I have had two mortgage (two houses) loans with Wells Fargo for over six years. I have remainied in good standing on my promise to pay these loans. With the recent drop in interest rates, I decided to refinance for a better rate. I thought I would first check with Wells Fargo, since they have always somehow managed to buy my loans back when I have refinanced with others lenders.
I called the mortgage department and was quickly informed that they had a refinance program at a lower rate with no appraisel, and no fees. I was initially told that I could get a rate of 5.1%. I felt this was fair considering I wouldn't have to pay any fees or buy any points. All I wanted was to refinance the outstading balance, I didn't want any extra cash from the deal.
I was told that all I had to do was fax them a copy of my most recent pay stub, my W-2 from last year, and my most recent bank statement. I was then told that the only other paperwork they would need, would be a copy of my homeowner's insurance policy. The insurance policy was not due until I mailed back the final signed contract. The person I spoke with insisted that this was the easiest and fastest way to go. He even described as a "quick refi loan" or something like that.
I was pretty content, believing that this would be a pretty painless process. I told him that I would do it and that I like the rate of 5.1%. He then said, " I didn't give you that rate, I gave you a rate of 5.2/5%." I told him that I specifically remembering him tell me it would be 5.1%. He raised his voice and became somewhat agitated.
I have been a police officer for 20 years, most of those as a detective, so I pay close attention to what I'm being told. I didn't want to argue, and felt it was still a decent rate so I agreed to go forward with the loan.
I faxed over the documents that he had asked for. A short time later, I received, in the mail, a request for additional information. I called the loan officer who was assigned this loan and asked why more information was needed. She said that this was all part of the loan process. I explained to her what I initially was told. She explained that the person I spoke with was only a sales person and did not have full knowledge of what would be needed to process this loan. (Poorly trained, or told to lie at any cost just to get the loan?)
Now I've been lied to twice!
I later received a call several days later, late at night, from a guy who said he would be at my house in two days to do an appraisal. (Remember I was told no appraisal was necessary)
Now I've been lied to three times!
The following day I called the loan officer and left her a message. She called me back and informed me that they needed the appraisal, because my house was in a "FEMA Zone." I replied, "a FEMA Zone?" That was the first I have heard of this and it's not true. Some areas of Washington state did have severe flooding, but we were not affected, our house is high up on a hill and it was not at all impacted by the storms. She then said that they also wanted copies of my most recent tax returns.
Where it stands now; I've informed them that I was not going to provide them with any more information, nor would I allow them to do an appraisal. After all it's not always about the money, but the principle.
This is just one incident of many that I have had since doing business with Wells Fargo. This is why over the last several years I've taken my loan elsewhere only later to receive in the mail a notice from Wells Fargo telling me that they have bought my loan.
The first incident was at the signing table when they presented me with the wrong type of loan. (A variable at a higher rate. Was supposed to be a fixed rate. Their response, "opps! We made a mistake.") It's a good thing I read before I signed! Another was when they told me I couldn't have my mortgage payment automatically withdrawn from my checking unless it was a Wells Fargo checking account. After numerous phone calls to the bank, I found out that this was not true. It is now being deducted from my non-Wells Fargo account.
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