I applied for a loan to refinance our home and lower our interest rate around May. I was told that I had been approved and that I needed to pay $150.00 towards the cost of the appraisel. I was told that I would get this back at closing as I would have no out of pocket costs. I asked my mortgage broker, Nicole, if something happened and the loan did not go through, would I get my $150.00 back. She replied emphatically, yes.
My first conversation with her was that I was approved at a 6% rate with no out of pocket expenses and we would close by the end of June. The end of June came and went and I contacted Wells Fargo. I was told it would be by the end of July. I was expecting my first child and was in the hospital attempting to find out when we were going to close.
Finally, in August I get a call from Nicole and she tells me that my appraisel wasn't high enough and it would take $12,000 for us to close!!! I told her there was no way. She said that I could re-apply next month and there might be some "program" that would assist me with the closing costs. I never heard another word from her.
I called in February and spoke with Vivian about never receiving my $150.00 back. She told me that Nicole no longer worked there and if I sent her verification of where I paid the $150.00 she would get it to her boss to get my money back. I faxed everything to Vivian. Once again... No word. I kept calling... No response. Finally, I called and got the "Office Manager" who told me that he would issue a check to me that day and I should receive it by the following Friday. Friday came and went, so did several Fridays.
I contacted them back in May to find out where my check was. I was given the run around but finally got to speak with the Branch Manager, Tim, who said he knew nothing about this and that he would have to research it and get back to me. He called me back within the hour to tell me that they lost money on the appraisel and that my $150.00 was a non-refundable application fee. I
Was never told this at any time until this conversation. I was furious. He and I exchanged words where I told him that I would have never completed an application with them if I had been told that I was taking a chance on losing $150.00. Too many reputable companies are out there who don't charge any fees until they know for certain your application will be processed. This was just plain stupid.
He basically told me if I didn't like it to contact customer service and file my complaints with the state and who ever, he didn't care. I thanked him for his discerning attitude and for not caring about their clients and for their dishonesty, deceptive, and misleading practices. I hung up and then called the customer service number. To make it simple, Angela, in customer service, had me once again fax her my documentation and she would investigate. After doing as she asked, I waited and waited and never got a call back. Finally, I contacted her on June 6 only to be told that she talked to Tim and they had no notes in the file or any records, and that he was refusing to give me my money back. I asked her if this is how they treat all their customers and she responded with "I am not going to discuss this with you further". I asked to speak to her manager at that point. I was put into his voice mail and guess what... No call back.
I will file a formal complaint against them with the State Financial Compliance Division, the Better Business Bureau, and everywhere else I can. I was blatantly lied to, mislead, mistreated, and robbed. I promise you, they will wish they gave me my $150.00 back when this is all over.
I got my house refinanced by the way, through Lendmark Financial who exemplifies professionalism and class. Wells Fargo is nothing but a no class loan shark who hires professional theives to steal from hard working honest people and one day they will go down in bankruptcy because you just don't treat people that way and get by with it.
Schonna
Antioch, Tennessee
U.S.A.
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