During the first week of January in 2009 I started the process of refinancing my home loan. By 1/10/09, I provided all the requested documentation t0 secure the loan. The loan was funded on 3/27. Amazingly the loan officer did not need a single piece of additional information. Communication from my mortgage specialist was poor. I often found that I needed to be the one to follow-up with him. He told me verbally and documented in an email that he would automatically lower my rate anytime during the process. This was not done. When I noticed that rates had dropped I was the one who reached out to him. In discussing my options with him he told me that he could lower the rate but we would need to restart the whole loan process again. I have sent him 3 emails asking him at what point during the loan process did we reach the point where he could no longer automatically lower the rate. His responses to me have not answered my question, in fact this were a little rude to the point that I now plan on reaching out to his supervisor.

In addition I had to sign my loan documents twice as the first time he put together the documents he used the incorrect dates. Below are some of the email's:

____________________________________________
From: Mortgage Consultant at Wells Fargo
To: Mr. X
Sent: Tuesday, January 6, 2009 1:25:56 PM
Subject: RE: Follow-up from our Phone Conversation

Hello Mr. X,

It was nice speaking with you. For an estimate with a complete breakdown please click on apply now on my e-card or website link below and fill out 10-15 minutes of information. Your information will be directly transmitted to me where my team and I can begin working on your estimate. Typically I will have this back to you within 24-48 hours.

I have also attached a list of the documents I will require for full approval and to lock in your rate. I recommend locking as soon as possible and remember I will automatically lower your rate/payment if rates drop anytime during the process.

Please feel free to contact me if you have any questions.

Best Regards,
Mortgage Consultant at Wells Fargo

________________________________________________
From: Mr. X
Sent: Thursday, March 26, 2009 11:28 AM
To: Mortgage Consultant at Wells Fargo
Cc:
Subject: Home Loan - Rate Follow-up

Mortgage Consultant at Wells Fargo,

Thank you for getting back to me on my question regarding the application fee, I had expected to see it as a credit for the cost of the loan, I see that is not.

Additionally thank you for offering to answer other questions if I have them. In fact I do.

I would like to understand why after having to go through the process of resigning documents this week why my rate stayed at 5% and why it was not lowered given the rates dropped below 5%. According to your email, you indicated that you would automatically lower the rate/payment if drop anytime during the process. Seeing as are still in the process of, I would like a clear why the rate did not drop and at what point did it required to be locked. Anytime implies anytime before we close. Please explain, email response requested.

Regards,
Mr. X


____________________________________________
From: Mortgage Consultant at Wells Fargo
To: Mr. X
Sent: Thursday, March 26, 2009 1:16:39 PM
Subject: RE: Home Loan - Rate Follow-up

Hello Mr. X,

I recall we discussed in detail on 3/19 the rate was only an .125% lower with a very minor difference in payment. I told you we would have to re-send the file through underwriting again, have it re-approved and delay the funding.

You said no, just to move forward with the way we had it set up. Once documents are drawn the only option would be to cancel documents and go through the above mentioned process again.

Regards,
Mortgage Consultant at Wells Fargo

____________________________________________
From: Mr. X
To: Mortgage Consultant at Wells Fargo
Cc:
Sent: Friday, March 27, 2009 3:01:30 PM
Subject: Re: Home Loan - Rate Follow-up

Mortgage Consultant at Wells Fargo,

From our conversion on 3/19 when I asked the question about lower rates you did highlight that you would need to re-send files. This was prior to having to resign the loan documents. In our conversation you called out a risks of going through the re-approval processes. I said no based on this needs and the hassles you highlighted. I was asking again based on the fact that I needed to resign documents this week.

When we discussed the loan you called out as documented in your email that you would automatically lower your rate/payment if rates drop anytime during the process. My question still stands, I would like to know at what point in the process did we reach the point of not being able to automatically lower the rate? It sounds like you are saying that point was when the file went through underwriting, so I would like to understand the date when this point was reached. I would like to know this for future home loans.

You gave me the false impression initially that through the load process this would happen, I suggest in the future you are clearer to your customers and avoid using terms like "anytime", like you did in your email to me. ("I will automatically lower your rate/payment if rates drop anytime during the process".)

Thanks for the return phone call to confirm the loan has been funded. It is hard to believe that this process was started back on 1/6/09 and that it took until today (3/27 close) while taking into consideration I provided all of the needed documentation the same week we first spoke. I fully understand there are a number of factors involved, I'm just glad this is now complete.

Mr. X


____________________________________________
From: Mr. X
Sent: Tuesday, March 31, 2009 12:28 PM
To: Mortgage Consultant at Wells Fargo
Cc:
Subject: Re: Home Loan - Rate Follow-up

Mortgage Consultant at Wells Fargo,

I have not heard back from my and my question is still open, I would like to know at what point in the loan process did we reach the point of not being able to automatically lower the rate?

Regards,
Mr. X

_________________________________________________________________

From: Mortgage Consultant at Wells Fargo
To: Mr. X
Sent: Tuesday, March 31, 2009 5:07:18 PM
Subject: RE: Home Loan - Rate Follow-up

Hello Mr. Z,

We can lower the rate at any point during the process. The day it dropped lower you told me not to go through with the process of lowering the rate because you did not want the loan delayed any further.

Regards,
Mortgage Consultant at Wells Fargo

____________________________________________
From: Mr. X
To: Mortgage Consultant at Wells Fargo
Sent: Tuesday, March 31, 2009
Subject: RE: Home Loan - Rate Follow-up


Mortgage Consultant at Wells Fargo,

Based on your guidance and explanation that we would basically need to restart the entire process, you are correct I said no. I had the understanding that that since I had already signed the escrow papers (the first time) that it would basically need to start the entire processes again. The last thing I wanted to do at the time was to go through another almost 3 month period to refinance. Our conversation started about a lower rate when I happen to be the one to initiate the conversation.

My question remains, you said that you would automatically lower the rate, at what point during the loan process was it no longer possible for you automatically lower the rate? As I stated, I would like to understand the date when this point was reached so that I know for future home loans.

Regards,
Mr. X

We are presently in the middle of a 1031 exchange when Wells Fargo Home Mortgage decided to cancel our loan on 2/26/09.

We had been in contact with Wells Fargo Home Mortgage consultant since September 18, 2008. We initially applied for the loan through the WFHM website. During that time we continuously shopped for lower rates. However, most lenders we contacted were not willing to loan on the complex because the property is a condo conversion.

On November 28, 2008, unable to find a traditional lender, we commenced working with Well Fargo Home Mortgage. We were informed by Wells Fargo Home Mortgage consultant that Wells Fargo had an exclusive arrangement with the seller of the condo to provide loans and that WFHM would likely be the only company that would be able to do a loan for the project.

On December 2, 2008, we provided Wells Fargo Home Mortgage with all the documents to facilitate the loan. On December 9, 2008, we also provided a $600 fee for appraisal. On December 15, 2009 we received a commitment letter from Wells Fargo Home Mortgage located at 4420 Auburn Blvd. Suite 110, Sacramento, CA 95841-9939 approving the loan application. In compliance with the requirements of this commitment letter, we provided all the documentation due by us and returned it promptly on December 19, 2008. On December 17, 2008, we received a packet from Wells Fargo Home Mortgage containing Disclosure packets, Truth-In-Lending, Good Faith Estimate, and Applicable State Disclosures for our records. On December 24, 2008, we also informed Wells Fargo Home Mortgage consultant that additional information was provided to WFHM underwriting department. We kept in touch with the WFHM mortgage consultant throughout the process regarding the status of loan documents as well as the appraisal.

On February 9, 2009, an e-mail from the WFHM mortgage consultant indicated that it is finally in receipt of the appraisal and the value came back at the sales price and that the loan was in underwriting for final review. On February 21, 2009, the WFHM mortgage consultant informed us that a second review of the property for the appraisal was needed and should be completed by the following Monday (2/23/09) or Tuesday (2/24/09) but did not tells us why this second appraisal was necessary. On February 24, 2009, the WFHM mortgage consultant informed us that the loan documents had not gone out and that she was "struggling" with information in the appraisal. Finally, on February 26, 2009, the WFHM mortgage consultant informed us that Wells Fargo would not be able to close because of the slow sales in the complex and changes in the new condo and condo conversions rules. The WFHM mortgage consultant also mentioned that the final decision on an exception for the appraisal was not granted. Please note that the appraisal came in at the sales price and so, we are still somewhat bewildered as to how it affected the loan approval.

The Disclosure Booklet provided a discussion of the various factors that may affect the loan such as appraisal value, loan to value, and borrower’s credit profile. The Disclosure Booklet provided by Wells Fargo Home Mortgage indicated, "The value of the property (usually determined by an appraisal) as compared to the amount you wish to borrow (the "loan-to-value ratio" or "LTV") also impacts your loan price.” Please note that the value of the property was appraised at the sales price. Our down payment consisted of the entire proceeds from 1031 and cash for a 25% down payment making the LTV at 75%. With respect to the credit profile, the WFHM mortgage consultant checked the credit report and informed us that the FICO scores were 765 and 790. To date, we have not received a copy of the credit report from WFHM mortgage consultant.

In accordance with the “Prompt Action/Notification of Action Taken” (ref. page 12, Buying Your Home), the lender or Mortgage broker must act on the application and inform the borrower of the action taken no longer than 30 days after it receives the completed application. It seems like the WFHM mortgage consultant deemed the application complete as of December 24, 2008 when the WFHM mortgage consultant acknowledged the receipt of all the documents. A follow-up on the status of the loan was made on January 05, 2009, to determine if additional documentation was needed. Our WFHM mortgage consultant on the same day responded that Wells Fargo had everything they needed. The 30-day timeline for notification would have been 1/24/09.

We would like to point out that a $600 fee that covers the appraisal was collected on December 9, 2008. Based on the information discussed in the Buying Your Home information Booklet, Wells Fargo Bank, N.A., Affiliated Business Arrangement Disclosure Statement the fee for appraisal ranges from $275 - $500. Information on the Good Faith Estimate of Settlement Cost final print date 12/17/08 showed $450. We have not been informed of the cost of the appraisal to date nor have we received a refund on the remainder of the $600!

We continuously followed up on the status of the appraisal and were finally notified that it was available on 2/9/09. It is also worth noting that in accordance with Buying Your Home information Booklet, Obtaining Your Appraisal, the lender or Mortgage broker is required to notify the borrower that they have the right to get a copy of the appraisal report per The Equal Credit Opportunity Act (ECOA). The notice will tell the borrower when and how the borrower can ask for a copy. Please note that the lender failed to issue a notification advising us of such a right. We requested a copy of appraisal for our own reference uninformed of our right for a copy of the appraisal.

On 2/26/09, we received an e-mail from the WFHM mortgage consultant that Wells Fargo is unable to make the loan because of the following: (1) the appraisal was not granted an exception (although we weren't told what about the appraisal required an "exception", (2) the sales in the complex have been very slow, and (3) Wells Fargo has experienced huge changes with new condos and condo conversions. The WFHM mortgage consultant mentioned that she was unaware of the changes until the last moment. To date, Wells Fargo has not offered any explanation as to what changes in the condo conversion affected the loan approval. During my recent research, we have read that FANNIE MAE sent a fact sheet to lenders regarding condo and condo conversion dated December 16, 2008, so the WFHM mortgage consultant's claim that she just found out about the information on 2/26/09 does not seem accurate.

Furthermore, the WFHM mortgage consultant letter dated December 17, 2009 provided an assurance that she’ll do everything to ensure the program selected is best fit for our financial needs. We believe that Wells Fargo Home Mortgage should have advised us of the impending changes on loans for condos and condo conversions so we could have made an informed decision whether to pursue the loan, or attempt to purchase one of the other properties identified in our 1031 exchange before they were sold. In the meantime, we had lost the opportunity to make an offer on the other two properties we had identified in the 1031 exchange and are now in jeopardy of losing the proceeds from our 1031 exchange due to Wells Fargo Home Mortgage’s failure to notify us of the policy changes.

We've complied with every requirement of the loan. The appraisal had come back at the sales price. Our credit profile met WFHM’s requirements. The loan is not considered at-risk based on the down payment and LTV. And yet the underwriting decided to cancel the loan at the last minute. We are now left struggling to find another comparable loan and we are in jeopardy of losing the proceeds if the 1031 exchange fails.

A letter dated March 6, 2009 was sent to various officers of Wells Fargo Home Fargo via e-mail and regular mail. To date, we have not heard any response from Wells Fargo regarding the issue.

It seems like after all Ms. Mary Coffin’s (Executive Vice President of Loan Servicing) speech on February 24, 2009 as she testifies before the subcommittee on Housing Financial Services Committee was all for show and part of an act to satisfy the regulatory committee. In her speech she requested for a continued collaboration with the Housing Committee such as, FHA granting the Wells Fargo the authority to expand and allow the assignment of mortgages to FHA and the payment of claims upon modification of the FHA loan as well as approval of recommended changes to Hope for Homeowners that Wells Fargo believes will make the program a more attractive alternative for at-risk customers. Let us not forget Ms. Coffin’s claim on Wells Fargo’s effort to lessen the impact on the community affected by mortgage industry crisis. These speeches and appearances of corporate leaders before the regulatory committees has been a familiar scene in today’s economic condition with every industry from auto, airline, banking to mortgage industry. These corporate leaders would like to assure everyone that they are doing everything they can to help alleviate the people’s pain and they have the community’s welfare at heart. However, after the loan disaster they have caused me with no offer of a resolution in sight except for an unexplained decision to cancel my loan at the last minute makes you wonder. I am sure that there are other cases out there and I am most probably one of the millions that these “honest” corporate leaders have caused discomfort and havoc.

Back in October I had telephoned Wells Fargo about my mortgage payments because I foresaw a financial problem occurring in the months to come. I tried to get my loan modified to stay in good standing with my payments and all they wanted to do was make me agree to a "Promise to Pay Program", basically stating that I promised to pay them if I fell behind on any month (s). They also referred me to credit counseling, when my situation had nothing to do with credit counseling, but more so with the way that they economy was going. Business is slow, especially for me, I am a truck driver and business has been horrible, I mainly deliver building material, such as sheet rock, roofing shingles, etc. and since the economy is so bad, no one is buying homes, which means that no one is building, which means that I am pretty much out of a job. Hopefully Wells Fargo will wake up and take a look around at what really is going on in the world today...

This is the most incompetent, careless and dishonest company that I have ever dealt with! I got divorced in 2004, and my home was given to me. However, Wells Fargo not only turned me down for an assumption under my own name, they issue me refund checks that both myself and my ex-wife have to sign. They completely disregard court orders. I sent my divorce decree NINE times, and NINE times they lost it. I had to hire an attorney to force them to re-issue my escrow refund in accordance with a four year old court order! What's worse, is that Hurricane Ike struck and damaged my home while all of this was going on Sept 12, 2008. My insurance company made a settlement check to me and Wells Fargo. After speaking with several people, all of whom make up rules as they go along and have different answers for the same questions, I am back to square one. I had to re-hire my attorney because the exception department at Wells Fargo Home Mortgage says that they have lost various pages of my disaster package. I have wasted almost two months dealing with these idiots, and I am in danger of being sued by my contractor because they are never going to give me my money. I am forced to live in a home with ceilings and walls that are on the verge of collapse, windows covered by boards, mold growing in the attic insulation-the list goes on and on. I cannot believe that Wells Fargo shows such little regard for people who give them business. Every day I try to reason with these people and am told different stories, lies, and no one seems to know what is going on. For an industry that is in trouble, Wells Fargo has to be THE WORST representation of humanity next to Osama Bin Laden! Why is our government bailing out scumbags like Wells Fargo? We should have let them collapse so those people would have to work minimum wage jobs and live check to check like a lot of us. I guess I got victimized by Hurricane Ike once, and now Wells Fargo Home Mortgage is making the suffering even worse for me and others around the Houston/Galveston area. I am speaking with a reporter from the local Fox affiliate station, and have posted a large sign on my property letting the rest of this devastated neighborhood know that Wells Fargo Stole My Insurance Check. I look forward to suing them for the incessant misery that they have perpetrated on my family.

I had a mortgage on my house with Wells fargo. I had bought and paid for 2 houses with Wells Fargo and paid off both my loans very quickly before, so I was using them once again. I was paying it twice a month instead of once a month to pay my loan off faster but most of my money was going into intrest, so I called up Wells Fargo and said how can I send more money to "principal" each month? The agent said well you'll have to refinance you house to do that. "We won't except more principal any other way". So I stupidly went along with it not realizing all I had to do was allocate more money to principal in each payment. They also charged me a fee of $400. for this as well. About 2 monthes later my family needed me to come back home and care for an elderly person, as there was no one to help her and she couldn't afford in home health care. So I called up Wellds Fargo, asked them If I could apply for another loan on another house out of state until the house I presently had (a very lovely desirable hous)e was sold. The loan officer said quote "Yes you have excellant credit and you qualify for a "preapproved loan." So I got on a plane and went back home to find a cheaper house quickly, and was able to find one just around the corner from my elderly aunt, So I could stay with her for long periods of time.
I called Wells Fargo along with my realtor and we both talked to the loan officer and he said " I was fine and everything was ready go they had my imcome tax recordds from the past 2 years my bank account records, a copy of my listing agreemenmt with the agent to sell my old house, WHICH HE CONFIRMED WITH MY WITNESS THAT HE RECIEVED, and that I had Quote: "pristine credit". I said are you sure that I'm ok to start moving?, she needs me here immediately. He replied to both me and my realtor quote "Oh yes! your fine! Go right ahaed I'm going to E mail you your approval!" I recieved an E mail in writing that I was approved and that I should start my move!" I was charged another $400. for processing again. So I got everything on the truck, transfered all my money from my bank to Wells Fargo bank in the city back home, had all my business transfered my bills, my insurence health and home, got the closing date settled on the new house. I paid the moving company $15, 000.00 I put down 20% on the house. I had the new house appraised surveyed, and inspected Then about a week before I was ready to get on the plane, I called up the loan processor again and said quote:" is there anything else you need before I go?" he replied QUOTE: "I DON'T KNOW WHAT I'LL NEED BUT YOUR LOAN IS NOT APPROVED NOW. WE CHANGED OUR MIND AND IT COULD BE BECAUSE YOU REFINANCED YOUR HOUSE AND YOU ARE USING IT AS A SECOND DWELLING. When I said that he had confirmed that he had recieved my listing agreement earlier, he said quote:" Oh yea that's right. Well I told the underwriters that you had a second dwelling instead and they changed their minds about the loan" I told him what I had been through and that he needed to straighten it out immediatly! He said well there's really nothing I can do. We have the right to change our minds even after closing if we want to. Its legal." I called up his suppervisor and complained and they said they would discuss it ???? I don't know why this loan processor lied about my house be listed, what did I do to him ???? but My family is very politcal. I've passed 3 bills in congress myself to help consumers. I'm now working on legislation to prevent this "SO CALLED LEGAL CHANGING AT ANY POINT AND TIME" I usually win these things I'm very good at this, and I have many good friends in the media to expose people like this and I intend to!