Wells Fargo & Company Mortgage Complaint

Wells Fargo & Company Mortgage department,

Other mortgage Credit decision / Underwriting Florida

Undoubtedly mortgage refinancing solely to take advantage of lower interest rates is of unquestionable benefit to consumers who are currently paying high interests rates on their mortgages. However, this probable benefit is greatly diminished, and in some cases practically eliminated, by the puzzling practice of banks to consider this type of refinancing as brand new loans with all its inherent high costs. Other than the change in the rate of the promissory note and its corresponding recording, on an existing mortgage there is n't absolutely any consequence to the collateral held by the bank, favorable or unfavorable. The BCFP should ask ; why all the charges associated with a brand new loan? It is not surprising that banks actively promote the refinancing of mortgage loans..