Unethical and Lie in attempt to cover themselves.
Written: Jan 27 '09 (Updated Jan 27 '09)
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Pros: Loan officer was wonderful to work with.
Cons: Unethical
Liars
Don't care about doing good business
The Bottom Line: I DO NOT recommend Wells Fargo (Norwest). They are unethical and they lie.
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| dcalderwood's Full Review: Norwest |
Let me start by saying we have less than stellar credit. Much less in fact. However, we finally got to a position financially where we can afford a home. So we decided to see what was out there. I filled out the information on Lending Tree, and immediately began getting reponses. Within 2 days, I received a pre approval from 1 mortgage company. We were well on our way.
After some contemplation, we decided to talk to Wells Fargo, locally. The process started out great. The load officer was a huge help and was very helpful in dealing with the issues on our credit, and knowing exactly what we should provide to explain the dings. All of that was provided to the underwriter.....the underwriter is where the problem began. She first told the LO that the application should have never been submitted. When the LO told her that we already had a pre-approval from another company, the underwriter's response was "Well, I'll need a copy of that". Can you think of ANY reason they would need a copy of an approval letter from another company? UNETHICAL!!!!!!
I refused to give them the letter, and requested to speak with the underwriter's manager. The LO was glad to give me the information, and I made the phone call. Twice left voice mails for the manager. She called me back around 8PM, nice as could be. The conversation start out well, until I voiced my concern with the underwriter's request. This is where it got really bad....she proceeded to tell me that FHA has very strict guidelines and that request is an FHA requirement. I informed her that I had spoken with several other mortgage companies and NONE of them could say they ask for something like that.I argued with her, and after about 5 minutes or so of arguing, I asked to see where in the FHA regulations is stated they had to ask for another companies approval letter. She repsonded with, "No, it's not FHA regulations, it's Wells Fargo policy". I had called her on a lie to try to slide a bogus FHA regulation in, to cover herself, and her underwriter. I told her she had just flat out lied to me, and she got defensive and told me she wasn't going to have an altercations with me. I agreed and told her she also would not have my business. Hung up the phone.
I'm sure all lenders have their downfalls, but the last thing I will allow someone who has a stake in my financial future to do is LIE to me about laws and regulations.
Recommended:
No
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Epinions.com ID:
dcalderwood
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Reviews written: 1
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