Wells Fargounethical behaviour for mortgage lender

This review was posted by
a verified customer
Verified customer

My house was sold on March 14, 2016, the prospective buyer filed for a mortgage with Wells Fargo Bank (Seaford Delaware) shortly thereafter.
Papers were filed, settlement date set for May 11, 2016. Two days before this scheduled settlement we were contacted by my real estate broker that they wanted to come out and appraise the property for the week after settlement should have taken place. Obviously this office is not very well organized. Settlement was rescheduled for May 27th. Again Wells Fargo wanted to schedule an appraisal of the property, mind you the first appraisal had already been done. As the appraiser was at my home (2nd appraisal) she was called and told to cancel the appraisal, the appraiser and myself were stunned to say the least. No appraisal completed this time but the mortgage lender at Wells Fargo decided that the client needed to change from FHA financing to conventional. Again settlement was rescheduled for June 6th. It had now been 3 months since the initial loan application had been submitted. Still no settlement. I as the seller have now acquired numerous expenses for furniture storage, repairs, and inspections required for the mortgage to be processed. Finally in complete exasperation the buyers were forced to change lenders and re-apply with another lending institution. Again I wait still with no firm settlement date.
I now have lost the option to purchase my new home and have been forced to forfeit the earnest money ($1000.) that was submitted with the contract. All of this because of an inept mortgage broker at the Well Fargo Bank.
I find this to be extremely bad business practice and now wish to lodge a formal complaint regarding this company. I am sure that I and the mortgage applicant are not the first persons to be treated this way by this company.


  • Wine Is Good Jun 28, 2016

    The simple answer is there is a reason the bank will not lend the buyers the money. The buyers should have been preapproved before they gave you an offer. It is not the bank's fault they won't just give money away with no way to recover it. Be reasonable here. Your buyers messed up by not having the funds to buy your house way before they submitted the offer. And if your buyer can not be financed, your house is still your house. It is in absolutely no way a bad business practice not to lend someone money. You do not seem as though you know much about the loan process.

    0 Votes
  • Wine Is Good Jun 28, 2016

    Selling a house, refinancing a mortgage, building a house etc...all of these things take time. We are 5 months into a build and are just now about to sign the loan contract. You have to be patient. Your contract to buy the other house with your earnest money should have included a clause to protect you against delays. This is not an overnight situation. I realize three months seems long, but you are dealing with several different factions, and some of them are governmental, and all must follow laws.

    0 Votes
  • Do
    Dolittle Lynn Jun 28, 2016
    This comment was posted by
    a verified customer
    Verified customer

    I believe that the business practices of the company (Wells Fargo Mortgage Co) should be investigated as the public is not being delt with honestly and reputably

    0 Votes

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