Wells Fargo & Company Mortgage Complaint

Wells Fargo & Company Mortgage department,

Conventional fixed mortgage Settlement process and costs Texas

* Wells Fargo Provided a Misleading Initial Loan Estimate and Made Last-minute Changes to Loan Estimate : The original loan estimate I received did not include $2000.00 in escrow prepayment that showed up in a later Loan Estimate. When compared to mortgage offers from other lenders, this made the Wells Fargo loan look much better and led me to withdraw my applications with other lenders. When I received a new Loan Estimate following the appraisal, the additional charge was shown and the charges for discount points were doubled. I informed the Mortgage Consultant of the additional charges and he repeatedly assured me ( via email and phone ) that this was an error and would be corrected. After two weeks requesting status updates on the Loan Estimate and being reassured it would be fixed, the Mortgage Consultant informed me the charges were accurate. This increased our closing costs by $2800.00, three business days before our closing date and the same day Wells Fargo was supposed to send the closing documents to the title company. This left no time for us to discuss or negotiate the charge with Wells Fargo, to renegotiate terms with the seller, or to appropriately prepare our


* The Wells Fargo Rate Lock Was Not Honored : I received a new rate lock following the appraisal a few weeks before closing. The Wells Fargo Mortgage Consultant repeatedly assured me that the discount points would be consistent with the Rate Lock, until three business days before closing when he informed me the charges would be double. The Rate Lock and the Mortgage Consultant 's statements were not honored. * The Wells Fargo Mortgage Consultant Made False and Misleading Statements : In regards to the above actions by Wells Fargo, specific statements made by the Mortgage Consultant proved to be false or misleading. The following statements were made via email in response to my requests for information about the updated Loan Estimate. These statements and others made during phone conversation led me to believe the Loan Estimate was not accurate and would be updated : - " The exception in pricing you received kicked out evidently. I will get it approved again and corrected. '' - " I will get him to put the request in the system Monday morning. I would do it be we are not allowed to. I know that it will get approved without any issues. ''