Over the past 5.5 years I have been a loyal Wells Fargo Mortgage customer, I take that back - I have actually been an advocate for the Wells Fargo brand. I recommended Wells to friends, family members and co-workers, praising them as the only bank that exercised some form of responsibility during the "greatest fleecing of the American public"- the housing bubble.
I take it all back and apologize to anyone who may have purchased a Wells' product based on my recommendation.
Wells has jerked me around for the last 6 months while trying to re-finance (as an existing customer). My frustration reached its boiling point yesterday. I e-mailed the CEO, but do not expect to hear a response based on the level of service I now expect from Wells.
I started my re-fi in August (re-fi with Wells - existing customer, just a lower rate and lower principal - 3 step re-fi process). First step was a phone interview with a rep, I provided them all the information they requested - I was never asked if my house was on the market, nor did I see that question in any of their paperwork (we had put up our house to see test the waters during the summer, as we live 4 blocks from the beach, at a high price and nothing happened). The next step was for Wells to order the appraisal. This was a no-cost re-fi, but I was billed $400 for the appraisal (which they said they would rebate back to me at the closing). After the appraisal the Wells rep I was working with (in the Red Bank NJ office) called me and told me that there was an issue processing my loan, as the house was on the market. I had gone through this process 2 years ago (3 step re-fi) when my house had been on the market and it never came up as an issue - this time it was an issue. A couple weeks later (early Nov) we pulled our house off the market to move forward with the re-fi. I provided the listing agreement as well as a letter stating that my intention was to stay in the house for the foreseeable future (at the request of the rep). Our rep stated that we needed an exemption, but it should not be an issue. I had also told the rep at the time that I was considering moving forward with a re-fi through Valley National ($499 re-fi in NJ) if there was any issues with Wells. Again - he stated it should not be an issue.
Yesterday I get a call stating that the underwriters will not move forward with my loan as I would be considered "risky". Mind you my credit score is around 800 and my LTV is around 55%- not to mention that Wells is already my mortgage holder at the 0.75% higher rate! After pressing and speaking with the reps Supervisor, I came to learn that they don't feel that they would be able to make enough money off my new loan - there is your "risk". He told me I would need to keep paying my higher rate for 6 months after the house is off the market before the would consider closing on the loan. I requested my $500 (appraisal fee) be refunded (remember no cost re-fi) so I can re-fi with another bank, I was told that they would only rebate the $ back if I wait it out and re-fi through Wells.
Wells kept me on the hook by charging me an upfront appraisal fee and when I wanted to go with someone else, they stated that getting the exemption should not be an issue. Here I sit $500 out of pocket and locked into a higher rate mortgage until they decide they have made enough $ off my current loan. Glad we lent all these guys money.
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