Mr. Harry Schaefer, a retired consultant for Wells Fargo with 39 years experience in the mortgage business advised me to contact Wells Fargo about thier 3 step program in an effort to lower my current interest rate. He is currently working for another Mortgage Company. I have a current home mortgage loan with Wells Fargo in excellent standing. I contacted them on 3/20/09 to inquire about lowering my rate. After a 2 hour phone call pre-qualifing me, I was told I was pre-approved for their 3 step program, meaning no cost to me for any of the standard closing costs even the appraisal. My credit score is 802, my loan to value is only 63% and my debt ratio is only 30%. They were to lower my interest rate from 6.25% to 5.125%. After many phone conversations and repeated faxes for additional information and a phone consultation with Mr. Harry Schaefer it was determined that they were not calculating my debt correctley. I own my primary residence in addition to 4 rental houses. Two of the rental houses showed a small negative cash flow in 2007 due to remodeling 2 kitchens in 2007 and the other 2 houses showed a substantial positive cash flow netting a total positive cash flow of over $7, 000 for the 4 houses. Your underwriter is not properly calculating this income by showing the debt on the two mortgages with a negative cash flow instead of bracketing them as they are all four rented with verified leases on all. Futhermore, no major expenses were done in 2008. Also, my payment is being decreased by over $1, 000 monthly for the new finance.
1. Credit Score - 802
2. LTV % less than 65%
3. Debt ratio 30%
4. 2007 Tax returns supplied with 5 k1's completed for 2008 which show ample income alone without spouses income supplied yet as an extension has been applied for 2008 returns.
This is the most incompetent staff I have ever dealt with, I am in the Real Estate business for 25 years. I just called Customer Service to find out the status as no one has had the decency to call me back. I was told by a Linda White that she had no one I could talk to, not a supervisor or anyone and when I questioned why she responded that she was just a temporary agent and that she didn't really care what I did. I am appalled to say the least and if this is not rectified immediately I will post this incompetency on the local news as well as newspaper and what ever other relief I find available. Is this just a scam by Wells Fargo to mislead people to refinance and not approve anyone? If I can't be qualified I'm not sure anyone could be by your Comopany. By the way I have 3 loans with you all in excellent standing obviously with an 802 credit score.
I gave written authorization for my loan processor and her supervisor to contact Mr. Schaefer regarding this loan process and neither one bothered to call either of us and as I am closing this letter I still have not received a phone call back as I put 2 messages in first thing this morning.

Very Disgruntled Customer

Sherri Apakian Offer #7900119882
(954)471-8422
Harry Schaefer (954)981-6800