Complain about a product or service

Wells Fargo Mortgage

Paula of Ponca City, OK October 14, 2009

On January 27, 2009 I contacted Robert M with Wells Fargo to discuss refinancing my home. During this initial discussion, I made it clear to him that in order for this to be worthwhile; I needed to finance the home value and not the loan value. I purchased this home in December of 2007 and paid 20% down, so I had a decent amount of equity. After much discussion, he determined that I would have to apply for an FHA loan with 5% down. I continued to remind him that I needed to come out financially ahead, in order to pay off bills. But I completed and emailed the application to him. After waiting to hear from him for what seemed like forever, I called his office to inquire about the progress of the application on February 25, 2009. He had lost it, so for one month, absolutely nothing had been done.

Again I reminded him that I needed cash back to pay bills or it would not be an option for me. He then emailed additional documents which I promptly completed and returned. I also mailed a check for 400.00 to cover expenses for the appraisal. On March 4, 2009 I was contacted that they had received the documents and check. I was advised that the appraiser would be coming from out of town, from Tulsa. I also received an additional disclosure that day from Stephanie M, Mr. M's assistant, which was again promptly completed and returned On March 24, I completed and returned FHA disclosure documents and explanation letters.

Again on March 31 I responded to further documentation requests. I was told to get a termite inspection on April 4, 2009, which was again, promptly done. It was at this time that I was also informed that two appraisals would be required. Two appraisals were done on my home, one by and independent from Tulsa, the other a representative from FHA. I have never understood this, as regardless of the results of the first appraisal, they were required to use the FHA appraisal. So why did I pay for the first one? At this time, I had not received any information about the appraisals, and again questioned Ms. Myers about the results and if I was going to be able to reach my goal. I realize now that I should not have allowed the termite inspection without first seeing the appraisal results. But I was trying to move forward with the deal.

After again not hearing any news, I called to inquire about the appraisals, and reminding them that I could not go through with the deal if I couldn’t pay off some bills as a result. I did finally call and was then told that the appraisals came in lower than expected. I was very upset by this news. On May 18, I received two appraisals via email. I did not receive a call or any explanation. I studied these appraisals very carefully, and was not at all happy with the locations selected as comps for my property. Several that were used on both appraisals were in very undesirable parts of town, on homes that were the highest priced in those neighborhoods. The appraisals came back at 70,000 from the independent and 66,000 from FHA.

As a result of these appraisals, Wells Fargo would only loan me on the 66,000.00 amount. I had originally told them that in order for this to be worth the expenses I would incur I would need the appraisal to be between 72,000 and 75,000. It was also on May 18, 2009 that I contacted Wells Fargo to dispute the appraisals. I was told by Mr. M that there wasn’t much chance of the appraisals being overturned. But he told me to research and find some other comps which I thought were more comparable to my home and neighborhood. I thought this would have been his job, but I did a huge amount of research and found other comps that could have been used. I should mention, that for some time I had gotten the impression that my small refinance was of no consequence to Wells Fargo. I don’t believe they ever put any effort into the project, because it was not a big money-maker for them.

On May 21, 2009, I sent Mr. M numerous reasons to dispute the appraisals, as well as additional comps for properties more similar to mine and in neighborhoods more similar. I had no further contact with Wells Fargo or Mr. M until July 2, 2009, when he sent me a copy of the response to the dispute. Again, I did not receive a call or any explanation for the results. In reviewing the denial, I realized that Mr. M failed even to submit the correct new comparables as part of the dispute, but instead submitted a location from the original appraisal.

There are several reasons why I have disputed the appraisals. One comp did not adjust for brick. This would add 5000 to the adjusted price she calculated. Not really her fault, as her info indicated the house was brick. The comp has the same issue with brick adjustment, which would add 5000 to adjusted price total 71,500. In addition she did a 10,000 deduction for condition on this one, good vs. above average. This cannot be correct. I have supporting documentation to support this claim. Most of her comps were active listings. Based on what I see, she missed two good comps.

Overall, this whole project has been a nightmare of no communication and non-concern by the representatives of Wells Fargo. I have lost valuable time, and have paid for an appraisal and termite inspection and have nothing to show for it. Mr. M has not called me since and I have not tried to contact him. I did receive a call from the termite inspector and was informed that Wells Fargo said the inspection would be my expense. I don’t think I could have been more fair and straight-forward with them from the very beginning. Their delays and failures to conduct business in a reasonable manner have placed me in a very difficult financial situation. I have copies of all documents I have mentioned and have retained all emails related to this situation. I will be happy to discuss this situation with anyone else. I don’t feel that I should be responsible for the cost of the termite inspection or the appraisals, based on the company’s failure.

MARIO of BOYNTON BEACH, FL October 9, 2009

Was sold an option arm loan. Lower payment was to be available to Nov/2009. This is stated on the payment schedule in bold print. The loan was rest to the maximum payment on May 2008, This caused an increase of 1300 on our loan per month. As a result we have been unable to pay our credit cards, and our home is in forclosure. We are now on a repayment plan which is more expensive than the reset maximum payment was. We have also been trying to get a loan remodification with the bank since January 2009. After sending in tons of documentation all we have been getting is that "it is under review" originally they said 30 to 90 days.

Jacqueline of Los Angles, CA October 8, 2009

Sometime in September 2009, Wells Fargo Finance (Culver City Branch) called my phone ( my cell phone) leaving me messages that seemed very important. I was concerned and phoned them back (Allen is the one that left me message). He told me that I was chosen by Wells Fargo to apply for a loan; told him I wasn;t interested. He continued reading my particulars (such as Social Security, address etc. -they have those information because I have existing loan with Wells Fargo Bank.) disregard that I wasn't interested in applying for any loan; and I hanged up. He called me several times - I ignored his call. Also, they continued to harass me on various ocassions through October 7. October 7 I received letter stipulating I had applied for a loan and was being rejected. I phoned them requesting for explanation and they denied submitting any loan application on my behalf.

Ginger of Tampa, FL October 5, 2009

I don't have enough time or energy to relate the entire story, however I am have been trying since April, 2009 to modify the loan on a property I own. The jest of the story is that each and every individual I speak to at Wells has a different story than the person I spoke to several days before. I have begged, pleaded, cried, asked for help and even cursed. This is the most inept, unintelligent and non-caring bunch of individuals on the face of the earth. Wells knows this is an investment property, I have supplied them with a history of the development, I am a Realtor, so I have given much information upon which to make their decision. Yet, three times they sent me paperwork to complete for the HAMP(Home Affortability Modification Program) which is for primary residence property owners. I stated in April, 2009 that loosing the tenant in July, 2009 was going to cause deliquent payments. I gave them everything they wanted. This issue is still not resolved and I am having to start all over again

Donna of San Leandro, CA September 27, 2009

1. We purchased a property in Reno, NV in August, 2005 for 718,000. We put 20% down payment and applied a mortgage loan 560,000 from Wells Fargo Bank. Wells Fargo Bank contracted with Rels Evaluation to appraise our property. The appraisal value came in as the purchase price 718,000.

2, In June, 2006, we found out that Wells Fargo's original appraisal report done on our property was fraudulent, and contacted Wells Fargo Bank right away. Wells Fargo Bank promised to investigate by ordering a review appraisal and informed us that if the original appraisal was proven fraudulent, Wells Fargo Bank will help us to rescind the contract and recover our losses.

3. In July, 2006, we filled a complaint against the appraiser T.J. M with the appraiser association and the Attorney General office in Nevada.

4. In August, 2006, Wells Fargo Bank got its review appraisal report and initiated its cover up and refused to carry out its promise. And further refused to have any conversation with us and challenged us to report them to OCC or file a lawsuit. Wells Fargo did not even send us a copy of the appraisal review that it promised us. Later with the help of Senator Feinstein's office, we found that Wells Fargo's appraisal review was 475,000 or 235,000 less than our purchased appraised value of 718,000.

5. In August, 2006, we contacted OCC and filed a complaint. OCC promised to investigate and regulate Wells Fargo if proven Wells Fargo was conducting predatory lending practices. However after OCC obtained both of Wells Fargo's original and review appraisals, and it informed us that based on the two Wells Fargo's appraisals, the value difference between the original and review appraisal didn't make any difference and should not cause any financial damage to us. Furthermore, OCC refused to send us a copy of the appraisal review and stated that it lacked authority to regulate Wells Fargo Bank, which left us with no alternative but to file a lawsuit.

6. In November 2006, we contacted Wells Fargo Bank senior management who told us that there was no value difference between its original and review appraisal. Wells Fargo Bank would not help us. If we were not satisfied with its response, we had to file a lawsuit against the bank.

7. In March 2007, after the clear indication and indifference from Wells Fargo and OCC, we had no choice but to file the lawsuit against Wells Fargo Bank, Rels Valuation and appraiser T.J. M for our financial damages caused by its fraudulent appraisal.

8. In July, 2008, Attorney General's office suspended T.J. M's appraiser license due to its fraudulent appraisal done on our property.

9. After we obtained Nevada Attorney General's judgment, we forwarded it to OCC right away, this time, instead of telling us that there were no value difference between the original and review appraisal, OCC came up with a new excuse NOT to regulate Wells Fargo Bank's predatory lending practices. OCC told us that our case was now in litigation, and that it was not be able to make any comments.

10. In March, 2009, with the overwhelming evidences, to our shocking surprise the Reno superior court judge awarded not only Wells Fargo Bank summary judgment despite of its predatory lending practices, but also awarded the summary judgment to a convicted real estate appraiser T.J. On top of it, the judge also allowed Wells Fargo Bank, Rels Valuation and convicted appraiser T.J. to seek their attorney fees against us. Who are the true victims? Where is justice? Where are the watch dogs for the security of the American general public? It's obvious that OCC and Reno superior court judge are not exercising their duty entrusted by the American general public.

11. The house next door to ours is larger than ours and has one more bedroom, one more bath and 2,094 square feet is in contract for 330,000. Another house on our street of 2,553 square feet is also in contract for 320,000. Our home is 1,879 square feet, 3 bedroom and 2 baths.

During our four year ordeal, we have been constantly pushed away from our "regulatory agencies" claiming that there was nothing that they can do to regulate Wells Fargo Bank and Rels Evaluation. At our second settlement conference, we were told by the sitting judge that "you can talk to your senators and congressman as much as you want, I can assure you that nothing will be done for you. You are better off to accept 10,000 that Wells Fargo Bank is willling to give you and put everything behind you, move on with your life." We were in shock. How can the sitting in judge and Wells Fargo Bank so sure about our Congress will OK its predatory lending practices.

sharon of floral park, NY September 23, 2009

I refinanced my home 2 months ago and when the banker came to my home i paid him nearly 700.00 2 weeks later they call and tell me they missed something and i had to send 200.00 more so i did and i was told everything stays the same and my tax bills go to wells fargo as they did and everthing was all set up. tonight i get a call from wells fargo telling me my escrow account was not set up proprely and my mortgage will go up by 700.00 and i am 1400.00 in arrears by a very rude woman i cannot get over the incomptance of this and i think it is just a disgrace that these peaple get away with this. now we have to suffer for their mistakes.

Ronald of Bennett, CO September 22, 2009

Even after a disputed re-evaluation of our property we should still have had at least 37,000 of available credit. The details: Wells Fargo reduced the supposed value of our property from approximately 360K to 313K. At 80% value Wells Fargo should have a collateral of approximately 250K. The balance of our first mortgage with Wells Fargo is approximately 196K and the HELOC balance is approximately 17K for a tolal of 213K. Subtract this from 250K and we should be left with a line of credit of approximately 37K instead of their reducing our available funds to 0.

We made several inquiries to Wells Fargo about at least giving us back some of our line of credit and it seemed that the scripted answer was always that we had to reapply for the loan we supposedly already have and of course paying all of the fees again.(Is Wells Fargo trying to make money off of loan fees? Need we mention the appraisal scandal that they were caught doing?) We would welcome Christine C or anyone else from the collateral department at Wells Fargo to come out and view our property which is a 4000 sq. ft. all brick home with a 550 sq. ft. sunroom and a 2000 sq. ft. shed on 10 acres of land. There seems to be a feeling at Wells Fargo that Colorado property is inferior to California property.

Sonja of Oakland, CA September 22, 2009

This evening, I received a call from Wells Fargo customer service department stating that my request for a loan modification was again denied. I began this process thirteen months ago and I have been toyed with, lied to, put off and undermined although under the stimulus plan, I meet qualifications. Having never been late, the mortgage has been on time and Freddie Mac is the investor. Yet I've expressed in writing in several packages sent out (over 6) that I have been experiencing financial hardship due to divorce in 2007 and my second income has all but disappeared. Each time, Wells continues to give be bureaucratic "fluff" and then denies my application.

Wells has completely prolonged ignoring or acknowledging my request for a modification although I qualify under the Make Home Affordable Plan since Freddie Mac is the investor. This is the biggest rouse on the American public. I am humiliated having wasted time over and over again on earnest efforts to keep my mortgage payments timely by any means. This is utterly ridiculous and the worse fraud, knowingly that there are no intentions of modifying mortgages under any plan. 110% DISGUSTED!!

Rick of St. Charles, MO September 19, 2009

I applied for a home mortgage refinance in April, 2009 with Wells Fargo Mortgage. I was told multiple times by three people-(loan officer and two processers) that I was approved and we were just waiting for a closing date. after my file was"transferred" to several individuals over a 5 month period...I was told my T. Garvey (manager of Wells Fargo) on SEPTEMBER 17, 2009 that I was being turned down for this loan.

I was going to refiance my property and save over 350 per month...now I am not sure if I can afford the property and may have to file for bancruptcy

Lisa of Guilderland, NY September 4, 2009

In Late March I applied to refinance my current mortgage. I was told that I would need little or no money down. Not only did it take an excessive amount of time but Wells Fargo also was inconsistent with thier charges and communication. I have many good faith estimates with different charges for appraisals and they also neglected to put down the amount for NY tax.

I have asked all along for the bottom line. I have been led along for 6 months first told I needed 700.00 and they asked me to show I have 700.00. Then they told my I needed 2400 and I showed the 2400. The I was given a closing date and now they tell me someone made a 2000.00 mistake and I need 4100.00. No one takes ownership of their mistakes and they refuse to offer an alternative.

I have supplied everything they asked and they have not followed through on anything they said begining with little or no money down or any of the good faith estimates. I was offered a 5% loan I now cannot get. I have had many upsetting evenings due to their changes and my needing to pull together money. WIth a 5% loan I would have saved 300.00 per month.

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