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Oh I am implying they are pulling a scam in MY case. what would you call it? Just sharing my personal experiences with WF, would not want anyone to go through what I have been through with them.
Quote:
Originally Posted by Lacerta
Oh, I agree that the OP needs to deal with getting the issue resolved. Wells Fargo probably did mess up, in this case. But that is no reason for the OP to say "Do not use Wells Fargo" and imply that they are pulling a "scam".
Been dealing with them for 2months trying to get an answer on a returned appraisal check for a appraisal that was not done. They are saying check will be mailed. Finally after trying to contact someone for 2months to talk about the return of $500 they tell me I am getting nothing cause i owe them for processing on the loan. The loan was never completed. A big hassel,lack of communication and a scam as far as I am concerned. Beware.
Go into the office in person if you have not, sounds like an error has been made. Point it out to them. Talk to a supervisor and explain the situation calmly. Show them proof that the loan was never completed. Sounds like a mix up and believe me Banks mess up all the time, with me, sorry but no one puts one over one me, because i am right back at them, in person in front of people telling it like it is, if i have a problem believe me it is taken care of. Just explain to them, what has happened, and that the mistake is on their side. Talk to a Supervisor or go over the Superviors head.
Been there done that. They are know saying i owe for rate lock, have paper showing i did not have a fee for rate lock, did not extend the lock either. Gone through 10 people supposedly talked to the final person I CAN talk to---long story short turned it over to comptroller of currency.
Quote:
Originally Posted by california-jewel
Go into the office in person if you have not, sounds like an error has been made. Point it out to them. Talk to a supervisor and explain the situation calmly. Show them proof that the loan was never completed. Sounds like a mix up and believe me Banks mess up all the time, with me, sorry but no one puts one over one me, because i am right back at them, in person in front of people telling it like it is, if i have a problem believe me it is taken care of. Just explain to them, what has happened, and that the mistake is on their side. Talk to a Supervisor or go over the Superviors head.
Just an update on this issue, i followed smartmoneys advice turned them into OCC, WF contacted me with a letter saying i would not receive the money back due to owing them for app. fee. I in return disputed this decision, saying i need to see proof of the app. fees, i have never seen any info on this.....no response from WF-recieved my check for entire amount 2days later!!! I took me about 3months to get this check i was told no by 2 people. I still fought them for it. My point is dont give up on whats rightfully yours. Dont be bullied by the banks that make you think they are right and you are wrong. Thanks smartmoney for recommending me to OCC.
Way to go. I originally applied for mortgage loan from Wells Fargo, but was denied. But the way they handle things made me suspicious. Needless to say, I found another lender that treated me better than Wells Fargo.
With that said, I'm ending my 10 year relationship with Wells Fargo -- I'll be seeking another bank for my personal and business accounts.
Way to go. I originally applied for mortgage loan from Wells Fargo, but was denied. But the way they handle things made me suspicious. Needless to say, I found another lender that treated me better than Wells Fargo.
With that said, I'm ending my 10 year relationship with Wells Fargo -- I'll be seeking another bank for my personal and business accounts.
yes i do have a 10year relationship with them as well. Trying to wrap it up as well. I had been dealing with them for 3months throughout the whole house buying process. When i switched banks at the end (2weeks before closing) I realized how horrible they are. Constantly faxing and refaxing info over and over and over. With the new bank i faxed over once and closed in 2weeks!!!
I bank with WF. So when I went to them to refi, they gave me a rate much higher than I expected, despite negotiating. So I went with an online bank, got a great rate with no hassle. About a month later, the online bank sold my loan to WF. The circle is complete.
Hubby had his previous mortgage through WF and we are getting our new mortgage through them. So far no issues. Also consolidated student loans with them, which was so much easier to do than with the government! And cheaper rates.
So sorry to hear your experiences have been sub par.
As a purchaser many times over & a former loan officer, I'm amazed at how much consumers do not understand & do very little, if any research on the process of obtaining a mortgage. Yet the purchase of their home is typically the largest investment most will make in their lifetime. Dumbfounds me. I purchased my first home at 22 & I read everything I could get my hands on, talked to everyone I could think of & spent countless hours looking up information using a dial up connection (yes, it was THAT long ago!) All of you really should be educated on the process of obtaining a mortgage...WF was rightfully entitled to whatever processing fees, app fees, etc they wanted to charge & did not have to refund the $500.
After you filing complaints & harassing them though, they likely decided they're too busy working with ENDLESS stacks of short sales & foreclosures, trying to recoup losses that amount to much more than your $500, than to deal with you raising a stink because of your lack of knowledge. Obviously, since an appraisal was ordered AND you paid for it, whether it was completed or not, you had received your Good Faith Estimate (GFE) & gave the indication you wished to proceed. Why your loan did not close doesn't matter as WF had every legal right to charge you processing fees after you gave them the go ahead to move on to the next step.
If you were unhappy with the level of service you received from the LO, this should've been the reason for you fighting for your $500, not because YOU chose to switch lenders after a LO spent time on your file. If lenders & brokers couldn't charge purchasers for anything unless the loan closes, do you have any idea how many purchasers would tell multiple lenders to proceed & the day they choose to lock make their final decision? Or even the day before closing? That adds up to a lot of wasted time & effort for nothing for multiple loan officers. Do you go to work for free??
LOs don't get paid for preapps & prequals. The don't get paid until the purchaser says "yes, I'll take your product, what's next?" Obviously, the big pay off happens when they get to the closing table & sounds like you should've been complaining to your LO's manager since he/she couldn't keep you happy enough to make it to closing. Next time, do your research on the laws. Laws are a matter of public record & RESPA has created tons of them to protect all parties involved.
10) Q: At what point can a loan originator charge a loan applicant fees for services other than the cost of obtaining a credit report?
A: After a loan applicant both receives a GFE and indicates an intention to proceed with the loan covered by the GFE, the loan originator may collect fees beyond the cost of a credit report for origination-related services.
If you were unhappy with the level of service you received from the LO, this should've been the reason for you fighting for your $500, not because YOU chose to switch lenders after a LO spent time on your file. If lenders & brokers couldn't charge purchasers for anything unless the loan closes, do you have any idea how many purchasers would tell multiple lenders to proceed & the day they choose to lock make their final decision? Or even the day before closing? That adds up to a lot of wasted time & effort for nothing for multiple loan officers. Do you go to work for free??
LOs don't get paid for preapps & prequals. The don't get paid until the purchaser says "yes, I'll take your product, what's next?"
.
Hmmm - and yet people expect just that from Realtors... Spend time and money with no guarantee of getting paid
Sorry for the highjack, just had to put it out there...
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