Sorry to hear about your experience. I also warn everyone NOT to deal with STEVE TANDY/Wells Fargo Garden City, NY. He is the most unethical and jackass mortgage loan officer I've ever met.
January 2009, we approached Steve with the hopes of renovating our house and availing of the REHAB loan (the only loan I know of that is primarily based on the future home value post-renovation). We asked several times if the loan amount (existing mortgage+construction cost+contingency+closing+gazillion FHA fees) is a realistic/achieveable loan amount. Without batting an eyelash he guaranteed it was all possible.
We waited more than a month and half for the appraiser ROBERT to get in touch with us only to realize he cannot appraise the house without the 203K(?) report (detailed listing of the home finishing for example, granite countertops, ceramic flooring etc...). After more than 1 week of follow up phone calls with Steve and assistant Sandy (both lying that report was previously sent to appraiser) and Robert (consistently denying receiving such - "sounding automated/robotic whenever he denies about receiving the report) the house was finally appraised but much lower than expected. I honestly don't know where Steve got the information when completing the 203K report because interior finishing was not discussed in anyway/form.
Anyway, we did our own comparables and forwarded to Steve with the hopes of having a higher appraised home value. Every time we'd follow up he sound like he has no knowledge/info re: our loan. He never returned our calls even when told we would cancel the application due to inability to provide the Good Faith Estimate Loan amount. Eventually, he claimed to have tried to get in touch with the regional manager (of whatever appraisal company they deal business with) but days turned into weeks and now more than a month. We began this loan application in January 2009 and we haven't had any updates until now (Mid April 2009). He claims loan application process normally takes 60 days but we are past that period and not even halfway thru the process.
We have terminated our contract with the builder (project was set to start in May) due to inability to secure a loan thus losing $3500 in architectural fees, another $1000(?) for town permits plus $3000 in pre-purchased bathroom fixtures. We've suffered so much mental stress and anguish over this loan application and looking into suing and filing a BBB complaint as well. We're so devastated with this failed loan application we are afraid to try elsewhere. Our dreams of renovating our dream home has been shattered...
To future mortgage loan applicants, STAY AWAY FROM STEVE TANDY/Wells Fargo Garden City, NY.!!