Home Loans - Wells Fargo (1 Viewer)

[sbonomo]

Just putting this out there as a PSA for any of you trying to buy a house.  Stay as far away from #WellsFargo as you possibly can.  They are the worst lending institution i have ever come across. My story (for those of you that don't want to read the book i am about to write, i will put a summary at the bottom) - I am in the process of purchasing a home in Studio City CA (go ahead flame away - although if any footballguys are in the area i would be happy to buy you a beer!).  My loan broker sent them a complete package with 23 working days to go before closing.  My mid score is 819, i make typical FFA money (over 200K w2 income for at least the last 5 years) putting 20% down.  Seems like a no brainer right?  The initial approval came out 5 days with 27 conditions.  Everything from an explanation of my last three home addresses and why i wasn't financial responsible for them (two apartment complexes and my brothers house - funny enough i had to supply the mortgage information for his house proving i was not liable for the payment, not sure how this is applicable and they have my credit report) to a detailed accounting of my divorce (mind  you they have the divorce decree).  The best was asking for documentation on a lien that was accidentally filed 8 years ago on a house that i sold 6 years ago.  They were able to find the release but wanted documentation of why it was released.  The most frustrating was that the underwriter didn't think i had enough money saved (i have zero debt, am putting $180K down on the house and still have substantial retirement assets).  Next, the UW actually sent the loan broker an email stating that he didn't feel as though he knew me well enough yet per Wells Fargo's "know your customer" policy.  Mind you we were 20 days, 50 documents and hundreds of emails into the process.  He had the audacity to ask if i could get the ex wife's (we have been divorce for 1.5 years) financials to prove where cash went (once again he has the divorce decree).  Random other idiotic requests: asked to supply a letter from my former employer that i was in fact employed with them.  Once again, they have my w2's, tax returns and paycheck stubs from my former employer.  Asked to supply an accounting of large cash outlays over the last two years and back them up with account statements (12 month worth of living expenses in cash post purchase was not acceptable for him).  

Fast forward to today, i finally have an approval but they have been reviewing the HOA document for over 20 days (new build 95% sold out).  I am going to miss my closing tomorrow because they have not approved the stupid HOA docs.  I am now  being held hostage by the seller at a cost of 500 per day until i close (alternative was to lose my 25K escrow deposit).    F-YOU Wells Fargo! 

Cliff notes:  Wells Fargo turns a 5 day stated UW process into 25 and counting causing me to be charged $500 per day that i don't close.  Along the way i have written 15 letters of explanation, sent over 200 emails and provided over 50 documents for a conforming loan.  STAY AWAY. 

Rant over, feel free to share your horror stories as well - it can only make me feel better   

 

[cosjobs]

On the plus side, they probably signed you up for half a dozen unrequested accounts and credit cards

 

[Long Ball Larry]

My wife's mortgage from before we met was with Wells Fargo.  I think she's mentioned having to jump through a ton of hoops to get that mortgage.  Don't think that there were any problems once obtained, though.

We pretty much breezed through our process with our broker last year.

 

[sbonomo]

On the plus side, they probably signed you up for half a dozen unrequested accounts and credit cards

LMAO - I will be sure to check my credit report post closing.  I politely declined the offer to open a checking account for the payment to come out of.  Maybe that is why it is taking so long to get through this process. 

 

[Zegras11]

I won't work with a Buyer that uses any bank.  They are all brutal because they are all on salary and don't give a #### if something goes wrong and their own programs usually suck..  Give me a local mortgage company that doesn't make a dime until you close and is dependent on referral business every time.

 

[Binky The Doormat]

Good to see that all those systematic fraud and theft charges Wells Fargo is facing hasn't allowed them to take their eye off the ball.  

Jail these ####ers.   

 

[Dezbelief]

I won't work with a Buyer that uses any bank.  They are all brutal because they are all on salary and don't give a #### if something goes wrong and their own programs usually suck..  Give me a local mortgage company that doesn't make a dime until you close and is dependent on referral business every time.

Yep, local banks are the best bet. When you get the initial mortgage package there is a disclosure required by law on what percentage of mortgages the institution resales to other institutions. It is split up into quartiles, don't sign anywhere unless they are in the quartile representing the lowest resale rate. Nothing sucks worse than having an understanding with one lender only to have your note sold to another lender who does business totally different.

 

[joker]

I'm trying to refi my mortgage through Quicken Loans and I'm HARP eligible. However, my current mortgage is through WF and they have the address "wrong"  as it doesn't match perfectly with what Freddie Mac has (apparently something as simple as having ST instead of street, etc,  can throw it off). I was told I have to get WF to change the address to match what Freddie has. Their reply to me? "we don't have to change it because it's the right address as far as we're concerned". Months later and I'm still waiting. Wells Fargo can burn in hell. 

PS - any refi guys out there who can give me some advice as to my next move? 

 

[sbonomo]

I won't work with a Buyer that uses any bank.  They are all brutal because they are all on salary and don't give a #### if something goes wrong and their own programs usually suck..  Give me a local mortgage company that doesn't make a dime until you close and is dependent on referral business every time.

I changed mortgage companies (thought I was going with Chase) last second for an 1/8th. What mistake live and learn I guess.

 

[need2know]

My current mortgage is with Wells Fargo.  No problems.  At the time, 5 years ago, it was the best rate going.  I didn't originally get it with them though.  I originally got it with a smaller bank and they sold it to Wells Fargo.

 

[need2know]

I'm trying to refi my mortgage through Quicken Loans and I'm HARP eligible. However, my current mortgage is through WF and they have the address "wrong"  as it doesn't match perfectly with what Freddie Mac has (apparently something as simple as having ST instead of street, etc,  can throw it off). I was told I have to get WF to change the address to match what Freddie has. Their reply to me? "we don't have to change it because it's the right address as far as we're concerned". Months later and I'm still waiting. Wells Fargo can burn in hell. 

PS - any refi guys out there who can give me some advice as to my next move? 

What?  Call back and talk to someone in charge.  That sounds wrong

 

[Cjw_55106]

I'm trying to refi my mortgage through Quicken Loans and I'm HARP eligible. However, my current mortgage is through WF and they have the address "wrong"  as it doesn't match perfectly with what Freddie Mac has (apparently something as simple as having ST instead of street, etc,  can throw it off). I was told I have to get WF to change the address to match what Freddie has. Their reply to me? "we don't have to change it because it's the right address as far as we're concerned". Months later and I'm still waiting. Wells Fargo can burn in hell. 

PS - any refi guys out there who can give me some advice as to my next move? 

Obviously you are stuck in the middle, but I dont see how this is WF's fault, per se. It's a pissing match between WF and Quicken and you ultimately lose. 

 

[Osaurus]

My mortgage has been sold a couple of times. I am with Seterus now which is teh suxors.  Sounds like there are worse.  Did my refi through Quicken loans (which is super awesome) and it went back to these clowns.  They wouldn't let me pay my mortgage through my bank for the longest time.  They wanted me to pay a fee to use theirs.  WTF? Finally they allow me to do it, but of course they didn't notify anyone.  Losers.

 

[Buckna]

Have you done a mortgage since the financial crisis? I've never used Wells Fargo but they all ask for the kind of stuff you stated now (including the two I have used), much of it is Dodd-Frank regulation because of all the liar loans and other crap going on during the bubble.

Best request I ever got was from a lender that wanted my mother to write and sign an affidavit swearing that the $35 check I deposited from her was truly money she gave me for my birthday. I told them to pound sand and they waived the requirement.

 

[Ned]

Best request I ever got was from a lender that wanted my mother to write and sign an affidavit swearing that the $35 check I deposited from her was truly money she gave me for my birthday. I told them to pound sand and they waived the requirement.

 Good god.

 

[bagger]

Just putting this out there as a PSA for any of you trying to buy a house.  Stay as far away from #WellsFargo as you possibly can.  They are the worst lending institution i have ever come across. My story (for those of you that don't want to read the book i am about to write, i will put a summary at the bottom) - I am in the process of purchasing a home in Studio City CA (go ahead flame away - although if any footballguys are in the area i would be happy to buy you a beer!).  My loan broker sent them a complete package with 23 working days to go before closing.  My mid score is 819, i make typical FFA money (over 200K w2 income for at least the last 5 years) putting 20% down.  Seems like a no brainer right?  The initial approval came out 5 days with 27 conditions.  Everything from an explanation of my last three home addresses and why i wasn't financial responsible for them (two apartment complexes and my brothers house - funny enough i had to supply the mortgage information for his house proving i was not liable for the payment, not sure how this is applicable and they have my credit report) to a detailed accounting of my divorce (mind  you they have the divorce decree).  The best was asking for documentation on a lien that was accidentally filed 8 years ago on a house that i sold 6 years ago.  They were able to find the release but wanted documentation of why it was released.  The most frustrating was that the underwriter didn't think i had enough money saved (i have zero debt, am putting $180K down on the house and still have substantial retirement assets).  Next, the UW actually sent the loan broker an email stating that he didn't feel as though he knew me well enough yet per Wells Fargo's "know your customer" policy.  Mind you we were 20 days, 50 documents and hundreds of emails into the process.  He had the audacity to ask if i could get the ex wife's (we have been divorce for 1.5 years) financials to prove where cash went (once again he has the divorce decree).  Random other idiotic requests: asked to supply a letter from my former employer that i was in fact employed with them.  Once again, they have my w2's, tax returns and paycheck stubs from my former employer.  Asked to supply an accounting of large cash outlays over the last two years and back them up with account statements (12 month worth of living expenses in cash post purchase was not acceptable for him).  

Fast forward to today, i finally have an approval but they have been reviewing the HOA document for over 20 days (new build 95% sold out).  I am going to miss my closing tomorrow because they have not approved the stupid HOA docs.  I am now  being held hostage by the seller at a cost of 500 per day until i close (alternative was to lose my 25K escrow deposit).    F-YOU Wells Fargo! 

Cliff notes:  Wells Fargo turns a 5 day stated UW process into 25 and counting causing me to be charged $500 per day that i don't close.  Along the way i have written 15 letters of explanation, sent over 200 emails and provided over 50 documents for a conforming loan.  STAY AWAY. 

Rant over, feel free to share your horror stories as well - it can only make me feel better   

That's not a Wells Fargo thing that's a banking thing. As soon as I read you sent docs to them 23 days before close I thought you aren't hitting the close.

sucks hope it gets resolved asap.

 

[Jayded]

I wouldn't ever start the process with a big bank after finding a mortgage broker that was worth a damn. The process is easy as heck when you find a smaller company that knows what they're doing. The problem becomes that those companies always sell to a big bank eventually. Whether you like it or not, your mortgage will end up with Wells, Chase, etc.

 

[Uruk-Hai]

I wouldn't ever start the process with a big bank after finding a mortgage broker that was worth a damn. The process is easy as heck when you find a smaller company that knows what they're doing. The problem becomes that those companies always sell to a big bank eventually. Whether you like it or not, your mortgage will end up with Wells, Chase, etc.

Yeah, but you don't have to reapply when the note is sold (usually in a bundle with many, many other mortgages). I will always go through a broker to get the deal done, nor am I going to endanger that trying to save .375 points. I don't much care who they sell to afterwards. My last broker told me, just before settlement, that mine was gonna be sold to BoA and I didn't even own the house yet 

 

[Dezbelief]

Obviously you are stuck in the middle, but I dont see how this is WF's fault, per se. It's a pissing match between WF and Quicken and you ultimately lose. 

It's WF's fault because they purposefully won't change the address so they don't lose the loan. 

 

[IC FBGCav]

Good to see that all those systematic fraud and theft charges Wells Fargo is facing hasn't allowed them to take their eye off the ball.  

Jail these ####ers.   

LOCK THEM UP! LOCK THEM UP!

 

[Jayded]

Yeah, but you don't have to reapply when the note is sold (usually in a bundle with many, many other mortgages). I will always go through a broker to get the deal done, nor am I going to endanger that trying to save .375 points. I don't much care who they sell to afterwards. My last broker told me, just before settlement, that mine was gonna be sold to BoA and I didn't even own the house yet 

Ha and yup, just noting that even if someone thinks WF sucks, it's likely you may end up with them on the recurring processing of your loan anyways. You can avoid them on the inbound side but are unlikely to escape from them and the other megas for the long haul.

 

[RokNRole]

Only 200k income?

 

[Uruk-Hai]

Ha and yup, just noting that even if someone thinks WF sucks, it's likely you may end up with them on the recurring processing of your loan anyways. You can avoid them on the inbound side but are unlikely to escape from them and the other megas for the long haul.

That's the truth. But then they just usually become just become an address to send your payment to (other than the 9 million offers a week I get in the mail from BoA to refinance, when both their reps & I agree that it isn't viable right now). 

Though I do sympathize with joker above about them being a #### when he's trying to refi. As yet, I haven't had to deal with that issue.

 

[sbonomo]

Have you done a mortgage since the financial crisis? I've never used Wells Fargo but they all ask for the kind of stuff you stated now (including the two I have used), much of it is Dodd-Frank regulation because of all the liar loans and other crap going on during the bubble.

Best request I ever got was from a lender that wanted my mother to write and sign an affidavit swearing that the $35 check I deposited from her was truly money she gave me for my birthday. I told them to pound sand and they waived the requirement.

No this is the first mortgage I have applied for in a long time.  I am amazed at the number of frivolous requests that I have received .  Sound like I am not alone though.

 

[sbonomo]

That's not a Wells Fargo thing that's a banking thing. As soon as I read you sent docs to them 23 days before close I thought you aren't hitting the close.

sucks hope it gets resolved asap.

Ya I just had to pay 5k to the seller to get a two week extension.  I had no idea it would take this long.  It sounds like you are in the industry.  Out of curiosity, are 30 day close for purchases unreasonable?  Knowing what I know now, I should have asked for 45-60 days.  I have what I thought was a perfect package and i didn't come close to making it.

 

[sbonomo]

I wouldn't ever start the process with a big bank after finding a mortgage broker that was worth a damn. The process is easy as heck when you find a smaller company that knows what they're doing. The problem becomes that those companies always sell to a big bank eventually. Whether you like it or not, your mortgage will end up with Wells, Chase, etc.

I am using a broker.  I honestly thought it was being sold to chase.

 

[sbonomo]

Only 200k income?

Actually closer to 300k. - I am a football guy.

 

[TLEF316]

My current mortgage is with Wells. Originally closed 8 years ago (it was my first home) and re-fi'd like 2 years ago. The re-fi was an absolute cakewalk. Did 90% of it over the phone (could have been 100% but i was a little confused about the final paperwork so I just went into a branch) and it went really painlessly once I got off my ### and actually filled out the paperwork.

The original mortgage was a PITA but I don't necessarily blame them. I was only 25 at the time and obviously had limited credit history. a big chunk of the down payment came from an inheritance (thanks grandpa Lou) that my dad had to transfer to me, so they rightfully asked a lot of questions about where that money was coming from.

Probably going to be buying/selling in the next 6 months.  Definitely dreading it. I'm making twice what I was making then and have plenty of savings, so the actual money stuff shouldn't be as big of a deal, but the idea of selling and buying at the same time terrifies me.

 

[Buckna]

Ya I just had to pay 5k to the seller to get a two week extension.  I had no idea it would take this long.  It sounds like you are in the industry.  Out of curiosity, are 30 day close for purchases unreasonable?  Knowing what I know now, I should have asked for 45-60 days.  I have what I thought was a perfect package and i didn't come close to making it.

Not unreasonable but that's on the aggressive end of things if you're financing. IIRC, I did a 45 day close on the house I bought last May and my mortgage company still almost screwed the pooch at the last minute by not having everything ready. Closing was a nightmare because they sent over an estimate of the final cash to close amount and we had to wait for them to find and send the corrected, final version... which I caught still had one of the fees wrong.

 

[Osaurus]

I am using a broker.  I honestly thought it was being sold to chase.

Yeah.  Pretty much the day you close is when you find out the mortgage holder (at least for me).  It's like national signing day with the three card monte hats.  Which bank will it be?  zOMG!!!!

 

[-CE-]

In general I share your thoughts of Eff Wells Fargo.

With that said, this horror story: You can thank Representative Dodd and Senator Frank for all of this bull####.

I buy in all-cash, as that's what is required to win a deal in my market (from your story, gee - wonder why?) but as someone else said above "23 days to close with financing necessary" made me laugh my ### off.  You should be charging your realtor that $500/day hostage fee.

 

[-CE-]

It's WF's fault because they purposefully won't change the address so they don't lose the loan. 

I promise you WF doesn't give two ####s about your pissant loan.

 

[RokNRole]

Actually closer to 300k. - I am a football guy.

Yikes.

Sorry to hear about your troubles

 

[lod001]

My current mortgage is with Wells Fargo.  No problems.  At the time, 5 years ago, it was the best rate going.  I didn't originally get it with them though.  I originally got it with a smaller bank and they sold it to Wells Fargo.

Same here (2012 or 13, I forget the year) but refinanced it with Wells Fargo. Dropped the rate to 2.875. Threw a new Camaro into the deal increasing the total mortgage amount yet kept the payment the same. It added a couple of years to it. Everything we buy is via WF credit cards so they knock off hundreds of $ off the mortgage every year. Usually at least 1 payment so it's like making 13 payments a year. Got another 10 years to go I think.

 

[Dezbelief]

I promise you WF doesn't give two ####s about your pissant loan.

Good because I have never banked with them.

 

[sbonomo]

My current mortgage is with Wells. Originally closed 8 years ago (it was my first home) and re-fi'd like 2 years ago. The re-fi was an absolute cakewalk. Did 90% of it over the phone (could have been 100% but i was a little confused about the final paperwork so I just went into a branch) and it went really painlessly once I got off my ### and actually filled out the paperwork.

The original mortgage was a PITA but I don't necessarily blame them. I was only 25 at the time and obviously had limited credit history. a big chunk of the down payment came from an inheritance (thanks grandpa Lou) that my dad had to transfer to me, so they rightfully asked a lot of questions about where that money was coming from.

Probably going to be buying/selling in the next 6 months.  Definitely dreading it. I'm making twice what I was making then and have plenty of savings, so the actual money stuff shouldn't be as big of a deal, but the idea of selling and buying at the same time terrifies me.

That is what I thought... Don't use wells.  I am sure there are a million options available to you.  I saved an 1/8 by going with them and in hindsight, I would have paid an extra 1/8 to use someone else.  It has been a complete nightmare.  Hopefully my experience can save you the stress and heartache I have endured.  

 

[Courtjester]

I have banked with Wells for over 20 years without many problems--had a mortgage with them I liked due to the convienence of having my accounts all in one place.

That being said,  they are absolute crooks when it comes to auto financing. I bought a car at a dealership many years ago and the loan got assigned to Wells. Great---a few months in I get a letter saying they don't have proof of full coverage on the vehicle and if I don't send that in "x" number of days, they will sign me up for their auto insurance and my payment would balloon up. Of course the card isn't good enough--they need the whole detailed policy faxed to them by my agent. Okay, no problem. Solved.  

A few months later--same letter. Call my agent--solved it. A few months later rinse and repeat. I refinanced and went elsewhere. 

Fast forward, I buy another car at a  dealership and you guesssed it, I get assigned to Wells Fargo.  Four--five months go by and the same letters start arriving. I couldn't refi fast enough. 

What a scam---if they do this to a thousand customers a month and you just happen to miss the letter, you won't know it until you go to make your payment and it is $200.00 more. I am sure if they can get a 8-10% involuntary insurance sign up by these letters, they would consider that a good month. Avoid their car loans at all costs.

 

[RokNRole]

I have banked with Wells for over 20 years without many problems--had a mortgage with them I liked due to the convienence of having my accounts all in one place.

That being said,  they are absolute crooks when it comes to auto financing. I bought a car at a dealership many years ago and the loan got assigned to Wells. Great---a few months in I get a letter saying they don't have proof of full coverage on the vehicle and if I don't send that in "x" number of days, they will sign me up for their auto insurance and my payment would balloon up. Of course the card isn't good enough--they need the whole detailed policy faxed to them by my agent. Okay, no problem. Solved.  

A few months later--same letter. Call my agent--solved it. A few months later rinse and repeat. I refinanced and went elsewhere. 

Fast forward, I buy another car at a  dealership and you guesssed it, I get assigned to Wells Fargo.  Four--five months go by and the same letters start arriving. I couldn't refi fast enough. 

What a scam---if they do this to a thousand customers a month and you just happen to miss the letter, you won't know it until you go to make your payment and it is $200.00 more. I am sure if they can get a 8-10% involuntary insurance sign up by these letters, they would consider that a good month. Avoid their car loans at all costs.

Have you checked to see how many accounts they opened for you?

 

[Zegras11]

No this is the first mortgage I have applied for in a long time.  I am amazed at the number of frivolous requests that I have received .  Sound like I am not alone though.

Standard now...  Ten years ago no doc loans, now all the way to the other side.   Pretty sure it's a law now, but I'm guessing 25-35% of all underwriter files get audited these days.  Mine was.  That's why they ask for an explanation on EVERYTHING now.  My son was asked about a $1400 Paypal deposit.  He sold some old Pokemon cards LOL

 

[Reg Lllama of Brixton]

After all that I'd ask for a free ride in the stagecoach. 

 

[sbonomo]

After all that I'd ask for a free ride in the stagecoach. 

I would settle for a handy.  

 

[BlueDredSo]

Wells Fargo bought my mortgage from First Niagara, almost immediately. I guess I'm lucky I didn't have to deal with Wells Fargo much and so far it's been pretty painless. However, we are starting to look at new houses again and I've heard enough about Wells Fargo that there's no way I'll turn to them. Crappy situation, but like you said you have FFA $$$ so, ya know, whatever man.

 

[shadyridr]

subtle LOOK AT ME thread

 

[need2know]

Same here (2012 or 13, I forget the year) but refinanced it with Wells Fargo. Dropped the rate to 2.875. Threw a new Camaro into the deal increasing the total mortgage amount yet kept the payment the same. It added a couple of years to it. Everything we buy is via WF credit cards so they knock off hundreds of $ off the mortgage every year. Usually at least 1 payment so it's like making 13 payments a year. Got another 10 years to go I think.

Wow great deal

 

[sbonomo]

subtle LOOK AT ME thread

 Not at all (I hope it did not come across that way - I was just teasing the other poster) - just trying to warn others about my experience.  

 

[Chapelboy]

My current mortgage is with Wells Fargo.  No problems.  At the time, 5 years ago, it was the best rate going.  I didn't originally get it with them though.  I originally got it with a smaller bank and they sold it to Wells Fargo.

same here.  started with small mortgage companies for two homes.  The mortgages were sold to WF quickly.  Oh well.