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Wells Fargo Mortgage Complaints & Reviews - loan refinance

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Wells Fargo Mortgage

Posted:    cjn316

loan refinance

Complaint Rating:  85 % with 362 votes
Contact information:
Wells Fargo
United States
I currently have a mortgage on my home with Wells Fargo. I asked about refinancing to a lower rate and they said they would. After paying them for an appraisal and their fees, they have done nothing but find lame excuses to delay and deny refinancing a loan I already have with them. They've lost paperwork, ordered appraisals and canceled them and the loan processor has no idea of who or why appraisals were cancelled. They are either entirely incompetent or deliberately not refinancing loans. BTW, my loan balance is roughly 25% of the appraised value of the home and my wife and I have excelect credit scores.
Stay away from Wells Fargo!
Comments United States Loans
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 14th of Feb, 2009 by   kevin 0 Votes
Totally agree with you. I have similar experience.
My current mortage is 6.125 with Wells Fargo. I have perfect credit score, enough W-2 income and high property value.
I got an offer from HSBC for 5.0% $1700 fee on Jan. At the same time, the wells fargo's loan agent called me about their no point no fee refinace 5.0% program. So, I refused HSBC.
On Feb.2, 2009, I got a phone call from wells fargo. My refinance application will be denied in 4 days unless i can provide them my IRS certified 2008 tax return. I told her that I would file my return right away and requested them to wait 3 more weeks to get an IRS stamped copy. She replied:" sorry, we have to deny your application. once you get the copy, you can apply again, current offer, 1 point $1100 fee, 5.5%."

Stay away from Wells Fargo!
 19th of Feb, 2009 by   Runi Vilhelm +2 Votes
Me and my wife tried to refi our 15 year fixed rate at 5.375 today with Wells Fargo now rates are record low again as they were in January through their no cost refi program. They offered us a fixed rate at 6.375 for a 15 year fixed loan. Our credit score is 800+ and our loan is approx 40% of the value of our house. Are these people scammers or what, who would want to refi for a whole 1% more??? Is this how they are using our tax payers money????? I am very disapointed and we will go some where else and do a refi and pay for it to get a 4% something fixed 15 year loan. Never using this bank again for any thing...
 19th of Feb, 2009 by   chelsea2 0 Votes
We were suppose to refinance a month ago in January on the 29th but they never showed up or sent anyone out. They came to our house February 19th, 2009 and told us that we had to prove that our taxes were paid and had to have a cancelled check right after taxes were due, which taxes were due 1 day before they came (notary from title agency). She stated we owed 500.00 more if we could not prove this day at time of closing today, we paid our taxes.

How could we, we just sent the check a week before and had no time to get the cancelled check.

The night we were going to close, our Wells Farge Rep called and told us that if we could not prove that we paid our taxes with a cancelled check that we would have to pay the 500.00. He stated we could show them our check account and that should be enough.

We have excellent credit and this was not good enough, they needed a cancelled check. LOL

We ended up not signing because I wasn't getting into that so called scam. I owned two houses and have never dealt with anything before like this and should not have to now.

This is a scam if I ever seen one.

Don't go with Wells Fargo! Ripppppp offffffs!!!
 23rd of Feb, 2009 by   David 0 Votes
I'm going through the same thing with Wells Fargo. their so called 1, 2, 3 steps easy refinanced. Locked in back on 01/09/09 at 5% with no fees. I called in today to check on status and was notify that I was denied due to the value of my house ($365k) under 80/20 rule. I purchased this home for $442 back in 12/08 and my neighbors just completed an appraisal on the exact same house at $455k. The funny thing is Wells sent out an appraisser to look at my house and then cancelled the appraisal because their "computer program" said my house was not worth $365k. They are running a scam. I could of gone with another lender back in 01/09 at the same rate. Now I'm out of luck and rate have gone up. Any recourse I can take against Wells?
 27th of Feb, 2009 by   Dawn 0 Votes
Wells Fargo was doing the 123 step with me too. I called and spoke to Dan Smith Dec 12thish. Said everything was great, would get a packet in the mail, have it notarized and send it back. Our home is in an area that you could have an appraisal come back with any value necessary. There are 500k houses within 1 mile and 750k houses within 2 miles. They used the computer online programs to appraise, told me they were sorry it was in the process of denial. A lady showed up about 2 weeks later to take pictures of the back of my house to appraise it, but never walked into the front door, so they then downgraded my house another 10k and said they were still denying it. I have yet to receive a letter saying it was denied and it is now Feb 27th. I have tried to get Dan Smith to call me back several times to no avail. The customer service is just awful. My husband and I have credit scores of 793 and 805 per their paperwork. We put 62K down on our house (20%). This is how they treat their top tier customers so I can only imagine how everyone else is being treated. I just wanted my rate reduced since my loan is at 6%. They would be happy to offer me other products and I bet if I pay all the costs, they can get an appraisal that says it is 80/20. They have waited and waited until the housing market continues to fall so they can deny me. I will never use them again. We did only because our company paid our costs up front rather than us turning in a HUD for reimbursement. I can promise, next time we will cough up the extra cash for closing and go with a local lender than cares, not a corporation that takes tax payers money and treats them terribly.

Just Say NO!
 28th of Feb, 2009 by   PMoeljadi +1 Votes
Currently in the process of refinancing my mortgage with Wells Fargo too. They made a mistake on the loan amount and took about 1 month to give me the correct paperwork. The rate lock is expiring soon and they want me to extend it with $550 fee for another 15 days, but still are not guaranteed that we will close by then. I've spent about $1450 already on fee deposits and appraisal, and hate to sink in another $550 or even $1150 more. I would not recommend Wells Fargo for refinancing to anyone ..
 13th of Mar, 2009 by   Neil 0 Votes
I recently had a similar experience with WF. They acquired my loan after the
first year from another mortgage company. I tried to take advantage of the
lower refinance rates (currently I am at 6.625%), but their excuse for denying
the loan was that my appraisal came in at about $800 above the value that would
have allowed the program to continue. Never mind that my credit score is in the
high 700s, and I have no intention of moving any time soon. They, of course
offered a traditional refinance which would have cost me another $4000 in
closing costs.
 13th of Mar, 2009 by   disappointed with WF 0 Votes
Same here. I tried to refinance my existing mortgage with WF too. I was using their no cost 123 loan. They denied the mortgage because the loan to value wasn't there. Never mind they comps they used were for a 3 bedroom 2 bath house with a 2 car garage and I have a 4 bedroom 3.5 bath house and a 4 car garage. They also used Zillow for their values which shows values for homes on lots that are not even built yet. Hows that work? Everything is done on their computer program to figure value instead of doing an appraisal. this keeps their costs down, and if the info is wrong your out of luck. The customer service rep told me that they had 30, 000 applications to process by the end of February and they were eliminating as many as they could so they wouldn't have to extend that many. I tried to explain the situation but they don't care as they have the business right now and are not willing to take an extra step to get it done the right way. I am not complaining about the value of my home because I feel it is worth more. I am an experienced licensed real estate agent, with an upper 700 credit score, using the multiple listing service to back me up. It is a professional opinion with facts to prove it and they still don't want to listen. The sad thing is I am with one of the largest real estate companies in my state. We do in the 10's of millions of dollars in transactions every month. I certainly won't recommend them to any of my clients and I won't recommend them to any of our over 300 agents in my office. I'm sure it will cost them more business than just little ole me.
 16th of Mar, 2009 by   Donald Jenkins 0 Votes
I have a home loan with Wells Fargo of 97, 000.00 and a second mortage with another lender for 27, 000.00. I contacted Wells Fargo about combining the two since my second mortg. was at 7.5 and that way I would have just one payment. It was back to the old ways of lets put your car loan in with this and do you need any extra cash plus a fee of 7, 000.00 to refinance and get a 5.8 on the mortage. I see why people are not borrowing money at this cost. I'm going to send this information to my congressman and congratulate him on a great bailout program for people who will actually fall for this crap.
 16th of Mar, 2009 by   Frances Elaine 0 Votes
Count me as another WF victim. I have a 6.75 with WF. In early January ‘09, for refinancing with WF I locked in a 4.5. My credit is impeccable, and in 6 years my payments to WF on present mortgage have never been a day late.

And it’s been the same story I seen above in other posts. Stall, stall, stall. “We need this, we need that.” Give them this, that, and they stall more. Finally, one day last week (second week in March ‘09), they asked for copies of my recent tax returns. Three days later, over three months after I had locked in, they said, underwriter says we can’t consider as income what you reported to IRS as interest income (no reason stated as to why not). Sorry, Lady, you don’t qualify. Refinancing rejected.

And the off-the-wall thing about this rejection, is that they already have a mortgage on my house. It’s not as if in refinancing it, they take on new risk. Whatever risk there is, they already have. If they consider my income not good enough for refinancing, then why did they consider that same income good enough for my present mortgage?

So, as I see it, what they’re doing is trying to keep from losing interest income. By refinancing me, they’d reduce their take from 6.75 to 4.5. So, they rejected me for a reason that doesn’t make sense.

I see a pattern. Only refinance other banks’ mortgages. Don’t refinance your own, because you’ll lose interest.

Someone ought to report WF to President Obama. He is trying to revive the housing market by helping home owners get better financing. In this pursuit, the Treasury Dept has given WF and other banks billions in bailout money. And banks like WF with blatant refinancing tactics are abusing the public trust they accepted when they took bailout billions. Their lending practices are making the housing market worse.

Please all, write President Obama and Tim Geithner, Secretary of Treasury. Let them know what WF, for one, is doing.

Frances Elaine
 18th of Mar, 2009 by   Adam Dahill 0 Votes
The large banks are too busy to care about their clients. Customer service goes completly out the door when you deal with them. Can you call your loan officer on his/her cell phone? No! and that's they way they like it.
I have been busy with refinances just from borrowers that have been turned off with dealing with the big boys. No return calls for days, vague excuses, etc...
I suggest that you deal with a smaller organization and with someone that makes themselves available to you and gives you the straight answer not the BS that these large institutions tell their clients.

If you get tired of the run around feel free to contact me, I am a direct lender and have many references online. Just google my name and you will see.
Adam Dahill
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
1-800-475-0123 x242 office
1-917-696-6010 mobile
1-201-833-0150 fax
www.approvedfunding.com
adahill@approvedfunding.com
Licensed Mortgage Banker NY NJ CT PA FL CA MD
DIRECT MORTGAGE LENDER
 23rd of Mar, 2009 by   chapsel 0 Votes
We are also WF customers - never missed or were late on a payment, credit score 790+ and when we applied for the so-called easy 3 step refi, they stalled and stalled and then pulled the same thing that they did with other posters - loan to value ratio is too low. Nevermind that the house next door to us (same sf, bed/bath, etc. and without a 2 car garage like we have) sold a few months ago for $40K more than we paid. Now that rates have dropped again, they want us to "reapply" Why? So that we can miss out on these good rates another time. No thank you WF. I'm going with a local mortgage lender who offered us 4.81%. Yeah, we have to pay closing costs, but frankly the run-around from WF which is keeping us from refinancing is costing more than just paying those costs. Bye bye WF!
 31st of Mar, 2009 by   map1977 0 Votes
Yet another victim of the so called "simple" Wells Fargo three step refinance here. I currently have a 30 yr fixed loan w/ Wells which I've never once been late with. I have excellent credit and my loan to value percentage is way above normal. Wells Fargo convinced me that the 3-step no cost refinance was the best way to save on closing costs and expedite the refinance. Well, over the course of the last month they have stalled at every turn and requested every document known to man. I finally got a supervisor on the phone last wk to complain about the process and was assured that they had everything they needed and would close on the loan shortly. When I did not hear back from them in the following wk, I called to check on the status and was told that my loan had been denied bc my condo's master insurance policy's coverage for "employee theft" is insufficient. Apparently this program requires that condo's cover $600, 000 for possible employee theft. Are they kidding me?? Why was the coverage sufficient for the current loan and not the refinance? Why did it take six wks to figure this out? These people are completely incompetent and have just lost another customer. I will never deal w/ Wells Fargo again!
 6th of Apr, 2009 by   no name 0 Votes
I hadn't heard of their "Three Step Program" until today although I called a couple months ago to see if there exist a program for current customers to refinance and stay. They only sent me to a local branch to completely start over. I heard the "DU Refi Plus" was starting in April and called to find out.

I just talked to Wells about their program. They will not send a good faith estimate. Period. Offer good for the duration of the phone call. The rate on the phone was 5.125% which is not bad compared to a lower rate with a point and closing fees.

I then asked for something in writing about the program and how the cost are handled. Nothing.

The representative was very understanding that I could not go forward and understood I did not want to do a complete application w/o a GFE or other required documentation on the program.
 6th of Apr, 2009 by   no name 0 Votes
https://mortgage.wellsfargo.com/easyapp/index.jsp
 16th of Apr, 2009 by   pissedWFcustomer +1 Votes
I fricken HATE Wells fricken fargo! What kond of name is That anyway? I am currently trying to get a home equity line of credit from them. OK Check this out! I just left Chase Morgage to go with WF to refi my home, they said my home was worth 215k WHICH WAS ALITTLE LOW CONSIDERING BUT IT WAS NOT LOW ENOUGH FOR ME TO RAISE AN EYEBROW SO ANYWAYS WE JUST CLOSED AND HAPPILY REFIED W/ THEM IN JAN/09 NOW THEY JUST DENIED ME FROM MY "HOME EQUITY LINE OF CREDIT" LOAN BECAUSE THEY SAY I AM NOT IN THE 80/20 RANGE...I SAID WTF ARE YOU TALKING ABOUT...YOU GUYS JUST REFIED MY HOUSE IN JAN. AND SAID MY HOUSE WAS WORTH 215K...THEY SAID WELL WE JUST DID A DRIVEBY APRAISEL AND NOW IT'S AT 190K...I SAID OH REALLY SO YOU JUST DECIDED TO DEAPPRECIATE MY HOUSE 25 THOUSAND FRICKEN' DOLLARS...HUM...SO I GAVE THEM 3 COMPS OF SIMILIAR HOMES IN MY AREA ...A HOUSE RIGHT ACROSS THE FRICKEN' STREET W/ ONE LESS ROOM AND ONE LESS GARAGE JUST SOLD FOR 215K...I AM NOW IN THIS STUPID APPEAL PROCESS...MY WIFE AND I HAVE WAY OVER 700 CREDIT RATING!!! IF I DON'T GET THIS LOAN I THINK I MAY GET AN ATTORNEY AGAINST THESE GUYS!!!THEY FRICKEN' SUCK!!!GOD BLESS YOU ALL!!! =)
 18th of Apr, 2009 by   Parvaneh Mehran +1 Votes
After reading all of the complaints against Wells, I just want to say their wholesale division is wonderful. Their retail division, which is where the common lay person will apply for a loan is a nightmare. I could address everyone of the above complaints and tell you why there is a problem .I am a broker in Alamo, California and within an hour its easy for me to analyze potential problems rather than waiting to hear about them later in the process after fees have been spent. This will eliminate so much frustration and unasnswered phone calls that span weeks with the poor people that have posted their complaints above thereby missing opportunities to lock in low rates. Its because these loan agents at these banks are not licensed and are getting paid minimum wage with no real knowledge of what to expect and what to look out for and how to even structure the loan to meet your needs. I have a cell phone and I answer it in the evening as well as the weekends. If you want to specifically ask me questions please give me a call. Wells fargo wholesale division is another world and their rates are so competitive I cant not send my clients to wells if they meet their standards. I never not close loans with them, or have had any denied, and I will tell you right away if there is going to be an issue, none of this send this document and then this, and have it span for weeks only to find out there is a problem.

The latest program that just came out last week was the HARP program. Any complaints on value when you were attempting to refinance your first, is now waived under this program and they will refinance you up to 105% to help the consumer that are slightly upside down on their loan. This is for 417K loan amounts and under.
I have shopped every bank for my clients and currently no one is even close to their rates (which are not the same ones you have been quoted if you went to them directly) so if you want to run a scenario by me or a question of why something may be an issue, give me a call or email me at parvaneh@parvaneh.net. 925-708-0039.
Parvaneh Mehran
RPM Mortgage
3201 Danville Blvd #195
Alamo, Ca 94507
 21st of Apr, 2009 by   very annoyed with Wells Fargo 0 Votes
I am in the same boat as everyone else...I currently have my mortgage with Wells Fargo and have been trying to refinance with them to use as a debt consolidation. I made my first phone call to them on December 29, 2008 and still do not have a closing date, I had to pay for 2 appraisals ( the first one was not good enough) and the floating rate lock which is about to expire (approx $1000.00). Every time I call "Michelle Scarbaci" I get her voice mail, she has never once answered the phone, then I have to wait days for a return phone call. I would love to cancel but I have put out so much money already and cannot afford to go elsewhere. It is very frustrating!!
 22nd of Apr, 2009 by   Another WF victim +1 Votes
Yes, I too had the worst loan experience of my life over the past nearly three months of the bait and switch WF loan game. I have nearly perfect credit, don't owe much on my 30 yr fixed and they got me with the bogus appraisal, saying my home was not in good enough condition to refi, but they would be happy to foreclose or continue with me paying my current mortgage payments. They say they have the president's MHA program, but that too is a bait and switch game. I wish we could sue them, but from calling Freddie Mac what they're dong is always legal. WF has a very big legal team to make sure. But still what they are doing is at least ethically wrong and perhaps the laws need to change. Please contact and complain to your state Senators and ...

Please report your stories to:
www.helpwithmybank.gov
AskDOJ@usdoj.gov
timothy.geithner@do.treas.gov

If you get a wrong appraisal, have the appraiser investigated:
https://www.asc.gov/content/category3/StateSites/displayStateSites.aspx?id=49
 30th of Apr, 2009 by   mochi 0 Votes
I just did WF 3 Step refinance program today ( 5.2 % rate for 30yrs). After reading all these stories, I am scare about my refi loan. The lady just showed me the rate on the screen and nothing on paper. She didn't have any paperwork on the program. I was worried but like a dummy, I just trusted her. She mention that I didn't have provide any paperwork, but paid for the notary. Somewhere between %50-$150. Crossing my fingers and hoping for the best.

San Gabriel condo in CA.

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