Wells Fargo & Company Complaint - The Deception That Is Wells Fargo Home Mortgage
I thought I would go with my present lender, I thought it would make the process simpler and expedite the application process. I was wrong.
After talking to a representative on the phone, exchanging every bit of information needed, crunching numbers and agreeing to their terms, I gave him my credit card number to take $341 for out of pocket up front application fee. I was not told at that time (and that would have been the right time) that it was non-refundable for 'any' reason. I was not told they have a certain policy criteria that if not met would result in a loan denial. This supposed criteria could have been analyzed before I gave them $341 out of pocket. It was a simple calculation of "benefit to borrower" (their term, it should read "benefit to LENDER") or how long it would take me to recoup the closing costs of the loan.
But I was pulled through the application process, got to the point of getting a commitment letter, a closing date, a closing officer and was all set to close. Then I got a phone message left on my machine that I was being denied due to their so called "benefit to borrower" criteria. No explanation. The message was cut off and she didn't even have the common courtesy to call back and complete her message. I got no replies to my calls or emails. Impossible to get through to this representative again. But eventually she did leave another message on my machine. This message said she was going to try to refund my appraisal fee. That was weeks ago. I am not holding my breath.
They are also guilty of breach of contract due to the fact that I have a signed document stating I must receive a copy of the appraisal report within 30 days of it being done and I did not.
The Good Faith Estimate was sloppily done and actually wrong on a couple items. Very unprofessional.
To add insult to injury, this closing officer called my homeowners insurance policy holder personally and changed my coverage without my authorization.
I have since talked to many banking professionals, lenders, attorneys, brokers and all say they have never heard of a "benefit to borrower" criteria. They all think I have legal cause of action. To which I am actively pursuing.
DO NOT get sucked into the complacency I was, do not buy into the supposed reputation of Wells Fargo. Go local. Go small. All the TARP money (taxpayer money) they received did nothing to improve their customer service.