Wells Fargo Home Mortgage Complaint - Buyers beware of Wells Fargo Home Mortgage
BLUE JAY, CALIFORNIA -- My husband and I recently purchased a home in Crestline, CA. We went to Wells Fargo Home Mortgage locally because the house was a Wells Fargo repo. We were told this was a wise move by the loan representative because we really didn't have any other choice. This was not true. Buyers may obtain financing anywhere they can qualify. Their rates were competitive so we were satisfied funding with Wells Fargo. What a mistake! There was little or no communication unless we picked up the phone at the end of the day and asked what was happening or if they needed anything. We went on a vacation and nothing happened with our file for 2 weeks until we returned and became furious. We were told up front by the loan representative that we qualified for the loan and then when the underwriter got the loan documentation, suddenly we did not qualify without jumping through countless "hoops". We had to change the terms of our loan to stay in escrow. We had asked for a 45 day escrow, but because underwritting had our file so long, we had to agree to extend the closing date. Wells Fargo is supposed to pay the first month mortgage payment when that happens (per their website) but they refused. Very disappointing. Here's the real kicker: the "Good Faith Estimate of Closing Costs" was over $2,100 under what it actually cost us to close escrow. We asked what happened and they said "that's all escrow charges we don't control". Sorry folks, that doesn't fly...it's their job to pick up the phone an inquire what the escrow charges will be prior to giving the estimate. Paying the additional charges wiped out our savings and checking accounts. We're posting this to warn others about the horrible customer service and if you still decide to fund with Wells Fargo, at least you will be aware of what to watch out for.