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Wells Fargo review: wells fargo fails to refinance-untruthful ( 44 comments)

C
Author of the review
2:24 pm UTC
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The complaint has been investigated and resolved to the customer’s satisfaction.

I started a refinance on a property in June of 2017. As of November 21, the process is still in place. This is a $38, 000 refinance for a loan Wells Fargo already services. My credit rating is over 800 and I have banked with the same account at Wells Fargo for over 38 years. The first month there was not action at all. After two months I was asked for more details and told it was about to close. I was then asked for information on the HOA. I submitted that information to Wells Fargo. A month later Wells Fargo said they provided the wrong form and needed this filled out. The new form had just one small change on it in a question. This cost me an additional $100 to get HOA certification again on the new form. Then Wells Fargo said they needed more details on the insurance even though the insurance provider gave them the actual insurance document. Wells Fargo said they needed the HOA to complete a form given the insurance data and could not use the actual insurance papers. After being told the loan would probably close in about a week, I call back about three weeks later only to learn nothing has happened and the person told me a lie --- the document had never been sent in and he apologized. Wells Fargo then claimed the assessments for the HOA association had more than 15% of the residents late and needed to know their actions. The HOA said Wells Fargo had wrong information that this wrong and worked directly with Wells Fargo to show, late assessments were less than 13%, and rentals were under 20% or possibly less. Additional documentation was sent to Wells Fargo supporting this. The person working on the loan at Wells Fargo said he would complete the paperwork and re-forward to underwriting. One week later I called to ask what was up with the refinance and the person at Wells Fargo could not remember and then realizes he needs to be sent to the underwriter. He had told me one week earlier it had been sent. During these past 6-months, I have called the supervisor and manager for the person working on my loan several times. I cannot tell you how many times they have failed to tell me the truth. After being a customer for Wells Fargo for over 38 years, I am done with them. Here are more facts: The loan is a refinance that they already service. The refinance is just $38, 000. I have a credit rating well of 800. I have been a good customer of Wells Fargo for almost 39 years. The property being refinanced is a nice established lake community is Arizona. This loan process started in late June (about 6 months now). The bank continues to fail to respond to calls and has lied in saying it was processing the loan while it sat on desks for weeks and at one point one month. I have in my own personal checking account almost the total that I am trying to refinance. I am refinancing an old loan Wells Fargo has serviced for years. It was an FHA but I want the FHA off it so going conventional. The loan is currently a 9% interest and the new refinance is locked in at 5.1%. It would appear Wells Fargo is doing everything possible to keep the FHA and locking me up in the process from going to another lender. Try to find someone at the bank who well help or even call back --- almost impossible. After banking at Wells Fargo for 38 years, I can clearly state their service has sunk to the lowest levels.

Update by CalvinAZ
Nov 21, 2009 2:00 pm UTC

I should also add that for this loan, the property value is more than twice the amount of the refinance.

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The complaint has been investigated and resolved to the customer’s satisfaction.

44 comments
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R
R
rose farmer
Cape Girardeau, US
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Feb 05, 2012 9:15 pm UTC
Verified customer This complaint was posted by a verified customer. Learn more

THIS COMPANY WANTED TO DO A REVERSE MORTAGE FOR US IN ORDER FOR US TO AFFORD OUR HOME. WE WORKED WITH THEM FOR 8 MONTHS CONTACTING THEM 2-3 TIMES WEEKLY (NEVER GETTING THE SAME PERSON) WE WOUND UP IN FORECLOSURE. WE HAD OUR MONEY IN HAND THAT WE OWED THEM AND THEY WANTED $3, 000. MORE THAN WE WERE BEHIND. WE LOST OUR HOME TO THEM AND BESIDES WE HAD OUR LAND PAID FOR AND LOST IT TO THEM ALSO. I HOPE THEY SLEEP WELL AT NIGHT AND I WONDER HOW THEY WILL ANSWER TO GOD ON JUDGEMENT DAY. I GUESS THEY NEDED THE MONEY WORSE THAN A DISABLED MAN AND RETIRED WOMAN THAT HAD PERFECT CREDIT UP UNTIL THEN..

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Carol erb
US
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Feb 09, 2012 10:58 pm UTC

I am trying to refinance with Wells Fargo and was told there would be no problem. I received a call that there was an issue because my mortgage with Wells Fargo was not reaffirmed so they have denied me my refinance. I contacted Wells Fargo on January 23 and spoke to their Bankruptcy department about the reaffirmation and they stated they would get me the paperwork in the mail by January 30. My attorney also advised me Wells can send me something as well. After several weeks I called them back and was told that my request was cancelled and they were not notifying me that they were not sending me what was promised. This is twice that Wells made me a promise and did nothing. Carol Erb

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johnm2
Phoenix, US
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Mar 23, 2012 9:34 pm UTC

looking for help. Wells Fargo services my loan, and according to the folks I have spoke to with Wells Fargo, they have my loan "here." Trying to refi under the latest gov. settlement with the bank, but now Wells Fargo wont tell me why I cant refinance, or who owns my loan. Credit score around 800 at last check, not behind in my payments, and i'm not trying this refi becaue i'm in a distressed situation. I just want to get a lower rate. I don't mind paying what I owe, just want to get a better rate. Who do I turn to for some help?

T
T
Tom Borden
New York, US
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Jun 25, 2013 11:57 am UTC

Was anything able to be done about it? I am currently going through the exact same problem.

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