April 25, Saturday morning at 11am, Wells Fargo loan sales manager, Cristian Correa, called me for my loan refinance. WFHM is my current home mortgage lender. We talked on the phone for an hour. He asked mywife and my personal informations. Then, he ask me to running my credit report. It was done through e-mail he sent me for asking my authorize. Few minutes later, he told me my wife and my credit are excellent. The same day, he sent me an e-mail and asked for the following documents.
1. Most recent pay stubs covering last 30 days.
2. Complete tax returns for 2007 & 2008.
3. Last 2 month’s bank statements (all pages) of all checking, saving, investment and retirement accounts held at institutions other than Wells Fargo.
4. Current Homeowner’s insurance (Fire and Hazard) declarations page.
5. Copy of current 2nd mortgage statement.
April 29, he sent me Disclosure Booklet.
May 2, he sent me another e-mail and request for the following documents I had not sent to him.
#1- two months of my bank statements (all pages).
#2- My company's paystub.
#3- a copy of my current Homeowners Insurance policy
#4- a copy of my Bank of America 2nd mortgage bill
May 4, the appraiser came to my house for appraisal.
May 6, I sent him e-mail to reply his May 2 e-mail. The following is the mail I sent.
Cris,
Attached are support documents for Home owner insurance policy, 2nd mortgage (a home equity line) statement, bank checking account last two months statements, my compamy's return check for my April pay, and those documents that need me and my wife to sign. The only thing I still missing is my bank time deposit statement. Do you need the time deposit account copy?
Let's set the closing date to the last day of interest rate locking date. That is end of June.
Call me if you have any questions.
Andrew
May 12, Cris sent me e-mail to request the last two documents. This is the e-mail he said.
Andrew,
There are few things that need to be sent in by tomorrow 5/13:
1) Please re-fax the disclosures again (the copies that you sent can't be read - your signatures are faded). Please also date them.
2) Bank time deposit statements (2 months worth - all pages).
May 13, First American Title Co. Sent me an open escrow document.
May 14, My home equity line bank freezed my credit line. I found it few days later when I went online banking to transfer fund from my home equity line to my checking account.
May 14, I replied Cris e-mail as following.
Cris,
Attached are disclosures and BofA time deposits.
Let me know if there are any others documents needs.
If we process this loan now when will it be closed? My wife will be out of state from May 30 to June 22. So, either close the escrow before May 30 or after June 22.
Let me know the processing status.
The same day he replied my e-mail.
Hi Andrew,
Thank you for the email.
Your loan is scheduled to close 6/24/09. So that would mean we would close until after your wife came back into town.
Thank you,
Cris
From May 14 to June 28, I have not received any mail or e-mail regarding the loan.
June 27, I called escrow company and today for the status of loan process. There is no answer.
June 29, I called escrow company again they told me they didn't receive loan documents from Wells Fargo. Then I call Cris. You know it always goes to answering mechine for leaving message. Couple hours later he called me. The answer is only few words, "the loan was disapproved". After I insisted for a reason. He told me my income was not qualified. He told me that he sent me a notice. I told him I have never received any letter from Wells Fargo since May 14. Then I asked him to send via e-mail for a copy of the appraisal and a copy of the letter he sent me by mail before. Few minutes later he sent me an e-mail as follow.
Hello Andrew,
Here is the appraisal that you paid for. Please keep it for your records:
As a recap of our conversation today, your loan was not approved. The decline reason is: Income insufficient for amount of credit requested.
June 30, I replied his e-mail.
Cris,
If it is because of my income is too low, you should disapprove before the loan goes into escrow. And you suppose not have appraiser to do appraisal. For the appraisal Wells Fargo charged me $481.00 on April 28. And Wells Fargo aslo charged me another $14.00 on the same day. I am current Wells Fargo's customer. Each month I paid $1,494 for the loan payment, which is automatically charged from my bank checking account. Never late. I can't accept the reason for "Income insufficient for amount of credit requested" after 2 months of loan processing.
July 1, in the morning, I sent an e-mail to Cris as follow.
Cris,
I would like to make an appointment with face to face to understand the whole process of my loan. I will also call you to make sure that you receive this mail.
Andrew
That aftrnoon he replied my e-mail.
Hi Andrew,
I will call you to discuss again. Unfortunately there is nothing I can do about your turndown. I worked with the underwriter to look at all the options.
Thank you for understanding.
Cris
July 2, I replied his e-mail.
I want to talk to you face to face. Please make an appointment.
July 4, I sent him another e-mail.
Cris,
I haven't got your call for discussing. Do you think I will just let it go for been charged 495.00 appraisal and credit report fee for nothing? And the interest rate is higher now. I weast 2 months. Put yourself on my shoes, please. You told me you sent me a notice for disapproval the loan. Please e-mail a copy of the notice to me.
Andrew
This is the last communication between me and Cristian, a Wells Fargo home mortgage sales manager on La Habra. No copy of disapproval letter sent to me. No answer for the responsibility of appraisal fee.
July 7, I talk to escrow company. They sent me an e-mail.
Hi Andrew! According to our records we still show the your transaction is still open and we are pending receipt from Wells Fargo Bank about what the next step is going to be. Please contact you Loan Officer for a more detailed status of your refinance. Thank you!
July 8, escrow company sent me another e-mail. That was an e-mail between escrow officer and Cris, the Wells Fargo loan sales manager.
Please see below, escrow is cancelled.
Hello,
Yes, this file is to be cancelled.
Thank you,
Cris
I am still searching for the reason why Wells Fargo disapproved my loan apply. I have a bad feeling. Is that because of the interest rate they locked for me on May 14 is so low and it suddently jumped up around 0.75% three weeks later? In the mean time, I post this information to alert you. Be careful for Wells Fargo's loan representative. And I also need your information for which government department can I send official compliant to. I will fight for justice.
Andrew
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