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Wells Fargo is a national bank with branches in many communities. Its services include home loans, mortgage refinancing and home equity loans. Explore mortgage information, affordability calculators and home loan shopping tools on its website. If you’re interested, apply online or talk to a Wells Fargo mortgage consultant in your area.
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Updated on 10/09/2020: I keep receiving calls, from Wells Fargo. But nobody gives me a full explanation of my denial reason. I deposit yearly $700,000.00 my income out of there is $180,651.00 yearly. From my business account I pay all of my personal and home expenses, which comes out close to $50,000.00 to $60,000.00. Still even with great credit, great income. Wells Fargo denied me a loan saying not enough assets. Current balance in my account is $85,000.00. They say not enough to pay $15,745.00 in closing costs and another $2,800.00 to complete the downpayment.
Somewhere their math is wrong. I had made it very clear from the beginning, that I had closed my personal account about a year and a half ago. They told me, "Don't worry. We will use your business account." And still they say I don't have enough assets, I own two properties out the country with a value close to $620,000.00 and have an account out of the country, will not say balance but a big one. Thanks Wells Fargo. I will be closing my accounts and take my business elsewhere, since I am no good for you. Fausto **
Original Review: I called Wells Fargo, applied for a mortgage, got a preapproval right away. Income and credit are great. After one month then I have to call in, to find out that I can't use my own money from business account. I stated clearly that I did not have a personal account that everything comes out of my business account. Was clearly told, "No problem. You have plenty of money in the bank." Then they tell me that I can not use my own money. Ridiculous. I been with them since 1991. Will close all my accounts.
For the 3rd time since we got stuck with Wells Fargo Mortgage, they have taken a stipulated principal payment, an extra payment, and either misapplied it or not applied it and they refuse to give us credit on interest charged. We have always paid our monthly payment on time; it is automatically drawn on our checking account at another financial institution. We only physically go to Wells Fargo to make extra principal payments. The first time we made an extra payment, like months' worth of principal, they showed it as rec'd but did not apply it to the principal until we brought it to their attention. The second time, they applied it to the next payment, which wasn't even due, and applied the balance to the principal. This time, on September 2, 2020, they once again posted it to our account but did not apply ANY of it to the principal.
When I called them on it, they said it would be applied after our monthly payment was received and asked if I wanted to pay it while we were on the phone. I told them it was automatically paid from our bank and we were not making a duplicate payment. They already had money they were sitting on, not applying it to principal. They said they could not apply it to the principal until after the monthly payment was made. The monthly payment was made and I had to e-mail them and complain because the big payment we made was still sitting there.
That night they applied but not back to Sept. 2nd, they applied it on the 8th and it did not show up until the 9th of September. I asked for credit on the interest because they had had our "good money" payment since the 2nd. They REFUSED to give us credit. Once again, Wells Fargo Mortgage has earned their F rating. It should be F-. We had no choice in going with them; the loan processor company, Nova, sold it to them without any choice from us. This has been a disaster loan from the start. Why can't Wells Fargo clean up their act?
My mortgage was sold to Wells Fargo which I was furious at first; then after talking to them I calmed down. Then when it was time for my house insurance to be paid, my insurance company sent the bill to the wrong mortgage holder, I was frantic since I could not get hold of my insurance agent to correct it; my insurance company dropped my home owners policy. I called Wells Fargo explained the situation and they got on the phone and help straighten the bill issue out. Great customer service from the insurance division of Wells Fargo.
The worst customer service. I avoided this company after they opened a fake credit card in my name but unfortunately they bought my mortgage note. The customer service is so bad I would never ever open a bank account, mortgage, or any other financial product. If you do business with them because you choose to (if they do not buy out your mortgage note) then you deserve the bad service you get from a national company built upon liars and cheaters.
Only good at stealing money. They are in bed with the FED, and will screw you out of a good loan with the JPMChase. Both were same rates, it is a scam! I know they are only interested in large loans, so they can rip people off!
Application process takes too long and found there a few departments handle your application and they do not communicate with each other. Every step the consumer need to be involved to share the information.
Initial loan process was smooth. But trying to refinance was an issue. It seem since our loan amount is below $100,000 they will not reduce our rate and lower our payment. They are the same as all the others we have contacted.
Updated on 10/05/2021: We had a VA home loan which was sold to Wells Fargo about 2 years buying our house. We had nothing but bad experiences with them, i.e., they talked my wife into signing paperwork adding 15 years to our mortgage which made it a 45 yr home loan the whole time since then so we decided to refinance and get out from under them. We refinance in Sep and this is now the beginning of October and they have decided to keep our escrow that we had built up. This Bank is nothing but a bunch of crooks. Do not deal with these people because they don't care about you, just how much money they can swindle out of people.
Original Review: Do not deal with this company. They do backhanded deals and my 30 yr mortgage turned into a 45 year mortgage. They lie to their customers and cheat them. When you call to talk to someone they put you on hold forever. Paying on mortgage yet my loan amount keeps increasing each month and they say they have no idea about it yet they are the ones reporting it to the credit bureau. Stay away from this company.
Ok, I’ve felt with Wells Fargo before it was not a good experience. Now by no choice of my own, my mortgage was sold to Wells Fargo. I would have never chosen them. But so far it’s been pretty good, no issues yet.
Got completely to the closing week and was told 2 days before closing they could not verify my employment, this was after 3 weeks of giving every doc they asked for. Lost the house. My credit rating 802.
I highly recommended my mortgage with Wells Fargo. They have an exceptional customer service, very polite and knowledgeable. They had been my company for so long now but I had to contacted them several times during this pandemic even though I had been able to pay my mortgage they had mentioned if anything they would work with us. We had never been late and we haven’t get any other loans with them but I’m sure if I ever need one we know we wouldn’t have any problem. I’m a 100% satisfied and I highly recommend them.
I am writing to tell you why I withdrew my application for a refinance mortgage and to tell you why I will never do business again with Wells Fargo. During the past 2 months I have had an unimaginably difficult time getting my application approved to refinance my current Wells Fargo mortgage as a 15-year re-finance for our primary residence. Let me be clear that my wife and I should be ideal applicants with a high credit score (>800), no negatives and plenty of assets. Our current 30-year mortgage is already with Wells Fargo. It is apparent to me that the mortgage process at Wells is broken and designed to convenience and protect the bank, not the customer.
• No one person takes personal responsibility for the mortgage. My initial contact with the mortgage agent was tossed over to another agent who then placed blame for delays on his unannounced vacation of ~2 weeks. No one covered his voice mail while he was on vacation nor did he seem concerned about that. Even when he was back from vacation, he repeatedly promised to return my calls with resolution of an issue and in most instances no call was ever made.
• I cannot tell you how many times I have been told by one of your employees that there is nothing they can do about my issues and they refer me to someone else in another division. It is apparent, to me, as a consumer, that Wells Fargo is so administratively over-partitioned that communication between the pieces is almost nonexistent. The corporate motto, in my opinion, is “It’s not my job.” Time and time again the response of the employees is that “I’m sorry you are having a problem let me refer this on to someone who can address it... There should be a single person who advocates for the consumer and gets the entire process done with as little headache as possible. No wonder people still deal with their community bank where face-to-face relationships grease the system.
• Even when I tried to file this complaint, I was transferred not less than 5 times with each employee saying, “I can’t personally handle this...but I will try to find someone who can.” Today it took me nearly 90 minutes to reach a supervisor in the mortgage department who apologized repeatedly for what I’ve gone through but, in the end, said she was incapable of doing anything about it and would have someone from the “complaint” department contact me later on next week. "It’s not my job..." There was poor to no communication between the various people who managed my application.
• 6 weeks into this process the agent was still of the opinion that I was self-employed and it was apparent to me that he was not at all familiar with my application.
• The “underwriter” repeatedly asked for documents applying to a shareholder who owned more than 25% of a corporation, a situation which does not apply to me. I can’t tell you how many times I tried to explain that but the mortgage portal only allows you to upload documents and not questions or explanations.
• I was asked not less than 5 times to supply 2 months of business statements regarding a municipal bond. Each time I uploaded the banking account that holds the proceeds of the bond. In each instance and the request kept being put again on my to-do list. The agent laid blame on the underwriters stating that he had no control over this. Despite multiple calls with Mr. x and Mr. y the problems were not addressed or resolved. The software system is designed to convenience the employees at Wells Fargo and not the applicant.
• Three times I was locked out of my mortgage file. This required calling a toll-free number, being put on hold 7-24 minutes and then going through an interrogation asking, for example, what car I bought in 1998.
• The queries on the mortgage portal are cryptic and no one is readily available to explain them.
• On my final call to ask how to complain about this experience, I learned that my cell phone number was incorrectly listed in the system (a two-number transposition).
The final straw that terminates my relationship with Wells Fargo was the fact that I was able to get a refinance mortgage approved by a competitor last night. Sitting at my computer with an agent on the phone, I was approved for a $300,000 re-finance at 2.625% in under 40 minutes. Fannie Mae approved the application and all I had to submit was my pay stubs, 2 years of taxes and signed consent documents.
Wells Fargo mortgage is a broken company. Despite the issues they have had over the past few years with consumer fraud and mistreatment of mortgage customers, I naively thought that as a long term customer with an unblemished payment record refinancing would be a snap. Instead, I find a company that is so fearful of individual responsibility that nothing gets done and employees don't work with one another. Wells Fargo employees are so fearful of doing anything wrong they essentially do nothing beyond the strict boundaries of their job description. There is no corporate mandate to follow through on promises made to customers and I especially hold out Mr. X and Y as examples of this. No one seems to be concerned about the customer experience.
I can tell you that I will post this letter far and wide on the Internet and can only hope that Wells Fargo takes my experience to heart and tries to fix the mess. While I am doubtful that your actions constitute any criminal behavior, I will file a complaint with the Missouri Attorney General and share this with my financial planner, who strongly warned me not to deal with Wells Fargo. I wish I had listened.
I have been paying my mortgage now for 13 years (156 on time payments) even during this economically difficult time. I contacted WF to get my mortgage insurance fees removed. I sent 2 email to to different people and left a voice message for one of them. You would think they would respond and address your concerns. NOPE! 2 weeks in there is no response.
My original mortgage (2007) had an interest rate of 6.25%. In 2012, it was HARed to 4.5%. At that time they assumed a lower value of my property than it as worth. The effect was an interest higher than what I thought I would otherwise qualify for. The new loan was for another 30 year fixed (I had assumed it would be for the 25 remaining years, unfortunately I realized this after the fact). Now I am told I have to reach a 78% loan balance before I qualify to have the MI removed. Based on the value of of my property right now, I do qualify for the removal of the MI, but guess what, they appoint someone to come eventuate the home value. Needless to say the estimator represents the interests of the bank and thus likely to value if lower. If 13 years of on-time payments is not enough to convince the lender that the borrower is a low risk borrower, then I do not know what will: hence my conclusion that these may be predatory practices.
I have been with Wells Fargo for almost 20 years. Like others, I am trying to refinance the loan I have held with them. I have a permanent job, excellent credit (over 800), excellent payment history and am just seeking a refinance. Like many others there have been several delays and adding the need for additional documents- some that are random and are not connected to my home or not connected to a refinance. They have also changed pricing. They have run my credit report FOUR times and now ask for a letter explaining why I have so many credit inquiries on my report (all from them!!!). Every time that I submit documentation they ask for more, repeat submissions or documents I cannot provide because it's not connected to my property or it's an error that they have created.
Getting a lower interest rate means they will lose, and they don't want that so they have spent the last two months creating errors in my loan process with additional delays. While I am angry and frustrated, I now see that this is their norm. They are intentionally harassing customers to keep them from getting lower rates. I will still file a complaint against them, and I hope enough of us will be the catalyst for another government investigation. I will never recommend them. I will never do business with them again. I will apply to another bank for my refinance.
Wells Fargo failed to complete my refinance in time. I had filed 3 formal complaints throughout the process due to delays. Initially I had a rep that lied to me about the process, who ended up getting fired, for internal reasons unknown to me. After getting a new rep, I was asked the same questions or for the same information repeatedly each time a few more weeks went by. I provided everything that was asked to me promptly and immediately. But it became excuse after excuse, extremely frustrating, and eventually resulted in missed deadlines.
At one point they wanted to have an appraiser look at the unit during the height of covid, but fortunately the decision for desktop appraisals happened soon after. After about 4 months in, I was asked to pay down the loan on a simple refinance already with them, which I said ok to, as long as it got things past the finish line. But none the less they still failed to complete it in time, and said they needed to pull my credit again, to no fault of my own.
Months of frustrations aside, this would have had a negative impact on my credit, and a cascading effect. This was not fair to me. The complaint department was rude and told me it was my fault, providing no rhyme or reason, just that's what they decided. They also provided no alternative solution, or at the very least a reimbursement of my appraisal or credit report fees. And told and me that there was no one further I could escalate this to. I also confirmed verbally over the recorded line that they were only treating me this way. I took that as a form of discrimination. And at this point I also considered this to be FRAUD and THEFT. Perhaps because they did not want to honor my locked in rate, I do not know, since it was just a small refinance.
I spoke with other teams at wells fargo, explained the situation end to end, confirmed my dissatisfaction, validated my mistreatment, and asked for help and suggestions. I was given the team's supervisor, who I attempted to contact several dozen times and left many voicemails. My calls was never returned. I later received a notice in the mail canceling my loan, even though through written correspondence I had no desire to, nor did I give consent. This was an unbelievably disrespectful, unethical, fraudulent, and unprofessional experience. I hope this helps someone make the decision to go with another lender and avoid this.
I am unable to get online access. No matter how many hours I take to wait on hold or talk to someone, I get disconnected many times and have to wait hours again. I have no online access, so I can't see what my mortgage situation looks like. I sent a check to add to my escrow. but I don't think it was applied right. Again, I can't talk to anyone to fix that nor can I see online what happened. Every complaint I can make is either through their online system or by phone. I have no remedy to fix this. They bought my mortgage, so I had no choice but to deal with them. I am thinking of refinancing just to get away from them.
Stay away from them. First thing you need to know is you will deal with at least 4 different people maybe 5. First person - I will call the "salesman". Runs your credit. Tells you how wonderful everything is going to be. Second person I will call admin, if you get to this step you immediately get a list of about 10 things to do or documents to submit. OK... It's a mortgage right? Going to take some work. Moved our expected close date up so we had to switch lawyers ($). Two weeks before close I asked "do you have everything you need, haven't heard from you guys in a while?" Answer "Yes, everything is in order". Then you meet the Underwriter that works on your case based on close date and that added 20 documents or "To Do's" to the list.
First close date pushed back... Remember having to change lawyers? Money down the drain. Then you meet the "closing agent" who after reviewing paperwork decides another 5 documents are required. Then it gets to the "closer", not sure the difference between closing agent and closer, but there you have the bureaucracy at play here in a single sentence. Anyway the closer also needs a couple of things and closing date gets moved back another week.
Finally (?) get a call "congratulations, your closing is approved" and a date is set. Think you are done? Nope, just got a request for another document to be uploaded and 3.5 days away from closing I think we will be moving it back again. Starting to think that they give you a great rate lock to hook you then delay as much as possible to pass the deadline. Waiting for the call stating "the rate expired but we would be happy give you this other rate..." Coupled with the unethical operations in 2017 I would say don't follow me into the quicksand that is Wells Fargo. Bought and sold 4 houses now and by far the most excruciating company to deal with. I do not exaggerate when I say a week ago I had to deal with the DMV and Wells Fargo (during Covid) and the DMV was by far and away the more pleasant experience.
We applied for a investment loan from Wells Fargo and have had nothing but trouble with them. The lack of communication, along with their ridiculous qualification requirements, really set things off on the wrong foot. It was always imperative that they have our information by a set time and date but when we needed clarification or had questions it could be days before we heard from them. We felt as though we were in a circus jumping through hoops for them. The nail in the coffin was that a week ahead of our closing date we were informed they had not done the home appraisal. Are you kidding me? We were forced to push back our closing an extra week and a half.
Then to top that off, after not hearing from them they write us to say that once they find an appraiser, the appraiser would need to be vetted and that would take up to 3 weeks. Blood boiling now! The incompetence, lack of communication and the prolonged, never ending excuses and delays, nearly cost us an outstanding investment opportunity. We promptly canceled our application and requested our money back for the application fees and appraisal fees. We were able to acquire a loan Locally to salvage the deal. Still waiting on a reply from Wells Fargo about our refund.
My wife got laid off and my overtime was cut due to the covid19. I asked about payment deferral on my mortgage and it was granted. What I wasn't informed of is two months later they now want the deferred payments made in the next two weeks. Was not offered any payment options or anything, just a email that this is what it due. My ot. is still gone and it's still difficult to make normal payments much less make up 2600$ in payments in two weeks. We are looking into refinancing now due to this.
We had a home mortgage with Wells Fargo for over 10 years and we sold our property and paid off our loan. We chose Wells Fargo for our next home purchase in FL. Big mistake. My husband is a government employee and stationed in MD and Wells Fargo said because he would not be living in the new home all the time it had to be called a 2nd home loan even though we do not own a 1st home. They changed the loan amount on 3 days before closing and change the loan from primary residence to 2nd home. When I asked the lender why would they do that and how would we prepare our year end taxes, he said, "Just call it your primary on your taxes." Telling us to lie on our taxes and suggest a loan classified as a second when it is not, is very dishonest. I would run from any loan mortgage with Wells Fargo!!!!
Same story as others. We are extraordinarily well-qualified borrowers with perfect credit (+800), high income, more than 70% equity in our home and a decade long history of mortgage and refinance with Wells Fargo without a single missed payment. After being approved for a small HELOC in early March we hired a builder and obtained permits. However, the HELOC approval was withdrawn in early May with multiple different excuses provided. Plain and simple, Wells Fargo is hoarding homeowner equity. We have lodged a complaint with CFPB, are filing a small claim in our county court to recover initial construction costs, and are exploring other legal options to potentially pursue Wells Fargo for lost rent on this income producing improvement. In addition, we are continuing to reach out to local media to draw attention to these illegal practices and would encourage others to do the same.
Horrible experience the day we were supposed to close on a house we found out we weren't getting the money. The week before they started working on our loan and kept giving us the runaround. We also lost the money we paid for the appraisal, no one had the courtesy to apologize. We submitted our paperwork on time to avoid any delays and we could call to check up and make sure everything was ok, we were told they needed nothing from us but apparently they were all lies. Please go with an FHA loan not Wells Fargo.
Wells Fargo doesn't even get one star from us. We have been customers for 20 years. Our first mortgage was with Wells. We refinanced with them once before and now that the rates were really low so we decided to refinance again. We were only looking for less years and a lower rate. (no extra money out) We have never missed a house payment and we have at least a credit score of 750 or more. We are essential workers and continue to work through Covid 19.
On March 25, 2020 we filled out an application and in the next few days had all the paperwork needed. We had to do all online because of the shut down due to Covid 19. It was very hard to get a hold of the representative working with us.We are from Wisconsin and the office was in Tempe AZ. Week after week, we waited and emailed and tried to call. At one point, we were told we were just waiting, things were going slow because of Covid 19. They kept putting us off but all was on track. We received all the numbers and questioned some of the cost and fees, which they never responded to.
We sent emails to the supervisors but never got through. Finally our representative called and said they were waiting to see how they were going to do an appraisal again due to Covid 19 (they can't come to the house for the appraisal) but they were looking into other options like a drive by type appraisal or pictures. The interesting thing was that the last refinance (with them) appraisal amount was about 50,000 more than we are refinancing this time and the value of the house has gone up since then.
Now it is May 29 2020, the representative calls and said there is no way to do the appraisal so they can't do the refinance and they will give us back our application fee. They said we would be getting a written letter with the details. After all the weeks and the waiting they can't use Zillow or our tax assessment or even the last walk through appraisal we had done!! We are beyond upset after 2 months of waiting on their BS, AND the interest rates have gone up!! Not to mention, after thinking about things we called and requested they refund the application fee asap (which they should have done the same day after having it since March 25!!) Needless to say, we are now going through our Credit Union. We would highly NOT recommend Wells Fargo!!
This place is a joke! Applied for a loan for an investment property and though I was approved, I backed out of Wells Fargo last minute. Here’s why; this property was suppose to be in a living trust. They asked for my death certificate. Clearly I’m not dead, I’m speaking to you (Idiots)! Then they asked me for the trust holder's death certificate. It’s a LIVING TRUST!!! They are not dead either. So much confusion when it came to the trust that I told them to leave it out and I will have my attorney put it in. It was hiccup after hiccup and hiccup. Then they asked for trust documentation anyways. This is unnecessary people! I told you to leave it out of the trust. They couldn’t give me a straight answer on the section of trust they needed. This is a 100 page document. I am not sending you all 100 pages. In which over 3/4 of it is none of your business. In fact, I believe I said leave it out of the trust so NONE of it is your business.
I had a 30 close date per the seller. (Very reasonable and normal.) Now let me add to the story a bit here. This is an investment property in Oregon in the middle of COVID-19. Lots of people selling and lots of people fighting for these properties. You’d be lucky to get your hands on something that doesn’t go pending the next day. This particular property accepted my offer but had a backup offer in place. Wells Fargo yet again screwing up and sets up an appraisal that can’t be done for 6 to 7 weeks. 6 weeks people! Excuse me??? I need this to close in 30 days. They put in for a rush and still it will take too long. We extend the contract by a week in hopes the seller will work with me and not move on to the next offer.
In the meantime, halfway through this process, I find another property that they pre approved me for. I put an offer in on it and it was accepted. It was my lucky day! I sent my earnest money into the escrow company and off to the races I go with two properties. Another problem comes up. Wells Fargo is telling me they can’t close one property without closing the other around the same time. What??? Why??? You’d think you would want to close one at a time to reevaluate the financial situation. I never thought for a second that this would be an issue of any kind. Look at my accounts Wells Fargo! I have plenty of money to back these additional properties to add to my portfolio.
For the sake of not closing in time on the first property, I had to drop the second offer to ensure the first one would be ok. In the meantime, they call another appraiser and this person can get it done in a week. But, it will be $2,000 more. Ha! Wells Fargo can pay for that. This is not my fault. They told me 30 days should be no problem at all. The appraisal is set up and without this bank even thinking about it... the original appraiser had a cancellation and they ended up doing the appraisal. Now the problem is this was no longer assigned to the original appraiser and I’m sure as hell not going to pay for two appraisals so the second appraiser who we were now assigned to needed to be pulled off of the file to proceed forward with the original appraiser. And the original appraiser needed to be reassigned so that we are able to use that appraisal.
As we confused yet? Because I was! By the time this was corrected, we yet again needed an additional week to close. The seller was not too happy about this. Of course that was understandable considering he had other offers waiting. He signed for another week. Feewww... I was promised it will close by this new/third deadline. I don’t know why I believed them because they hadn’t met a single deadline yet.
But wait... Wells Fargo is not done screwing up! The appraiser calls me. I was asked what kind of condition the units were in, what kind of condition is the building in. Etc. Huh??? You appraised it. You tell me! What condition is it in! I was laughing by this point. Wells Fargo gave him the wrong person's contact information. We both had confusion in our voices just to find out that he was given the buyer's information and was suppose to be given the seller's information. Is this legal? Also, what do you expect a seller to says? This is in horrible condition? Something just seemed off.
The appraiser mentioned he is finishing up the report and would have it down by the following day. I didn’t think about any of this until I got off of the phone with him. Wait a minute... he is JUST NOW finishing up the appraisal??? We have 1 DAY LEFT! Wells Fargo did it again!!!! There is a 5-7 day waiting period after the appraisal. The contract wasn’t extended AGAIN! Screw you Wells Fargo! I lost out on two great deals because of your stupidity! Very unprofessional. From the guy who approved the loan, to the processor who acted high and mighty, (not sure why, she is a paper pusher) to the underwriter who kept asking for information that never pertained to this transaction... I’m done doing anything with this company. Find a better institution to do your business with.
The company resolved the issue. I will still never use them again. One hassle after another.
The bank did not pay my homeowners insurance out of escrow. Now I get a notice that my escrow account has a shortage. I can't get a human on the phone to figure this out. I will never use this bank again nor would I recommend them. I also cannot access my account online.
Let me start by saying that I already have two mortgages with Wells Fargo, my credit is excellent and both properties are rental. I wanted to buy a one bedroom condo and applied for a loan on May 1. I was pre-approved and provided all the required documentation. I was told everything was in order, I had to proactively follow up with them to know what was going on. Despite continuous follow up and providing all documentation 3 days before closing I was told we had a problem. If you are a legal permanent resident wells fargo cant do your mortgage for what they consider a second home. I told them it was a primary property where my wife and kids will reside. I travel internationally for work. I have never been late for a payment and was even willing to pay up to 40% down. Wells fargo showed a lack of willingness and charged me over 500 dollars for appraisal. I tried to reach supervisor several times, he never picked up.
I reached out to Wells Fargo on 4/15/2020, as their website indicated they had a very competitive rate of 2.625% 7/1 ARM, 25% down, total loan amount of almost 800k in Mass. Following the initial disclosures, everything went well, and I uploaded all the documents asap. From the original loan document and from talking to the Wells Fargo mortgage banker, I didn't have any issue qualifying for this loan, as I had monthly income >14K, rental income from another house offsetting majority of my mortgage payment, and also had paystub showing this year our company started paying bonus (>8K for the year).
Afterward, Wells Fargo requested multiple rounds of additional document upload, which I complied with ASAP. Every time, I emailed/called the loan officer and mortgage banker if there's any problems - rarely got anyone on the phone, and the rare email response I get indicates nothing as well, so I thought ok everything going great! Up until the day of my mortgage commitment was due, at 3PM, my attorney's office called me, asking if I need extension. I was finally able to get my mortgage banker on the phone, they asked for delay till early next week. No big deal, so I did that and went to enjoy my Friday evening at home.
Next morning, I woke up to an automated email from Wells Fargo, sent out on Saturday morning at 1:03AM, notifying me of a new rate lock with the following term: 30 year fixed, >43% down payment, rate of >3.25%. What Wells Fargo did was just brutal in my opinion, they knew my mortgage commitment date was up, so they were trying to jam a much higher down payment, and higher interest rate loan down my throat at the last minute.
And guess what, no one works at Wells Fargo on Sunday. Only on Monday at 11AM (apparently Wells Fargo doesn't start working till 9:30AM CST, go figure), did they call me. Believe it or not, they told me that I wasn't supposed to get the new rate lock until they called, and the only reason I was getting the new rate lock was because I couldn't qualify for a jumbo loan. I asked why wouldn't I qualify since the mortgage banker indicated no problem all along? Answer I was given:- Debt to income ratio was too high.
- Can't count my bonus as I only had it for 1 year.
- Can't qualify me even though I had >1.5M in asset & stock options.
- No longer counting rental income (using the 75% rule) as of Friday when my mortgage was supposed to be committed.
The last one was frustrated me, as it made a difference of income of 40k (with the 75% rule). So they basically delayed my loan and made sure I wasn't going to get qualified in order to corner me into the loan I don't want with much higher down payment. For those of you that don't know, 40% down payment is reserved for ppl with zero income. They tried to come back and offer some other loan option, including a 7/1 ARM with 35% down that qualify for non-jumbo, but rate was 3% with almost 1% points, so closing was going to be >22K! My final conclusion:- Wells Fargo's mortgage approval practice feels dodgy, almost borderline scam in my honest opinion.
- It's impossible to reach anyone on the phone. I have personally never reached my loan officer on the phone, and I called > 15 times.
- It's almost possible to reach mortgage banker, you're lucky to reach them on the phone 1 out of 10 calls.
- They don't care about your loan, if your loan is late and you end up losing your 5% deposit, too bad for you.
- Stay away, don't kid yourself.
I was lucky enough cause I still had 60 days till closing, so I was able to go with my previous mortgage bank and got everything done in < 20 days, for a 7/1 ARM jumbo for the same amount at ~800k. If you want to verify any of what I said, please contact me.
Received a letter of foreclosure from Wells Fargo. All house payments have been made on time. April's payment was received prior to due date. Do not make the mistake I did. Find a reputable bank NOT CON ARTISTS AND THIEVES!
I requested forbearance from Wells Fargo mortgage and they reported to credit bureau. I was testing my theory about "forbearance not affecting your credit, like some government agency claimed". Yes, people don't fall for it, Wells Fargo will report you if you get a forbearance on your mortgage, affecting your chances to buy a house in the future. This is my case, I'm buying a new house, now I have to explain to the new lender why I requested forbearance. If you asking why I claimed forbearance? Well, I really don't care. I have money to buy cash. But I hope I can help someone from making this mistake that can cost them the purchase of a home, good luck people and if can pay your mortgage just pay it, so you are in the clear.
Due to Covid19 and our government's approval, I stopped my mortgage payment for 3 months. I received the approval from Wells Fargo. And everything was OK until I got the notice from Credit Karma that my credit score dropped by 40 point!!!! Really!! According to our government there should have been no effect to credit score. That’s a LIE.
Wells Fargo Mortgage Company Information
- Company Name:
- Wells Fargo
- Year Founded:
- 420 Montgomery Street
- San Francisco
- Postal Code:
- United States
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