Better Business Bureau Link Here....You WILL Need It
Written: Mar 19 '02
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Pros: Well, at least they have a toll free number.
Cons: You Name It!!
The Bottom Line: If you give them the $325.00 appraisal fee when you apply, you better get approved or you can forget the refund!!
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| stancel's Full Review: Norwest |
I don't even know where to start in my review of Wells Fargo (Norwest) mortgage. Instead of name-calling, I will just tell you my experience. Please, take the time to read this review. It could save you a ton of heartache and money.
First off, I do not have A+ credit, but it certainly isn't D credit either. I applied for a mortgage on or about January 5th, 2002. Whenever you apply for a mortgage loan with Wells Fargo, as is with many other mortgage companies, you must pay a non-refundable application fee ($50.00) and a REFUNDABLE appraisal fee ($325.00). The up-front appraisal fee is to cover the home appraisal should you be approved for the home loan. I was a little apprehensive about giving Wells Fargo $375.00 to just pre-approve me, but after being reassured that the appraisal fee would be promptly refunded should I be denied the mortgage, I paid the $375.00 and applied. I was told it would take about two business days for a preliminary pre-approval and a good faith estimate to be sent out to me via US Mail. I waited four business days and didn't hear word one, so I called. I was told that my application had been forwarded to the "special credit" division of Wells Fargo, and I was given a number to contact someone in that department. I called, and was told that it takes 7-14 days to get a pre-approval, not 2 business days like I was told when I paid my $375.00. So, I waited 10 more days, again, without a single phone call. I called them and was given the name of my mortgage processor who would be handling my loan, a lovely man named Scott Bo (1-800-382-3101, ext. 76838). After REPEATED attempts (about 10-15) I finally reached Scott. He assured me that it would take a few more days, but not to worry, they would call me when everything was taken care of.
At this point, the home that my wife and me were interested in was nearing completion and we were growing impatient. On the advise of my real estate agent we applied with a local mortgage company who waived all fees after we explained our situation with Wells Fargo. In 3 days we were pre-approved with the second mortgage company and had a good faith estimate in our hands.
Five days after we got the pre-approval from the second mortgage company, a package shows up in the mail from Wells Fargo. It contained a good faith estimate and a ton of paper work and information release forms to sign. I spent the following day looking over the paper work and decided to go with the local company since they had been so helpful. I called Scott to deny their offer, but as usual, he was unavailable. The gentleman who answered the phone said he could cancel the application, but as soon as I gave him my application number, I was informed that I should have never gotten the package in the mail because my loan had been denied several days earlier. All this after being ASSURED that Scott would call once a decision was made. Up until this very day, Wells Fargo is yet to call me a single time.
At this point I was pretty upset and I told them to forget it and give me back my appraisal fee. I was told it would take 4-6 weeks to get a credit on the fee. Let me say that again.....4 TO 6 WEEKS. This after being told it would "PROMPTLY" be returned if I were denied. Hell, they never even bothered to tell me I was denied until I called!! And now, it was going to take over a month to get my hard earned money back!! Very angry, I had to give in to the rip-off and told them to just get it back as quick as possible.
Well, 6 weeks pass and guess what, NO $325.00 REFUND. I called and was told that it must have "slipped through the cracks", but not to worry, they would promptly put in another request for the credit. I asked just how long this would take and I was told 7-14 days. I said that was totally unacceptable but the gentleman I was speaking with said it was "out of his hands". Well, I waited 9 days and figuring that was plenty long enough I called back. Well, believe it or not the request had somehow been "overlooked" once again, and yet another request needed to be submitted, but this time it would take another 4-6 weeks to get my $325 dollars back. Do the math and you will find that if I get it back on schedule this time, it will have taken a mere three and half months to get my "prompt" refund. To make matters worse, to this very day I am yet to get in contact with Scott Mo after repeated attempts and multiple messages. I also tried speaking with a supervisor but I am also yet to get anything but a voice-mail for one of those, not to mention that my phone number has been left at least a dozen times without a single call-back.
I finally gave up and reported them to the Better Business Bureau. How this will turn out I do not know, but hopefully I will save some unfortunate homebuyer the pain I am going through. Below you will find all the information you will need to report this company to the Better Business Bureau.
BBB Link:
http://www.bbbsouthland.org/
Company info:
Wells Fargo Home Mortgage
4680 North Hallmark Parkway
San Bernardino CA 92407
Phone: (909) 880-4503
Fax: (909) 880-4506
Thank you for reading, and PLEASE, don't make the mistake I did and give these dishonest people your hard earned money.
Recommended:
No
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Epinions.com ID:
stancel
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Reviews written: 4
Trusted by: 1 member
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