I applied with Wells Fargo Financial to refinance my home mortgage. I started the application process on October 3. I was doing business with a loan officer in Sacramento, CA branch office. My loan officer was very helpful in helping me fill out the application.
My loan officer made a list of things I needed to apply for this loan. My income, bank statements, income tax returns, Home Owners Insurance information, Information on the loan company I have my Mortgage with now and so on.
I gathered all the information he needed and faxed them to his office.in the coarse of the loan process, I was asked to make a list of the credit cards I needed paided off, the amount of the mortgage I have now, which is Wells Fargo Home Mortgage, that is a completely different complaint story which I will report later.
I am retired 36 years from Pacific Bell (SBC). My retirement portfolio is as good as gold. My monthly income from my retirement is more than enough to qualify for this loan I applied for. That was not good enough. I was told the company does not like to loan money on retirement income. Come on people, I receive the same amount each and every month for the rest of my life. I do not have to worry about getting laid off or losing my retirement money, because I have all of my money in a portfolio which is growing each day.
My wife and I also have a Janitoral Job which we do exclusively for the American Legion Ambulance Company in Jackson, California. Wells Fargo would not even consider that as income.
We were told we could bring a third party in to be a co-borrower. My Son agreed to sign for the loan as co-borrower as long as his income qualified. They approved his income and added it as if it was ours. I had never heard of that before, but hey if that's what they want, then thats what they will get. We faxed papers back and forth. Some for my wife and I to sign and some for my Son to sign. My Son lives out of town, so we had to make special arrangements to meet him to sign the papers.
Time went by faxed more papers. Wells arranged for an appraisal on our property and Home. The appraisal came in at $450,000.00. We were only applying for a loan of $250,000.00, which in my book and anyone elses too leaves $200,000.00 more Equity left.
We were approved for this loan sometime back in the process and the apprasal was the last step.
This was in November that the appraisal was done. On December 5th, we received a form informing us that Wells Fargo Financial has offered us a loan of $250,000.00. We then need to sign the form and mark which interest rate we wanted. They offered 2 rates. One for 5.13% and this one would mean that there would be a prepayment penalty if we paid the entire loan off before the 2 year period was up. We did not intend do pay off early unless we refinanced again, so we chose the cheaper rate.
We faxed that form back and everything seemed fine. We were told the underwriters had to go over the apprasal before we could sign final paperwork.
We waited and waited. How long do they need to check out the apprasal? Something was wrong, we could feel it. On January 5th, our loan officer called and said that he had been on Christmas Vacation for 2 weeks and that is why he hadn't contacted us before then. He informed us that while he was on Vacation, for some reason Wells Fargo Financial decided to cancel our loan. Isn't that illegal? If not it should be. This was January.
We started this loan in October. Over 3 months they led us on. I believe and you won't convince me otherwise, that when our loan officer went on Vacation they decided to cancel the loan before he returned and neither one of us could do a thing about it.
That is what a loan officer does, fight to get you the best loan he can. If something comes up, then he helps solve the problem. He was not here to solve any problems.
Moral of the story Stay as far away from any Wells Fargo Company you can. Wells Fargo Bank, Wells Fargo Home Mortgage, Wells Fargo Financial. If you don't you will end up like us. 3 months wasted and no loan to show for it.
Robert and sandra
Ione, California
U.S.A.
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