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I have several bank accounts with Wells Fargo and have been a customer for longer than I can remember. I requested a “cash out” loan on my residence which is fully paid. I asked for $50,000 on a house they appraised for $450,000. It took 30 days for the underwriter to look at my documents. Some on these had been submitted twice already. I received a list if 15 additional inquiries, it’s more to come. The underwriter had gone over every deposit and check for at least 3 months. The deposits were transfers (if they had bothered to look). The checks were for credit card payments. I found the process to be invasive and offensive.
Spoke to the head of the department and they simply do not care about the customers because they have a large workload. They just cover each other, really sickening. I have financed before and never have I felt so helpless and offended. There are many other banks out there. I should have known that Wells Fargo with a track record of taking advantage of their customers (the opening accounts without customer knowledge) would be a bad experience. I dropped the process. I don’t need the grief!
I am facing financial difficulties and was issued a letter from Wells Fargo, the bank that services my home loan. In order to expedite and prevent my home from going into foreclosure, I contacted the bank and asked them to send me a copy of the letter they previously sent me via standard mail. To my dismay, their emailing process takes longer than sending correspondence via regular mail. I tried explaining to them that timing is crucial in order to prevent anything of this magnitude to happen. They put me on to a manager and to another department, but they still did not send the email, which only takes the push of a button.
Their only concern was to prevent me from giving them a bad review on social media. This is not the first time I have had issues with this bank. They do not go out of their way to help their customers like other similar institutions. My advice people is to research the bank that is going to service your loan before purchasing your home and if Wells Fargo is mentioned RUNNN!!!!
We tried to refinance with Wells Fargo. Everything was fine and there were no issues along the way. Three days prior to closing I noticed online that PMI was on our loan. I asked the loan officer about this and he did not know why either. He eventually emailed me stating Wells Fargo did not accept the appraisal (by a 3rd party they hired) and arbitrarily lowered our home value by $60,000 and we were now required to have PMI. We were never told they didn't accept the appraisal and we were never told about the PMI.
I honestly think they were trying to sneak it past us and hope we signed and didn't notice. There was nothing wrong with the original appraisal and the value was correct - a licensed appraiser completed it and had 5 comps to support the price. This just seems like more shady practices by Wells Fargo to hide fees from the customer. Even the loan officer stated he has never seen anything like this in the 7 years he's worked there. I don't see how this is legal. Everything was done correctly throughout the process and they arbitrarily change it to their benefit at the end without disclosing it to us????
I started my application for a mortgage with WF in May (nearly 4 months ago). I have good credit, financials, etc. and was quickly pre-approved. Since then, this process has turned into a quagmire. I have been asked to submit the same set of documents multiple times by the banker, processor, and then finding out that they were never received by the underwrite. Underwriting turnaround times are at over 2 weeks. All the while, the banker that I was assigned has been essentially MIA; answering emails/calls weeks later. WF has competitive mortgage rates, but so do their peers. Most of the larger banks will match WF (e.g. Chase, BofA). My overall advice is not to waste your time here, there are plenty of other lenders. I am in the process of closing all accounts I have with WF. I would never do business with them in any capacity again.
Wells Fargo appears to have altered internal documentation on a mortgage my husband secured without my knowledge. They added my name to the documentation in an attempt to obligate me to the transaction. WF continues to have a pattern of customer abuse and fraud.
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I have multiple savings accounts, checking accounts, business accounts, personal loan, 10+ years of perfect payment on my current mortgage. Applied for a new loan for a house we want to buy, was told underwriting would take 7-10 days, I’m now past 30 days since everything was submitted. Some of my emails have been completely ignored and some were just lies to stop me from asking. My loan still isn’t approved as I’m sure it’s sitting on someone’s desk in a pile being ignored. I’m so frustrated I might just take ALL my business to another bank that has either a proper amount of underwriters or better customer service skills. I’ve given them everything as they asked same day. They “forgot” to send me 1 form that held up my application going to underwriting an additional 10 days. What the heck is going on? Not only will they lose new business to another bank but they are going to lose existing business because their service is so poor.
My husband inherited property that had a lot of problems, the house had a cracked foundation, just to start with. He wanted to move the house to a different location and went to the Clovis Wells Fargo branch to see about a loan. He explained the entire project to Mark ** and my husband was told that it would be no problem to get a home equity line of credit. My husband proceeded to spend a lot of time and money on permits, supplies, trenching, etc and went to the bank to arrange for the loan. Mark ** then told him that he couldn't get a loan for that type of project. He said to meet with someone knowledgeable about mortgages and make an appointment to meet with Greg, the mortgage expert the following Monday.
We went in and instead of meeting with Greg, we got stuck with Mark again, who didn't seem to know anything about mortgages or lines of credit. Greg, the person we had the appointment with, was in the next cubicle listening in while he waited for another customer he had scheduled for the same time. Greg said sorry, WF doesn't make that type of loan anymore and he said he would research other options. Later that day, he called and said that our best option was to apply for a second mortgage on our primary residence. We came away feeling like we had been lied to by Mark, and just given the bum's rush. The unprofessional way they handled everything was completely unacceptable. Stay away from Wells Fargo!!!
Hello. In 2004 I purchased a home through WELLS FARGO in SC for 153,000.00 and all seemed fine. In 2010 my job as a commissioned sales rep was compromised as all consumer confidence in banking and loans crashed and it was hard to make any money. Wells Fargo offered us a loan modification but we had to be behind three payments. We were behind nothing at all but decided to take their advice to get some sort of concession on our mortgage obligation.
Fast forward to today 7/5/2019 our mortgage statement says we owe 158,900 fifteen years after making our original purchase of 153,000 while only missing a total of three payments which we HAD to miss in order to get into their program. At this point I can honestly tell you that we were taken advantage of and we simply cannot believe that someone like a national bank would prey on those in distress like they have us.
We have never missed any payments on this mortgage before or after the modification other than the three we were told we needed to miss to qualify. We received no money or payments from Wells Fargo either. I would recommend for anyone needing help with their mortgage to turn elsewhere as Wells Fargo does NOT have your back. They apparently take predatory actions to help themselves instead.
I have my real estate taxes and homeowners insurance put in an escrow account. I don't remember many of the details of payments prior to 2018, but in 2018 I received a cancellation notice from my homeowners insurance company via US mail. I naturally called the insurance company, they said Wells Fargo didn't send the payment. I paid the bill using a credit card, called Wells Fargo Mort., they claimed they were waiting for insurance. They would send payment to insurance who then would reimburse me. Well 6 weeks later with no reimbursement I called Wells Fargo Mort.. I pleasantly asked them if they paid the homeowners insurance, her reply was "since the insurance was already paid they were keeping the money.
It took over 2 months to get my funds back. I told them I was gonna stop insurance premiums into escrow so I would be able to pay on time, guess they didn't like that. They said no. 2019 it's started all over again. Cancellation from insurance company. Had to pay with credit card, though Wells Fargo Mortgage has the funds. Now it is time to get more people involved in this.
I want to share my own horror story of buying an investment home. It’s a long story but I do hope I can help someone by sharing my own. We sold our previous investment property by using 1031 exchange tax deferral program. It not that complicated if you hire the right agent who knows the game. The seller of the replacement property offered 14K credit at closing. Since we weren’t sure if the credit is allow to be issued as a separate check to us or has to be applied towards the mortgage, our realtor wrote an email to WF mortgage consultant, Tom, trying to get a clear answer directly from the lender. Less than an hour later, he called and told my realtor it’s no problem and we can get the credit separately as opposed to applying it to the mortgage. Wonderful isn’t it? Right, until we found out he was lying.
In less than a week before the closing day, I received a phone call from WF stating the credit will need be applied towards the mortgage and non-negotiable because it’s in the contract. The loan processor told me if any “credit” appears on the contract, all goes towards the mortgage. We were shocked because the house we’re purchasing need a good amount of repair works and we're relying on those “credit”. We tried to call Tom and he went radio silent, no one can get hold of him, even though he is a WF employee but WF holds no responsibility nor compensation.
What’s more? They got every number wrong, too. For some reasons, they left out thousands of dollars in my 1031 holding account and only applied partial amount to the mortgage. Why? I do not know and they didn’t explain it either. So, if I never double check the HUD, I’ll have to pay numerous amount of tax just because WF’s mistake - again. The purpose of using the 1031 exchange program is so you can use it in exchange of another investment property dollar to dollar, so you don’t end up paying 40% capital gain ((a.k.a. 1031 tax deferral program). Two days AFTER closing, I received a letter from Tom stating that I need to lock the mortgage rate or else will expire next week. I’m truly speechless…
Wells Fargo Mortgage Company Information
- Company Name:
- Wells Fargo
- Year Founded:
- 420 Montgomery Street
- San Francisco
- Postal Code:
- United States
- (800) 869-3557