Reviews: Wells Fargo Home Mortgage

After more than 7 months of delays and unanswered calls, our loan is still pending. My experience is a long string of unresponsive personnel who pass the buck to a multitude of other departments. However, they never actually call the other departments and often do not answer calls.

Wells Fargo is the worst when it comes to refinancing an existing loan!!!! My history: I have been with Wells Fargo bank since 1986 and they currently carry the mortgage on my primary residence. In December I went to Wells Fargo to investigate refinancing a piece of investment property I own. The current appraised value of the property is $550K and the total amount owed is $135K. I have good credit, a good credit score, no late payments, no bankruptcies. Sounds like a slam dunk. On 1/4/11, I submitted my loan docs to my local Wells Fargo bank in Simi Valley, CA. It was reviewed in the branch by the Home Mortgage Consultant who then sent it on to underwriting. Within 2-3 days, underwriting asked for 2008 taxes which I sent over within 2 days. Next underwriting asked for an explanation of deductions on 2009 taxes, schedule E. Within 1 day I respond. Next underwriting asks for an explanation of the only derogatory statement on my credit report ($230). I immediately e-mail the response to my Home Mortgage Consultant. Next underwriting wants copies of my bank statements indicating rent deposits. I respond immediately. Next Wells Fargo underwriting wants proof of the security deposit. Within one day I provide a copy of my checking account statement indicating this deposit. Next underwriting wants a copy of the security deposit check given to me from the tenant. I comply within 2 days and at this point I tell my Home Mortgage Consultant this is getting old. Next the underwriter asks for copies of the rent check for the last three months. I get this information to the Mortgage Consultant in one day and ask him if the underwriter in inept. In my mind, this person is incompetent and does not know what she is doing. I would think she would have had the common since to ask for ALL the banking statements and rental information at once. To his credit the, Mortgage Consultant did call the underwriters supervisor and complained. But, to no avail. So as it stands now, I call my Mortgage Consultant every other day asking the status of the loan and all he says is that is just setting with the underwriter. Apparently, new home loans take priority over refinances. If I had known this going in, I would have gone somewhere else. In the mean time interest rates have gone up a ½ a point and here I set. I am ready to cancel the process and find a loan broker who can get it done in 30 days. Thank god I am not one of the thousands of people who are trying to work out a deal with these idiots at Wells while dealing with the pressure of losing my house. Your Loyal Customer Christopher B.

I have had a Wells Fargo loan for 11 years and not once have I ever received even acceptable customer service. They do nothing to help work out a problem and their shoddy record keeping almost cost me my home! If I had it to do again I would not EVER bank with, or get a loan from Wells Fargo. Do yourself a favor and do not do business with them.

Wells Fargo did not become the largest mortgage loan company in the country by not doing a good job by their customers, so I give Wells Fargo a thumbs up.

Wells Fargo has a long mortgage lendign history in California and treats all of its customers like trusted clients.

My mother had a Wells Fargo reverse Mortgage. When she died, Wells Fargo is delaying taking the house for 1 1/2 years blaming HUD. Communication is next to impossible and they out and out lie. They aren't living up to their agreement. Meanwhile the additional costs are in the thousands of dollars. I have had or ran 7 businesses and have never found such an unethical company. DO NOT DO BUSINESS WITH WELLS FARGO!

Wells Fargo has Good Refinance Rates and is a solid mortgage lender.

My father had a reverse mortgage and passed almost 5 months ago. I have been trying and trying to deed the house to Wells Fargo in lieu of foreclosure. They keep asking for the same thing over and over. Very frustrating.