Wells Fargo Mortgage Complaint

Wells Fargo Mortgage department,

Conventional fixed mortgage Settlement process and costs Utah

I worked with Wells Fargo Bank for three months in order to get a commercial mortgage loan for a property in my town. On -/-/15 I met with my Wells Fargo Broker and he told me that I was locked in '' at 4.75 % interest rate. And he did use the words locked in. '' I was Ok with the rate so I continued my due diligence and forgot about my loan because I was locked in. '' We closed on -/-/15. At the closing table my Wells Fargo Broker handed me and my wife the closing documents and the rate said 4.86 %. I had a lot of things going on so I had forgotten the


question as to weather that was the locked in '' rate or not. I had - choices : 1 ) walk away from the deal because this did n't seem like the quoted rate, or 2 ) sign and secure the property. My wife and I signed the papers. Next I went home and looked at my notes from - and my suspicions were correct. He increased the percentage rate on the closing day without notifying us, ever. Even at closing he did not notify us that the rate was increased over the locked in '' rate that he told me in -. I understand that sometimes rates change and I can handle that, but when you never tell your customer about the change that seems pretty rotten. I made the assumption that when he said we were locked in '' that meant that the rate would not change. It is especially rotten when you are at closing and the broker puts it on the table basically saying walk away from the deal or sign my paper at this higher rate. I looked through my emails and notes and I could not find - time where he put my locked in '' rate in writing. It was only in my notes. Next time I will ask for it in writing and take that paper to closing. This especially hurts because I felt like I had a great relationship with this broker. We met, talked on the phone, and conversed through email many times over three months. We were on great terms and I trusted him fully. Then he does this to me. Not cool. I looked online at the Wells Fargo Vision and Values written by - - the chairman. He talks abut how honesty, trust and integrity are essential in dealing with customers. He also talks about open honest - communication and building long-term relationships with customers. He also relays how the Wells Fargo reputation extends from their character and how their brand is what people say about them. In the end, I experienced none of this in my Wells Fargo experience. - - is correct about how reputations extend because I am telling all my investor friends about my experience there and that I recommend that they stay away from Wells Fargo.