. We will NEVER use this bank in the future and will NEVER recommend them to anyone.
I contacted Wells Fargo when I was shopping around for a mortgage. They are suppose to have the best rates around, but this is a lie. Their interest rates & APR are much higher than every other mortgage I've ever seen! Their APR is currently over 5% & interest rate was 3.89, when I've been offered as low as 2.5 for interest & 4% for APR. This results in a higher monthly payment. More so then the rates, their customer service is terrible! They pay no attention to detail & I was constantly finding mistakes! Kelly literally starting fighting with me when I told her I had a better offer, and treated me liked I didn't have a clue about anything! I've done my research! I know everything there is to know about PMI, FHA loans, seller's concessions, because I ASKED! The only GOOD thing is their upfront costs - this quote was lower, but even if I put more down, the monthly payment was still higher.
Wells Fargo Home Mortgage has apparently made a practice of dragging their feet in processing smaller mortgages. I am a home seller and my buyer was having a lot of difficulty getting answers and assistance. I called on her behalf because she missed her mortgage commitment date. Wells Fargo at 886 Rte. 73 N, Marlton, NJ is the branch we dealt with. The mortgage consultant continually told us for 2 weeks that the commitment would come 'today or tomorrow', that it was with the underwriter. We contacted them each time the date was missed. They stopped answering and stopped returning phone calls. At no point was an explanation offered.
I at one point reached out to the branch manager. He listened for a moment and then when he 'looked into it' stopped returning my calls and messages as well. He also never offered a sound explanation of why underwriting was taking over 2 weeks. Then at the last possible day, I get a call saying that we would have to push back closing. This notification came 4 days prior!!! Still no explanation as to why it wasn't done on time. I called the corporate offices to file a formal complaint. Was told I would get a call back. Never did. Bottom line... Wells Fargo was too big to fail and now they are too big to give proper customer service, adhere to deadlines, and honor their commitments. I have heard from all real estate agents involved, other brokers, and other people that have had similar experiences. Wells Fargo does not like giving small mortgages and therefore drags their feet. Small customers are not welcome.
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GO FIGURE!! As told to Wesley **, PhD, JD. Wells Fargo Bank seems unwilling and unable to own its part in an snafu that is now going to cost a married couple their home of 12 years. Wells Fargo is insisting that Leonard and Rosemarie ** breached the terms of their loan modification agreement and as a result are now being placed in foreclosure. All sides (of which there are three) agree on the following facts.Lenny and Rosie ** obtained a loan modification from Wells Fargo Bank in 2013. It came at a propitious time because the cleaning company that Lenny had
started to grow full time after he lost his job at a local hospital. The business was now showing a steady and healthy monthly income of $2,000. The business was growing because if you knew Lenny and how hard he worked, you had no doubt that he made offers that his customers were happy not to refuse. Despite the sudden loss of income when Lenny lost his hospital job, Lenny and Rosie had never missed a mortgage payment and had never been late. The high school sweethearts had faced tough times before in their 42 years of marriage. They tightened their belts, sold a Hummel collection 40 years in the making, and always met their obligations.
The loan modification was a welcomed relief because it meant that Rosie's disability income from her life-long struggle with multiple sclerosis would just about cover the new mortgage payments and the money from Lenny's business would allow them some breathing room. The loan modification had been obtained through the services of a lawyer - the third side in this unmitigated disaster in the making. All sides agree that the lawyer had played a helpful role. Lenny and Rosie, for their part, made their new lower mortgage payments under the loan modification, never missing a payment and never being late. The lawyer took care of the paper work and communications with the bank; and all sides agree things were going exactly as they all had intended.
Then suddenly and completely without warning of any kind, the mortgage check was returned. When the bank was called, Lenny and Rosie were told that they had breached the terms of the trial period of the loan modification because they had not signed and returned the final documents of the loan modification and as a result the bank was placing them in foreclosure. Lenny and Rosie pointed out that they had never seen any such final documents and the bank administrators informed them that because Lenny and Rosie were represented by a lawyer, the paper work had gone to their counsel.
Counsel was called. The lawyer acknowledged that he had received a packet of papers from the bank and, for reasons known only to God, he had tossed the envelope unopened in the ** file. He now opened the file while Lenny and Rosie were on the phone. The lawyer saw that the packet contained documents that required Lenny and Rosie's signatures. The deadline for returning the documents had passed and as a result Lenny and Rosie's had indeed breached the terms of the loan modification and the loan modification was, in effect, never in effect. Foreclosure was the next step. Upon hearing the lawyer confirm what the bank had told them, Lenny lost control of his blood pressure and Rosie's MS began to act up. Things could not be worse.
"Not to worry," the lawyer said, or words to that effect, "once the bank realizes that it was my mistake and not yours, this problem should be corrected." All sides agree that the lawyer had made a mistake, that the lawyer informed the bank of the error, and that the bank acknowledged that the error was not Lenny and Rosie's doing. But the bank also said that it was Lenny and Rosie's responsibility to sign the documents and return them in timely fashion to the bank and Lenny and Rosie's failure to do so meant the loan modification was never in effect.
Lenny and Rosie were responsible even though the bank had never sent them the paperwork. "Rules of proper legal conduct prevent us from communicating with you directly when you are represented by counsel." Is it true that the bank could not have copied the communication with the lawyer to Lenny and Rosie since ultimately the bank was going to hold Lenny and Rosie responsible for the return of the documents and not the lawyer? Apparently, the bank is unwilling or unable to see the sense of this and act accordingly.
The mortgage payments that had been made under the loan modification were applied to the original mortgage agreement as if the loan modification had never existed. That meant that Lenny and Rosie were not only behind in their mortgage payments but their track record of never missing a payment and never being late was utterly destroyed. And, what is more, they would have to qualify for a new loan modification only if their present circumstances would permit. And that would first require bringing their old mortgage out of arrears or face foreclosure! They SUCK!! DO NOT EVER USE THEM. It's okay though, President Obama bailed these SUCKERS out in the big BAILOUT. Go figure!!!
Me and my wife applied for mortgage for a second home and for some reason we chose Wells Fargo. No, I did not do my homework online to see how many complaints have been filed against them already. What a lesson in life and a huge mistake and waste of time and money that end up being. We initiated contact with loan officer on May 23rd and discontinued loan process on July 1st, 2016. Initially everything was fine, with our FICA credit rating in mid 850's, no debt, no outstanding loans and home that is paid in full. We provided all documents that they requested and received pre-approval in matter of days. However as soon as Wells Fargo received a copy of my wife's drivers license in mid June things started rapidly getting difficult to deal with. She is ** and close to retirement age.
Questions such as "how are you going to pay your taxes", "how did you pay for your taxes", "where did the money come from", "what are you going to do with your business", "where did you get money to buy a new truck", "provide cancelled checks" for this and that. That was it for me. Most of these additional demands are none of their business when applying for mortgage, period. Either the underwriter is the most inexperienced person in the industry or Wells Fargo has a RACIAL and AGE DISCRIMINATION agenda. I informed the loan officer that we are no longer interested in doing business with Wells Fargo and I told him why. After that we started receiving calls from various people from Wells Fargo stating that they are looking into our concerns.
We received a final letter indicating that they had completed their "internal revenue" and did not find anything wrong with process, how surprising. However they listed wrong dates and wrong issues in their final bogus letter to us. We had already applied for mortgage with different lender with better interest rate on 7/6/2016 and we closed on 8/2/2016. No additional questions, no additional paperwork, just straight mortgage application with standard documents. Based on my personal experience I will never recommend or do any business with Wells Fargo.
We recently contacted WF to modify our mortgage. Well we are so sorry we ever found this co. About 6 years ago we were contacted by them when they took over the financial inst. we did business with. We applied to take out equity in our home. We were due to go to the signing when we got a call to bring our truck to their office. When I asked why they said they wanted to see it. We took our silverado and proceeded to their office which was about 2 hours away.
When we arrived there they had all the papers made out to refinance our truck! They also had 3 credit cards from WF in our name. The loan was not what they portrayed it to be. It was what they called a band aid loan for one year at a 6% interest. In one year we could apply for a reg. mortgage at a lower rate. Well we said no to refinancing truck (it was almost paid for) and we said no to credit cards. They said to take the cards because we didn't have to use the. (These will show up on your credit report as open accts.)
Well needless to say we applied for a reg. home loan in a year and we were denied. All of a sudden we had a ratio to income that didn't match. Strange that nothing had changed in that year. So for the last several years we have this high interest rate. We tried to refinance a couple of months ago but our house for some reason isn't worth the owed price. They wanted 20,000 down payment. So that was a no go so now one of us is forced into retirement and has to have surgery. We called to get a modified mortgage because it was getting hard to keep up with payments. Well they were so excited because we qualified. But not for a low interest rate but to put everything in escrow. A big savings of about 300.00 a month but they want to extend the loan for 30 years.
We are 65 years old. Really is this a break? Got to wonder what this is doing. Every time I pay a payment I cringe. The amount of money that goes to this company from our payment is disheartening. We as a society bailed them out when they falling and they treat customers this way. I no longer wonder why people walk away or file bankruptcy. I sorry I ever went with wells fargo. Should have stayed local. We have been told this was called a predatory loan. There should be someone monitoring these co.
My wife and I purchased a home and soon after the mortgage was bought by Wells Fargo. They told us that paying bi-monthly would save several years of payments and interest so we signed up. After a few payments we realized they had us on bi-weekly, not bi-monthly so I called and changed it. I even apologized, telling them maybe I had misunderstood. One question I had was if I were paying bi-monthly would my credit be affected. I was told that I would always be 1/2 payment ahead, just like paychecks for most government agency positions so I was okay with the set-up. Recently I was injured on the job and knew I would not receive the same pay until I was able to return to work so I requested to be removed from the auto withdraw system. Wells Fargo continued the auto withdraws but thank goodness I had a little money to cover the payments.
On July 26th I called again to confirm cancellation of the auto withdraw process. I was also assured, multiple times, that it was canceled and that I was paid through July (paid ahead 2 weeks) so I could begin making my own payments on August 1st. I did receive some bad news however... I had been mislead regarding interest accrued on bi-monthly payments. Apparently Wells Fargo holds the first check until the second half of the month is received, and interest continues to accrue even after they process the 1st payment and the money is removed from your account! The representative apologized again, telling me I had been mislead. Okay, now I know so that's that.
On the 28th Wells Fargo tried again to auto withdraw my account! Now my bank is placing holds on all my deposits because of their unauthorized attempted withdraws! When I called in on the 30th of July, I spoke to a "manager" who said they have no access to the taped calls, that there were no notes of my previous cancellation requests, and that no matter what I was told, I still owed 1/2 month for July! Only after insisting to speak someone in a true management position was I told that someone would call me on Monday, August 1st. We shall see!? Funny thing is that when you request confirmation of issues discussed you're told they are not able to comply because their system is not set up for it... deniability I guess. I miss the days when a handshake was as good as any contract, the days when integrity, honesty and professionalism were not just vacant words, and the days when businesses did not mislead their customers.
I always thought of Wells Fargo Home Mortgage as a reputable and honorable American company with a history. Not anymore. We have had our mortgage with them for about 10 years and went to refinance recently down to a 3.3% which they encouraged. Given our great credit scores and income we were told on the front end of the process that we would only need to submit four or five items to complete the application.
As the weeks unfolded, every several days there were requests for documentation and papers that were never itemized initially. In fact some of the requests seemed downright inappropriate for the refinancing. So we finally got through it all, received our Congratulations letter for completion, and it was time for the final assessment. As you know, it's an assessor from Wells Fargo. We were completely floored when the appraisal came back over $20,000 lower than what is estimated value for our property taxes and $57,000 less than when it was estimated six years ago for refinancing! Needless to say the process has washed out on us and with considerable loss and lack of accountability from Wells Fargo Home Mortgage. Everyone should stay away from these people. We feel their processes were both dishonest, contradictory and rigged. We regret that we ever decided to refinance again with these creeps.
According to Wells Fargo their FHA guidelines require minimum 640 credit score even though that is ridiculously high! They had me do repairs on a home and turn on utilities saying I am approved. And now refuse to give me the loan changing their reasons saying my debt to income ratio was high even though that was never brought up until the very end of the freaking stupid mortgage loan with them. I hope Karma hits them strong!!
I looked for the minus star rating but since 1 is the lowest option that's what Wells Fargo gets. This company lied and misrepresented themselves and refused to take responsibility for information their representatives were giving. I had a home mortgage with my now ex-husband and he was required to remove me from the mortgage at the time of our divorce. He didn't cooperate so I tried to work with Wells Fargo.
They had an advisor that told me to file a quick claim deed to remove myself from the deed and they would in turn remove me from the mortgage. I was living overseas at the time and had to jump through hoops to arrange to have it done but completed it. They then denied they ever told me to do it and wouldn't stand behind what their advisor told me to do. I lost ownership of the house and was still responsible for the mortgage. My ex-husband eventually defaulted on the loan which is what I was afraid of and it hurt my credit. I have tried to work with the credit reporting bureaus and contested this on my credit but Wells Fargo keeps it on my credit record. Every time I have tried to work with them they have been rude and unwilling to help me, and denied I was ever told this information.
As others have posted, I too thought that since we had a long history with Wells Fargo (had paid off a home mortgage with them) we thought getting a home equity loan would be simple. We sent all the ridiculous amount of paperwork to them as soon as it was requested. After about a month and a half we are still waiting for the appraiser to set up an appointment. I called the person handling our loan at Wells Fargo. She told me someone would call me to set up an appointment for an appraisal in 30 minutes. That was yesterday and still no call. I wish I would have gone somewhere else.
I would like to hear your thoughts on the subject as well. My husband and I have recently been flooded. I am of the understanding that as long as we make our mortgage payment... This is our home to do as we please with... If I want to build a moat around it and knock out all the windows and put beads in place of the doors, then I have the right. Apparently though whenever you receive a check from your flood insurance that we pay for, it comes in your name and the mortgage company (Wells Fargo) when I ask them to endorse the check to rebuild MY home, they say they keep the money and will give a little out to us at a time as long as we follow the rebuild instructions according to what they want us to do, and will not pay for what we have already done ourselves...
Who do they think they are? This is our home and our insurance check and we live here. It is not their home!! They should not be able to keep our money for work we do ourselves. They should not be able to earn interest on money that is for OUR home. They won't even send out someone to inspect what we have already done. They say give them the check and when we fill out a mountain of paperwork and have all receipts turned in (of course there are no receipts for work we did so we won't be paid) and then in 10 days they will decide how much they will pay us... Our own money? Is this right?
I am recovering from surgery in a camper and now we have to stop work because all the work so far we paid for ourselves and we can't keep doing that. So here we are with a half repaired home and a check that is useless. We have tried to appeal to Wells Fargo's heart, but apparently they have none... This could now drag on for months. If we had the money we could be done in weeks. I want everyone that is currently using them to really consider who they are doing business with. We will be moving our mortgage as soon as possible and will never do business with them again. Your thoughts?
We applied for a home mortgage in February. It took us 7 weeks to get approved. By that time, we lost the house we wanted. We found another house and had our loan approval in hand. We paid for our appraisal on May 22, 2016. As of today, July 19, 2016 neither Wells Fargo or I have received the appraisal. When we call Wells Fargo, they keep giving us the runaround. The management company that they use have had it for a week. We can't get them to get a copy and be done with this. We have had 4 different closing dates so far and I don't think we will make the current date. Why can't these people do their job and get my mortgage done? We have jumped through all of their hoops to no avail. We're about to just call it quits and go elsewhere. Beware of these people. They don't care about their customers.
--- NEGATIVE 10!! --- Hands down the worst EVER! My husband and I both have 800+ credit scores; We have a 5+ year mortgage with Wells Fargo on a rental property with an A+ standing, we have an incredible amount of income and reputation. We have never in our life felt like a criminal, a bad person, or a thief by the way all 6 of the Wells Fargo employees made us feel by applying for a home mortgage. This is our 3rd home purchase and we have never ever missed a payment or even bounced a check on anything and they totally made us feel like the scum of the earth. Ultimately, my husband is retiring from the military and they would not include his retirement pay.
After 20 years of servicing in the Navy, they had NO CLUE how to calculate (after proving with our blood type and first born worth of paperwork) this pay on their own. $55k worth of income - Poof! Non-existent due to inept and untrained $10/hr employees of this ridiculous "Bank". Heed all of our warnings: DO NOT GO NEAR this institution, unless you want to feel inadequate, worthless, and feel more stress than you have felt in your life, especially former and retiring military. Shame on you WF!! You suck!
Terrible experience with mortgage. What happened to Niharika is exactly what is happening to me right now, except right now I'm at a hotel with my 11-year-old dog and all my belongings are in a U-Haul in the hotel parking lot, not knowing if or when I will close on my new house because of Wells Fargo employee's incompetence. I had read all these before, but didn't think it would happen to me, but it has. Wells Fargo is a crappy, terribly run place that has no concern for its customers. Please don't ever do business with them.
Update June 20, 2016: Well after being promised we would get the closing, we are again delayed!!! We've been at this hotel for over a week now, was told we have to get the Uhaul back on Sat, I have no idea what we are going to do with our stuff. WELLS FARGO IS THE WORST!!! They delay, ask for paperwork again even after its submitted three times before, and at the last minute, ask for more paperwork. DON'T DO BUSINESS WITH WELLS FARGO!!! IT WILL BE A NIGHTMARE!!! I have talked to managers, executive officers, filed complaints, all trying to get our closing done, let alone on time but a week late, and still no closing. I even emailed the board of directors. Obviously WELLS FARGO doesn't care about its customers. Something needs to be done to stop this company from treating its customers this way. This is not how you do business.
The tellers at Wells Fargo cannot find my mortgage when I go in to pay it; even if I bring my mortgage statement with me. The tellers need the secret prefix that isn't on the statement. Having a common last name makes the ordeal worse because it makes it almost impossible to look up your mortgage on their system by your last name. An operations mgr at my local branch finally figured out the secret prefix. But, then a few months later, Wells changed the prefix and didn't inform me or their tellers. Then, I had to go through the ordeal all over again. After I complained to Wells fargo management, they said I don't need the prefix anymore. So, I go to pay my mortgage and they cannot find it again because they don't know my prefix and I didn't bring it.
Every year I buy down my escrow to keep my mortgage payment the same. And every year I have to jump through hoops to do so. But this year I am going to have to go through this process twice! Every year Wells Fargo sends me an escrow refund attached to my escrow analysis which includes my increase mortgage payment amount. They won't stop payment on the check, which forces me to have to go out of my way to go the bank - something I never do - to deposit the check. Then I have to make a payment to my escrow account to keep my mortgage payment the same. Calling Wells Fargo only adds to the pain... They provide no customer service because they are too busy parroting a scripted answer. So much for customer service... If service is what you are looking for please look elsewhere.
So I recently got a little behind on my loan from some recent hardships. I still had my auto pay set up for the 2 months I was having hardship, forgot to turn it off. So when I was finally able to catch up with my payments on month 3 I found out Wells Fargo had blocked my ability to pay my mortgage online or over the phone, even paying with a representative over the phone I was blocked from that too. The block is for a whole year!!! Which I thought Ok what are my options to pay now. So the options they tell me are to use my banks Bill Pay or Western Union service to send my money. I choose the bill pay system with my bank because Western Union has ridiculous fees and they give me the address to send in the certified checks through Bill Pay and I set it up to be recurring so I don't have to worry about it.
The way these checks work with my bank is they actually remove the funds from your account when they route the check out in order to guarantee the check, so to me it looks like the checks are going through. The checks are getting sent only to find out 2 months later that I'm now 4 months behind and I'm getting a notice of possible foreclosure coming up. I call up my bank and they confirm the certified checks were sent but they have never been cashed. They confirm the address is the correct one in Dallas that Wells Fargo gave me but no one had cashed any of my checks to pay my mortgage. I call Wells Fargo and it's a mess, of course they have no clue that I have been sending my checks. So now my bank recalls the funds back to my account.
I ask Wells Fargo to make a one time exception just to allow me to make the payment online or over the phone to bring my account to date since I have all the funds in the bank from the recalled checks they did not cash and they refuse. They say once you are blocked from making online or over the phone payments there is no way to reverse it until the 1 year date they told me. My only other option now is still Western Union. And by the way they now say the reason they didn't cash my certified checks is because I was also blocked from sending in certified checks once I was blocked from online payments, OMG!!!
Did I mention the late fees and I'm not even talking about my credit because it is now trashed. They told me about another option of using a bank wire transfer to another Wells Fargo account (not my mortgage account) and I would call them (Wells Fargo) and give them the transfer number and they can get my mortgage paid that way. I haven't tried this yet, keeping my fingers crossed. I mean talk about a headache and the mindless bureaucracy in that bank. I wish I had never gotten a loan from them. The customer service is also terrible but I think part of it is because their hands are tied by the stupid bureaucratic system.
I already have a Wells Fargo mortgage and I needed a HELOC for upgrades and remodeling I'd been putting off. My credit score 842, mid 6 figure income, was told after the "pre application" I was approved for 100,000 at 2.8%. Then the anal probing began, 5 letters I needed flood insurance, 5 people coming and going behind the scenes--they either quit or get fired--and mistakes that I am constantly correcting on their paperwork --from their typos on critical info like my social security number.
I was never given a list of documents that they needed. It was all piecemeal and drove me insane, even the title insurance and survey on the home--which they did 4 years ago because the mortgage is with them--now their final decision is no because the debt to income ratio isn't favorable. WTF? The underwriters don't communicate with you, only the zombie at the office who keeps making mistakes. I'm so done with this bank, I cancelled the process and went elsewhere where I was approved in 2 weeks.
We decided to downsize to a condo in a different city. I originally applied to the VA and was approved in an effortless process. However, when we identified the unit we wanted we found it was not on the VA's list of approved condos I made a decision (a bad one) to try Wells Fargo as I had a previous mortgage with them. My initial contact was very upbeat and when he saw my credit scores he assured me that I would be approved with no trouble. My experience was almost identical to the other reviews that I have read. Inability to contact people, promises that were never met, requests for data that had already sent. The organizer had no conception of what was required by the underwriters. After almost two months I was told that a completed package was sent to the underwriters and everything looked positive.
Based upon this we were ready to celebrate until I received a message from them implying 'if we decide to proceed with your application.' We very upset as we had less than three weeks before the purchase agreement would expire. My real estate agent saved the day as she recommended a broker who had us approved in three weeks with terms better than Wells Fargo. It gave me great pleasure to call them to terminate my application. Bottom line grades Wells Fargo in Charlotte, NC F, Applied Mortgage in Buffalo A.
Wells Fargo thinks are above law the because they have the money to do what they want. I advise anyone and everyone stay away from Wells Fargo. They do illegal foreclosure and do not follow FHA guidelines. I have had to file chapter 13 to keep my house because they don't care and do what they want. The people need start calling the FBI and turn them and shut Wells Fargo down. For good.
Wells Fargo has repeatedly written false and misleading information in regards to an alleged loan from First Union Home Equity Bank NC on, 1/3/1996, to McKinley **, my father, who died in 2000. In an earlier post, I shared how Select Portfolio Servicing Inc. (SPS) contacted me after my father's death in 2000 with a demand letter asking for over missed payments within 30 days or they would foreclose on the property. I was not aware of this loan, but did not want to lose my parents' home. I sent SPS money to pay the areas, then paid them until 2011.
In 2011, SPS sent a demand payment for a 28,000 Balloon payment due. Since I was never given documents on the loan, I researched the county register for filings on it. The loan I had paid for over ten years had been satisfied in 2004 by Wachovia Bank dba FUHEB in 2004, because of a lost promissory note. I was not notified of the satisfaction which caused me to pay SPS for seven years after the satisfaction. After many failed fraudulent practices by SPS, the loan was satisfied again in 2012, with Manufacturer and Traders Trust Company/SPS. Since 2011, I have requested a QWR from SPS, M&T and Wells Fargo. SPS sent a fixed rate note and Deed of Trust copy, a copy of payments made from 200. To validate the loan I requested complete records from the time the loan was taken out. There is no reference on the fixed rate note to a balloon payment.
M&T wrote that they had not had the loan or received any payments from it. Later they backtracked and refuted all prior information in what appears to be an effort to aid and abet SPS. However, they cannot take back the information they wrote in emails and letter in which they repeatedly denied having anything to do with the loan. In one letter, M&T wrote that they had held Wachovia files in their vault until 2001, returned them to Wells Fargo (WF), and that SPS was the servicer. M&T wrote that they are not affiliated with Wells Fargo. Wells Fargo acquired servicing of First Union mortgage portfolio in 2000. As Master Servicer, I thought they could help. Big mistake. They were in my opinion, the leader of the pack and far worse than the others. From the beginning of my contact with them in 2011, WF engaged in felonious perjury, misrepresentations and outright lying.
WF wrote that the Juanita **, the signor of the satisfaction certificate was employed by HomEq Services. First Wells Fargo tried to divert my attention by focusing on the 'who serviced the loan'. I knew SPS was the servicer having sent them money for 11 years. My interest was directed at how to get the money paid after the satisfaction back. Wells Fargo kept writing about the servicer. First, WF wrote that Juanita **, who signed the satisfaction as vice president of, WACHOVIA BANK OF DELAWARE, SUCCESSOR TO FIRST UNION HOME EQUITY BANK NA SUCCESSOR TO FIRST UNION HOME EQUITY CORPORATION, was employed by Princeton Reconveyance Services, a vendor of Ocwen.
WF backtracked on this statement later in writing. WF then wrote that the signor of the satisfaction on Mr. **'s loan was employed by HomEq Servicing. WF reneged on this in 2013, by writing that their assumption that Ocwen as successor to HomEq Servicing may have been unjustified. Imagine? I have a verifiable list showing WF has committed fraud in responding to me about this account, in order to withhold almost 40,000 dollars their servicer SPS stole from me. Because of the stress endured by dealing with WF, I have endured both physical and emotional stress. Hopefully an attorney will handle this on a compensatory basis.
This has been one horrible experience for a loan. We were quote 100% approved from the beginning 6 weeks ago. They never did anything on time, never were prepared, and cost us thousands in extra moving expenses for their delays. They should all lose their jobs.
I have recently began working as a realtor for the second time on a home purchase through Wells Fargo. The loan originator was great in the beginning. Getting towards the end, he was nowhere to be found and I could not get simple answers to my questions such as if the final inspection had been done. My clients were Spanish speaking and from day one he complained about the language barrier. When we were 3 weeks over contract date, he finally called me and left a message saying he was out on a family emergency and that he did not have time to "babysit". I finally went to my local branch in my hometown to ask for help since they referred these clients to their mortgage department.
At first they were helpful but then they did not want to be involved. I could not even get the loan originator's supervisor's contact information to report the lack of professionalism I suffered as well as the offensive comments he made about the clients and the insurance carrier involved in this transaction. This whole transaction was a nightmare just as the first transaction was as well. This company has been by far the worst to deal with - it is one thing to drop the ball, but when you are lack competence and professionalism as well, what is the point?
I am a Real Estate agent. I have been waiting to close for three months. Wells Fargo is horrible. The loan originator and his supervisor appear to be inept. They told me the buyer had a commitment letter, but it was never produced. They told me that my seller needed to make some repairs per the appraiser. The repair description was so vague that I called just to confirm. Well when I called I was told that we did not have to make any repairs after all. Two weeks later the appraiser called me to schedule an inspection of the repairs that were suppose to completed, and they were not the same repairs we were initially told to make. The experience with them is so asinine. It is so unbelievable, I cannot even write about it. I will never work with a buyer who is using Wells Fargo as his mortgage lender.
Hands down this was the worst refinance experience I ever had. I have refinanced with other banks and find them a lot more helpful. They wasted almost a month of my time with no results. I would give them Zero out of 100. I thought having my mortgage with them would make the process easier but that was not the case. I ended up with Wells Fargo because my mortgage was sold to them by the originating bank.
Here is the actual letter I sent to WF top executives: "Leaving Wells Fargo after 20 years. As the Leadership of Wells Fargo, I think it's important for you to understand why a long time customer of Wells Fargo is closing my bank accounts and leaving. I have been with Wells Fargo for 20 years and with my recent home purchase in Atlanta, I was not treated well at all! My last mortgage was through Well Fargo, and I paid that in full. I have an excellent banking history.
My current home was just financed through Wells Fargo. With my banking and credit history, I thought it would be a very easy to use Wells Fargo again. It was not!! This was a very bad experience for me and caused me a lot of grief and dissatisfaction. Delays, and pushing back my closing by 3 extra days was unacceptable to me. I had to cancel my moving truck, I traded a day off from work, and missed a day of pay since I wasn't moving as planned. Having to dig out my Birth Certificate 3 days before my scheduled closing to prove who I was to Wells Fargo, was the breaking point. You would think that after 20 years they would know who I was and how to spell my name correctly.
I voiced my concerns to everyone at that office, and it didn't matter and really, no one cared. I was interviewed by Jerry **, Reconciliation Specialist. Although he sent me a nicely written letter, this did not reconcile the matter with me (and was not special). There was no apology either. This was not my first closing, I've had 5 others. This one was by all means, was the absolute worst. That is why I am "Divorcing" myself with Wells Fargo. I am using that word since I am ending a 20-year relationship with a bank I used to love. Sincerely and with no remorse, Phillip **"
Update: I heard from a very nice young lady who would investigate this matter. It took her about a month to get back with me and complete her findings. She said she was very busy....that leads me to believe there are many many complaints out there. This time I did get an apology. But I'd already closed my accounts so it really didn't matter.
My new bank is wonderful and has sent me a beautiful welcome note and a welcome package which was unexpected. They know how to do customer service! To the person who is reading this and considering using Wells Fargo home mortgage, listen to your real estate agent, ask their advice. I wished I had listened to my agent's good advice when it was offered.
When we decided to buy a new house, we figured we'd stick with WF for a new mortgage because we had refinanced a VA loan with WF a few years ago and that process had been quick and painless. Getting a pre-approval for our new loan was pretty easy, and we were pleased to find out that we "qualified" for more than we had previously thought. Things started out great, so we set our price range and started looking at houses. From there, things went downhill. Overall, I'd say that WF employs a bunch of very young, inexperienced, and poorly trained kids to be "loan originators." It seems that they don't know much about mortgages, aren't well versed in finance or money management, and know nothing about their employer's own underwriting process. Also, communications were pretty bad both among WF employees and between WF employees and us.
To expedite the application process, we had gone ahead with the full-blown "pre-approval" instead of just the basic "pre-qualification." To me, "pre-approval" means that if you don't lie about your income or debts and can document all of it, you are approved to borrow the pre-approved loan amount. Turns out, that's not quite how it works out. Your loan originator (the person you actually talk to on the phone at WF) does the pre-approval calculations. An underwriter decides whether you actually get a loan. Loan Originators apparently do not use the same calculations that are used in underwriting, and they have next to no knowledge of the underwriting process. So, when pre-approval doesn't translate to final approval, your loan originator probably won't be able to tell you exactly why or what, if anything, you can do to fix it.
It can also be difficult to know from one day to the next who your loan originator will be. Soon after we were "pre-approved" for our loan, we were assigned a new loan originator. When I asked why, there was some vague explanation about how our original guy had mistakenly submitted our pre-approval as an actual loan application. We never got a full explanation. A whole new loan application showed up on my loan tracking web page and I started getting emails and phone calls from yet a THIRD WF person who was apparently coordinating my application documentation. Things seemed to be moving forward, but I found the constant flux of people into and out of the process to be a little unsettling, especially when they're telling me that some unspecified mistake had already been made on their end.
When we found "our" house, we knew the price was at the upper edge of our pre-approval amount, so I won't blame anyone for the hiccup in getting final approval. It was a close call and we ended up having to make a couple of changes to the loan itself to make the numbers work. However, the way the "hiccup" was handled was inexcusable. As we were heading into the home stretch on our application, I got a call from WF's loan coordinator asking for a statement verifying that we had sold our current property or had a contract to sell it. I immediately submitted a statement confirming that we planned to hold onto our property indefinitely, as we had told WF from the very beginning. Within 24 hours, the loan coordinator was on the phone telling me that they could not approve my loan unless I sold our current property. No explanation. Just an apparent 180 by WF. Loan denied. End of story.
The only reason I even bothered emailing a reply to Loan Originator #2 at that point was because he and I had already discussed the impact of holding onto our existing home in detail and we had set up the down payment, mortgage insurance, etc. to account for that. Something appeared to have changed and I wanted an explanation. A few hours after I emailed him, Originator #2 calls me at home. (Despite the fact that I repeatedly told everyone at WF that I prefer to communicate via email, they continued to call me on the phone and leave voice mails... ) He says the underwriter had determined that I was about $100/month shy of meeting the debt-to-income ratio. I'm less than $100 shy, but some kid at WF is telling me I need to sell my house to get this loan! Fine - if I'm $100 shy, I'm $100 shy. I wouldn't expect any lender to just ignore that and approve my loan just because I'm a great guy.
But, you don't sell a house to make up a $100/month income deficit. You do something else, like put more money down or find other income or something. Which was another serious failure on WF's part as far as I'm concerned. *I* was the one who ended up coming up with options to make things work. The loan coordinator thinks I need to sell my house and the loan originator couldn't seem to get off of the WF New Employee Loan Origination script. Ultimately, things worked out and we got the loan approved, but the whole experience was an unnecessary pain in the a55 due to the seeming lack of experience among WF's employees and poor communications between WF and us (the customers). I really couldn't recommend them in good conscience and wish I had gone with a local lender instead.