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Wells Fargo Home Mortgage Refinance Complaint - Takes 130 days to close!!!

Posted Sun March 11, 2012 12:00 pm, by Craig P. written to Wells Fargo

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I received a letter from Wells Fargo Home Mortgage in October 2011 that I should consider refinancing my current home loan to remove the PMI on my current mortgage as I had reached 72% LTV. I started the process in early November 2011 and was assigned:

Deb Goetz
Home Mortgage Consultant

The initial quote that I received on November 17th was very high with fees and already she was apologizing for taking almost 2 weeks to get me this quote: "I apologize this took so long. We converted to a new system over the weekend and it is a mess. I'm backed up with applications from the system problems but it is leveling out today."

So I started to look for other lenders and found TD Bank to offer much lower fees and lower interest rate. Having been a customer of Wells Fargo since 2000 when they bought out Norwest Mortgage my original Lender I got the mortgage from in 1998 I thought they would want to retain me. I went back to Deb and shared what I had found. She responded with this on November 23rd:


I just met with my manager and we can lock today at the 4.125%. Your closing costs are approx $4833 plus a state tax stamp of $895.00. The Title company will work on seeing if this can be reduced.

I will send you a copy of their fees in a few minutes.

Please let me know what you decide. I'm headed to a closing in 30 minutes and will be back on Friday but am concerned what the rates might do.



I decided to give them the go since they got closer to what TD offered and proceed and I also have in writing from them that they will pay half of the $895 underwriting fee that Wells charges on loans. They now have responded with this on November 25th:

I was able to lock the rate at 4.125% but we were unable to pay the 1/2 of the Underwriting Fee because the branch manager is paying $453.75 to buy the rate to 4.125%. I will do everything I can to get the State Tax Stamp reduced for you which will hopefully offset this and save you where we can on the other fees.

I locked the loan for 90 days and you would hopefully close the middle of January if not sooner.

As you can see they are now backing out of the agreed to half underwriting fees. So after signing some initial documents on November 28th the process started. I didn't hear anything for weeks. I would have to constantly chase for information. Finally January 13, 2012 they requested a check for $200 to cover the subordination as I had a Home Equity Line of Credit with a different lender. I submitted that to them and again continue to have to chase and ask when we are closing. I'm now working with a loan specialist that only works on my loan on Wednesdays. So wont answer questions or do work outside that time. On 1/15/12 she says to be:

I believe all I am waiting on is the Subordination which I also believe Deb sent for and we are all waiting on it.
As soon as this comes in I will continue processing and move this to close
Thanks for your help.


I kept asking questions about the loan, what my payments would look like, etc...and they kept giving incomplete answers. I would often even get emails from Deb that were intended to only be seen by Carol. Here is a few examples:


I would not answer this and tell your manager.



That's exactly what was said last Wednesday and I question what if anything was done last week?
Sent from my iPhone

On Jan 30, 2012, at 4:44 PM, " wrote:
This is a loan to be worked on this Wednesday according to my workload schedule.
I will have an answer for both of you on Wednesday morning.
Thank you.


So basically this went on for weeks more, and asked for both of their managers names so I could contact and escalate. I was informed the managers were fully aware of the loan situation and no need to contact. The next issue is they wanted me to sign a commitment letter from November that was so far off from accurate loan details to submit to the subordinate for processing. I refused and asked for an updated commitment letter. It wasn't until 2/7/12 that I finally got the updated commitment letter to sign and remember my lock rate on the interest rate expires 2/21/12 but they claim they now have the lock rate protected past this date as they know they wont get me to close by then.

I continued to see internal emails between them with rude statements:

-----Original Message-----

Got it after I left. Sorry couldn't send it sooner this morning. Had my manager sitting doing a side by side...I was a nervous wreck, but I think it went ok.
As soon as the sub comes in let's get this one out of here! :)


Finally on 3/1 they have received the subordinate and can finish my loan. However then on 3/5/12 Underwriter is requesting I send a subordinate account statement with balance and payment. This I did within an hour of receiving the email. Everything they asked of me was always done same day. So in now way could I be looked at as the delay.

They tried to setup a closing on Monday March 5th at a local paralegal firm near me which was stupid as they don't have the final HUD approved. We then setup for Wednesday 3/7 to close. However more delays and I get an email from that local company saying:


I just received an email from Deborah at Wells, she was admitted into the hospital on Monday and has asked that I schedule you for Friday afternoon...will 2:30 work for you?



We agreed to a Friday March 9th close!! I was emailed previous mortgage payoff and final HUD on Wednesday March 7th late in the evening.

So finally after 130 days (4.5 months), I finally closed on my mortgage refinance. Did I mention this is again just a refinance with the SAME mortgage company as my existing mortgage!!!

I would like to receive some level of compensation for this terrible process, my countless hours of chasing them down, tracking details and the way I was treated. At the very least they should have honored what I have in writing where they agreed to pay HALF of the $895 underwriting fee which is added by them for doing what?!?!?


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by TAD23 Posted Wed September 12, 2012 @ 6:20 PM

Your experience sounds similar to mine. We are now over 90 days
trying to refinance with WFHM! The property we're refinancing is now
considered "investment property" because we are not currently living
in the home but renting it out. Our refinance application was
submitted beginning of June. At first our "loan document specialist"
was helpful and stayed in touch but admitted she hadn't been with the
company long when she couldn't answer several fairly simple questions.
Fast Forward to about 5 weeks ago when I got a request in the mail
for documentation we had sent in a LONG time ago. I tried calling
Christina, I e-mailed Christina, I called her again, her voice mail
was full. I contacted our Loan Officer and asked her what was going
on. She couldn't get ahold of Christina. Finally our Loan Officer was
able to get ahold of Christina's boss. Apparently she had gone out on
an emergency leave of abscense and our file just sat there for awhile
(it was supposed to be on an underwriters desk for clear to close).
Christina suddenly re-appears from this leave and the file is routed
to the underwriter and we get a Clear to Close!! We think great! We
get a closing date! We think Great! Christina asks "do you want the
title company to come to the "subject property" for the closing?" And
I remind her that we are in a different state. "OH! We have to move
the closing date!" Reschedule for the following week. GREAT! Right?
WRONG! We were supposed to close today and we didn't. WHY?? Well
apparently Christina up and left the company and our file sat in her
work load that needed to be re-assigned. While that file is sitting
there a "new rule" has been thought up and now our file has to go back
to a different attorney for the clear to close! We found this out
24hrs before we are supposed to be closing. I had been trying to
reach someone since Monday to find out what our final numbers were so
we knew what we needed to bring to closing. I finally get someone to
call me back on Tuesday afternoon around 4 pm and this is when I'm
informed of this whole scenario! I am beyond livid! How long before
we get the clear to close? No one can answer that because no one can
get a hold of anyone at the new approved attorneys office to get an
answer. I ask "will it be a week or a month?" No clue! Our Loan
Officer is pissed as well, this is costing WFHM money because it's all
their doing, not ours. Oh! and to top it off we were told NOT to pay
our September mortgage payment because the final HUD had been pulled
and it would throw off the payoff amount. So we stopped the payment.
Luckily we have an extended grace period because they didn't want us
to pay it and the loan was going to be paid in full before the grace
ran out. It's all noted on the file so we don't have anything to worry
about on that front! It's impossible to find out who someone reports
to but now I have names and phone numbers. I'm like a pitbull with my
teeth sunk into their jeans! They're going to close this loan just to
get rid of me. I am going to file a complaint with my state Attorey
General's office and I'm thinking of calling the consumer line for the
Federal Reserve and see if I can file a complaint there also!

by Mary C. Posted Wed September 5, 2012 @ 8:51 PM

I am going through the same thing right now, it is September 5th and
we started our refinancing process in June and are now at 92 days.
Back and forth these past months with NO firm answers...........what
will the refinance rate be? what are the closing costs? They can't
give me an answer. One moth ago they asked for a creditcard so they
could charge me $500.00 for an apprasial, I asked the
question.....Have we been approved? What if we are not approved will
you reimburse us for the apprasial? That was a month ago and I still
have received a straight answer.

All requested paperwork was received in the first two weeks of the
application. Wells Fargo holds my exsisting mortgage and by the way I
only have 7 years out of 30 years left, My house is worth double on
what we owe (looking to roll existing and HEL still less 50% less than
the value of te property. My husband and I have a 750 credit score and
have never been late on our payments in 24 years since we bought our
house. Go figure.you would think they would want to do business with
people lick us. Screw them, I am now going to my Credit Union who
holds my HEL.should have done this from the beginning. Lots less



by Craig P. Posted Wed May 2, 2012 @ 2:40 PM

I also wanted to add and should have included this in my original
story, that they also don't prepare all the final forms documented
from a computer. Rather they write a number of hand written figures
that I had to initial at closing in addition to the normal signature
for every page. Well low and behold, today I find out from the closing
lawyers (60 DAYS LATER), they made a mistake on one of those hand
written figures which was 01 and should have been 10. So now I need to
meet the closing firm here locally and resign the corrected forms.

I appreciate the responses and lesson learned, I should have backed
out of this no matter how close I was to closing. Yes, that was my
mistake, but I wanted it over and done with to start achieving monthly


by Heather S. Posted Mon March 12, 2012 @ 2:20 PM


I am a mortgage professional and I have utilitzed this site myself for
some complaints. This caught my eye. Unfortunately I hear it is the
norm for "big banks". I have associates that are employed by Bank of
America, Chase, and Wells and there "internal" horror stories they
share with me only cause me to believe every word of what you've
written. Not only that but your rate and closing costs sound on the
high average for that time frame so it's not like they offer "GREAT
DEALS" that nobody could pass up no matter the level of customer

So what I can't figure out is if you get terrible service and only an
average deal why would you, or anybody, stick with the bank?


Invested too much to back out... by Craig P. Wed May 2, 2012 @ 2:34 PM

by MA Bellamy Posted Sun March 11, 2012 @ 9:16 PM

that is is just about the most UNPROFESSIONAL business transaction Ive
ever seen, I have to wonder why you agreed to continue when you KNEW
they were already backing out on their previous agreements?

Furthermore, they typically don't compensate for your time. If you
chose to stay and deal with the process, there isn't much that can be
done now.


ITA! by Casmly Mon March 12, 2012 @ 9:40 AM

by RedheadwGlasses Posted Sun March 11, 2012 @ 7:48 PM

Ridiculously long, didn't read past the first few lines.


Please do not refi with Wells Fargo by jmmmays Fri August 31, 2012 @ 7:55 AM

Wells Fargo is horrible by Pat5115 Tue March 5, 2013 @ 5:34 AM

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