Application, originator, mortgage broker

Posted on Posted in Mortgage


I applied for a mortgage with Wells Fargo on XXXX, 2014. The agent failed to discuss costs of loan, and interest rates. Shortly into the process he became ill and I was assigned to his supervisor. When I questioned about interest rates, and costs over the phone, he said he would email some scenarios to me. I said that I have not received an accurate Good Faith Estimate. Either the loan amount is wrong or the cost is wrong, or the interest rate is wrong. I had no clear information on the costs of the loan I was obtaining. I felt uncomfortable with emails describing scenarios. I was concerned that each GFE that I saw did not provide correct information. The Supervisor went on vacation. I had opted for a higher interest rate because the cost of the loan ( per the emails he sent ) was too high. I had locked the loan and made that decision in a vacuum with the first loan officer ( I was his first customer – he was not equipped to clearly discuss loan costs ). I am angry that he was not able to discuss loan options and costs, by the time I had gotten the emails from the supervisor, it was too late to make an informed decision. I had to go with the higher rate. Supervisor goes on vacation and the loan has been approved. We are waiting for loan documents. Days and days go by, we are beginning to worry that we will be homeless and beginning to plan for having to store furniture etc and find temporary place to stay. It turns out that Supervisor left without figuring out that our Documents were under the first guy ‘s system. Nobody could get into the system to get our loan docs and the supervisor was un-reachable. Per Wells Fargo they had to get their I-T dept to get into the system to get our documents. We thought, ‘Ok, finally, clear sailing! ‘ Wrong. The person assigned to funding our loan walked off the job in the middle of the day, in the middle of our project. Now we are faced with certain homelessness. I ca n’t reach a human being who will help. My only contact was the Supervisor ‘s assistant. I had to really become extraordinarily irate with her ( with my apologies for the rage ), and then the same with the Document Specialist who had helped with underwriting. They were the only people who I could reach. Apparently this worked ( which is unfortunate, as my XXXX XXXX is through the roof as I type this – even though this was XXXX months ago. ) The loan funded with XXXX hour to spare. I completed Wells Fargo ‘s standard customer svc questionnaire online. A few weeks later rec ‘d a call. They said they would investigate. 2+ months later, on XXXX XXXX I get a letter filled with misinformation regarding a ‘resolution ‘, and the following : ” to show our appreciation for you …., we have enclosed a check in the amount of {$500.00}. We regret …. ”. There was NO check!! I waited thinking it would come in a separate envelope. No sign of it. On XXXX XXXX, I emailed my contact at the ” Customer Care & Recovery Dept ”. No reply. I have left XXXX voice mails. No response. Space prevents a more detailed description of the additional problems I had in obtaining this loan, as there were MANY. Each and every step of the way, Wells Fargo ‘s employees failed. There ‘s many steps involved, why do XXXX different employees involved with my loan fail? Why should I have a loan for the next XXXX years with an interest rate that I did n’t want? Why should I have had to work almost daily to try to get Wells Fargo employees to do their jobs so that I would not end up homeless b/c we do n’t close on time? Why should I have to resort to getting to an unhealthy amount of RAGE to press people to do their job?? Why could I not reach a human being who could be accountable?? Even at the end, with a written response filled with inaccuracies, Wells Fargo FAILED to do what they were supposed to do, and said they would do which was compensate me {$500.00} as promised.

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