CHICAGO, ILLINOIS -- Here is a story about how badly Wells Fargo mortgage business sucks. I closed on my new home in 2005. I had told Wells Fargo that I would close on that day weeks ago and guess what? They called me only 36 hours before closing to bring me the good news. Although Wells Fargo customer service had told me it was a 100% financing option, I was asked to bring in 3% of my own funds to the closing which amounts close to $9K. I had e-mailed my loan manager Jonathan Drankwalter multiple times, left messages in his answering machine and he NEVER responded.
I complained about the misinformation and somehow Wells Fargo manager Matt O'Leary made some changes to the closing statement calculations 5 PM the daya before closing. (It is a very complicated formula by the way the way they calculate the exact amount you would need)
A day of scrambling to get the funds and here we are in the title company's office. I told the title company about the 3% thing and they were like 'Oh,we do not know nothing about that. This is what we have from Wells Fargo". Happily I sign the paperwork and then get a call from Title company. Wells Fargo has declined to fork over the money to the seller. Why? I have not met the 3% requirement. Remember that everything was based on their numbers. They deny their own calculations. The manager who handled the loan said it was just some clerical error. Oh, I forgot to say that I had to leave work and drive 90 minutes to a suburb of Chicago to resign the paperwork. After venting to the manager Matt, he reluctantly agrees to pay me $500 for my troubles. He promised to send the check within the next 6 weeks. I called Matt three more times after 6 weeks. His first excuse was "My supervisor changed. I had requested the check. I will look into it again and it should arrive shortly". 2 weeks passed. Still no check! I called him up on Nov 30, 2005. His second excuse on the phone is : " I do not know where it is" I insist that he trace it and call me back. During our conversation I expressed my frustration with him and he had the guts to tell me " I went above and beyond by agreeing to pay you $500". Now, that is suggesting I should just sit on my a@@ and stop complaining. He insists that it is coming in his terms 'SOON'. How soon? He does not know. Then I ask to speak to his manager and he refuses to connect me to her.
In his terms " The issue is not worth escalating at this point". Sure, he is afraid of his ass being on the line. My girlfriend later called Matt's manager Givonn and she promised to look out for my check. Later the same day Givonn rung me up and apologized. She also told me that a check had never been requested. Hmm, would that mean Matt sat on it and was lying to me?
I am still waiting with misty eyes the day I can touch that elusive peanut money for Wells Fargo.
My suggestion, do not ever do mortgage business with them until they clean their act