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Dissatisfied Wells Fargo customer

Posted Tue May 11, 2010 12:00 pm, by jennifer b. written to Wells Fargo

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I recently tried to refinance my home with Wells Fargo who currently holds my mortgage, I was upfront from the beginning concerning my income and why it was as low as it was in 2009. I was laid off by Wachovia in November 2008 and given a severance which allowed me to stay home for a few months, I started working full time in April of 2009 as a contractor in the same field that I was in and then was hired by RELS Valuation in August as a staff appraiser, I've never been late on a mortgage payment and this was all discussed with the loan officer when applying for the loan. I was in the mortgage business for 10 years and I know that when a loan is taken over the phone it then goes to an underwriter to see if it meets the guidelines and then its given conditions in order to close, however, they proceeded and ordered the appraisal and then denied the loan at the last minute because of my income. Now I'm out the appraisal fee and have been denied a loan by a company that already holds my mortgage. I make more money now that I ever did before and I have 700 Credit scores, I find this whole situation rediculous and find Wells Fargo as a finance company, incompetant, no wonder they purchased Wachovia,(who has excellent customer service), they really need it.

I would like for someone to make a business decision and let me refinance, or give me my appraisal fee back and I'll find financing elsewhere.


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by Donno Posted Wed May 12, 2010 @ 5:46 PM

I don't know the ins and outs of this business, but could the amount
of time you have been at the new job be a factor? I remember back in
the Dark Ages I got a loan and they wanted to know how long I had been
at my current job.

When did the denial take place? Before you got the most recent job?

by LucyBug Posted Tue May 11, 2010 @ 11:36 PM

Not surprising from Wells Fargo. They refused me a money order ( I had
cash in hand!) because I wasn't a customer! It's a money order for
crying out loud!


by olie Posted Tue May 11, 2010 @ 9:12 PM

Wells Fargo did indeed make a business decision. They decided that
you do not qualify to refinance.

You're someone who has worked in the "field". You know what has
happened to home appraisals. Your loan may have been denied because
of the market value of your home.

You might not want to publicly dis the company that owns your home.


by Bill R. Posted Tue May 11, 2010 @ 3:51 PM

jennifer b.,

Sounds like they've got their wires crossed.

In the mean time, considering that you paid for the appraisal, can you
not use that appraisal with a new financial institution?

Good luck!



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