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BBB Accredited Business since 05/01/1992

Wells Fargo Home Mortgage (Headquarters)

Phone: (800) 288-3212Fax: (515) 324-2417

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Customer Complaints Summary

2848 complaints closed with BBB in last 3 years | 611 closed in last 12 months
Complaint TypeTotal Closed Complaints
Advertising / Sales Issues101
Billing / Collection Issues782
Delivery Issues22
Guarantee / Warranty Issues12
Problems with Product / Service1931
Total Closed Complaints2848

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (2848)BBB Closure Definitions
01/26/2015Problems with Product / Service | Read Complaint Details
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Complaint
I am trying to refinance with another company. The documentation I need they say they can't get to me
I am trying to get a specific document for refinancing to give to underwriters for another bank. They say they can't get me the document. So therfor I am not able to refinance through them. I have tried other banks and I don't qualify. So this is my only option at the moment. All I am asking for is a document showing the payment that I made to which month it applied for. Thats not so hard. Even if they don't generate it. Someone could type it up for me.

Desired Settlement
I would like this looked into and someone from Wells Fargo to call me and get me the document that I need

Business Response
Thank you for the opportunity to address your request. We've carefully considered what we can
do and are providing our response.
Payment history request
We are in the process of completing the request to update the payment in question on each of
your accounts. Once this has been completed, the payment histories will reflect these changes.
Due to the bankruptcy status on the account, the Bankruptcy Department will provide you with
the payment history for each of the accounts. The payment histories will be mailed to you under
a separate cover.
Going forward
If you have any questions about the information in this letter, please contact me directly at
X-XXX-XXX-XXXX, extension XXXXX. I am available to assist you Monday through Friday, 10:00
a.m. to 6:30 p.m. Central Time. If you require immediate assistance and I am unavailable, other
representatives are available to assist you at X-XXX-XXX-XXXX, Monday through Friday, 7:30 a.m.
to 6:00 p.m. Central Time.

01/26/2015Problems with Product / Service | Read Complaint Details
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Complaint
LOAN #XXXXXXXXXX, NOT ABLE TO MODIFY LOAN BECAUSE THEY DON'T HAVE CONTRACTUAL AUTHORITY
I STARTED TO TALK TO WELLS FARGO REGARDING LOAN MODIFICATION ON OCTOBER 2014, I SUBMITTED ALL THE DOCUMENTATION THEY REQUESTED, MY MORTGAGE LOAN IS UP SIDE DOWN, MY DEBT RATIO IS HIGHER THAN MY INCOME. I GOT A LETTER BACK LATER STATING THAT WE DIDN'T MEET THE REQUIREMENTS FOR THE PROGRAM BECAUSE THEY DIDN'T HAVE THE CONTRACTUAL AUTHORITY TO MODIFY THE LOAN BECAUSE OF LIMITATIONS IN THEIR SERVICING AGREEMENT. I REQUESTED AN APPEAL AND IT WAS ALSO DENIED. ON THE APPEAL LETTER EXPLAIN TO THEM THAT I WANTED TO KNOW WHO HAD THE CONTRACTUAL AUTHORITY TO MAKE CHANGES TO MY LOAN I DIDN'T GET A RESPONSE. ALSO I EXPLAIN TO THEM THAT I WAS ON MATERNITY LEAVE FOR 4 MONTHS BECAUSE MY BABY WAS BORN AT 31 WEEKS. I EXPLAIN TO THEM THAT WAS THE REASON I WAS HAVING TROUBLE MAKING MY MORTGAGE PAYMENTS ON TIME AND ALL MY CREDIT CARDS WERE MAX OUT THAT IS WHY MY DEBT RATIO IS HIGHER THAN OUR INCOME. MY APPEAL WAS STILL DENIED STATING THAT WE STILL DIDN'T MEET THE REQUIREMENTS FOR LOAN MODIFICATION.

Desired Settlement
I JUST WANT TO MAKE SURE THAT MY REQUEST TO MODIFY OUR LOAN IS NOT JUST BEING PUSHED IN THE CORNER AND NOT BEING REVIEW CORRECTLY. I ALSO WANT TO KNOW WHO HAS THE CONTRACTUAL AUTHORITY TO MODIFY THE LOAN

Business Response
Addressing your concerns is important to us and I thank you for the opportunity to assist you. I
am responding on behalf of Wells Fargo Home Mortgage to the inquiry received in our office.
In your inquiry, you referenced:
• A complete review for retention options
• The Investor for your mortgage
A complete review for retention options
We initiated a review for a modification on October 22, 2014. We were unable to provide you
with payment assistance because the financial information provided demonstrates you have the
ability to make your monthly payments. We sent correspondence to you dated November 25,
2014, notifying you of the denial.
We received your appeal of the denial and again reviewed for retention options. The review was
completed and correspondence dated December 18, 2014, was sent to your attention notifying
you the denial was upheld
On January 07,2015, you were approved for a Temporary Repayment Plan with the following
terms:
Payment Due Date Payment Amount
1 February 01, 2015 $2,003. 63
2 March 01, 2015 $2,003·63
3 April 01, 2015 $2,003.63
4 May 01,2015 $2,003.63
5 June 01, 2015 $2,003·60
The investor for your loan
California Housing Finance Agency is the investor for your loan. They can be reached at the
following:

Sacramento Headquarters
500 Capitol Mall, Suite 1400,
Sacramento, CA 95814,
1-877-9-CalHFA (1-877-922-5432)
Mailing address:
P.O. Box 4034,
Sacramento, CA 95812-4034
West Sacramento Office
1040 Riverside Parkway, Suite 110
West Sacramento, CA 95605,
1-800-669-1079
Mailing Address:
P.O. Box 4034
Sacramento, CA XXXXX-XXXX
Los Angeles Office
100 Corporate Pointe, Suite 250
Culver City, CA 90230,
1-310-342-5400
Going forward
If you have any questions about the information in this letter, please contact me directly at
X-XXX-XXX-XXXX, extension XXXXX. I am available to assist you Monday through Friday, 8:00
a.m. to 5:00 p.m. Central Time. If you require immediate assistance and I am unavailable, other
representatives are available to assist you at X-XXX-XXX-XXXX, Monday through Friday, 7:00 a.m.
to 7:00 p.m. Central Time.

01/20/2015Problems with Product / Service | Read Complaint Details
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Complaint
Involved in a short sale and the company was not helpful nor very responsive. And the sale was completed and I had to call in to remove the loan
We started the short sale in Apr with numerous emails and calls made with slow response. The sale was finally completed Sep 29th and the loan still appears active on my account. We have not received any documentation from Wells Fargo concerning this and I had to call into Wells Fargo to remove the loan. Their short sale support division has very poor customer service support, they are extremely slow to respond, ask for the same documentation over and over again, and changed representatives 3 times during the process. Wells Fargo Home Mortgage is poorly managed with low morale and desire to follow through in helping out the home onwer.

Desired Settlement
At this point, I closed out my checking and savings account and will have little to do with them in the future. I am filing a complaint so others will go into the mortgage process with them knowing they will not provide customer support in the future.

Business Response
Thank you for the opportunity to address your concern. We've carefully considered what we can do and
are providing our response regarding the short sale process.
A short sale was finalized on October 07, 2014, and we reported the account was paid for less than the full
amount due to the four major consumer reporting agencies. On October 13, 2014, we sent the lien release
to be recorded with your county.
We initiated the short sale review process on May 21, 2014, and it was finished September 29,2014. We
apologize for any inconvenience you may have undergone throughout the process. Also on September 22,
2014, we sent out an approval letter to the authorized third party and realtor, *** ***** via email. Please
refer to that letter for proof the short sale was completed. Additionally, due to there still being a claim in
process, the file has not been closed. Once loans have gone through the settlement process, it can take up
to 120 days for the remaining balance to be finalized and cleared through claims. Once the claim is
completed, the loan will show a paid in full status. The perspective date for the loan to reflect a zero
balance is March 15, 2015.
Going forward
If you have any questions about the information in this letter, please contact me directly at
X-XXX-XXX-XXXX, extension XXXXX. I am available to assist you Monday through Friday,
7:30 a.m. to 4:00 p.m. Central Time. If you require inlmediate assistance and I am unavailable, other
representatives are available to assist you at X-XXX-XXX-XXXX, Monday through Friday, 7:00 a.m. to 7:00
p.m. Central Time..

12/15/2014Advertising / Sales Issues | Read Complaint Details
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Complaint
Illegal Property Insurance Requirement
My home at **** **** **** *** ***** ** XXXXX was purchased with a mortgage made by Wells Fargo Home Mortgage for $495,000. On the appraisal the replacement cost is listed $278,750 which above valuations made by State Farm Insurance and First American Specialty Insurance Company.

Wells Fargo Home loans required me to insure my property to the loan amount of $495,000, which is in violation of California Civil Code Section 2955.5(a). The amount of insurance required is also defined in the Property Insurance Requirements and the California Insurance Disclosure documents that where part of closing.

Desired Settlement
I am seeking Wells Fargo to refund the amount of overinsurance I purchased and to modify my monthly payments so that they may escrow the correct amount for insurance.

Business Response
This letter is in response to correspondence received by the Better Business Bureau (BBB) which
was forwarded to the Wells Fargo Home Mortgage Customer Care and Recovery Group. This
correspondence was forwarded to us on September 03, 2014, regarding the financing of your
mortgage loan with us. We appreciate the opportunity to respond and have outlined your
concerns below.
In your correspondence you stated the following:
I was required to have homeowners' insurance coverage in the amount of $495,000.00,
when I should have been required to have coverage equal to the replacement cost of
$278,750.00, as stated in my appraisal.
I would like a refund of the over insurance I paid, and for you to modify my monthly
payments so that you are taking the correct amount for my escrow account.
I was required to have homeowners' insurance coverage to in the amount of
$495,000.00, when I should have been required to have coverage equal to the
replacement cost of $278,750.00, as stated in my appraisal.
Our records indicate that during the processing of your loan you provided a homeowners
insurance declaration page with a dwelling coverage in the amount of $396,000.00. Through
additional research, it was determined that the insurance must include 100% replacement cost
coverage, whicl1 will replace your home in the instance of a total loss, regardless of the coverage
amount.
In our telephone conversation on October 08, 2014, you stated that you needed a letter from me
before you could provide me an updated homeowners' declaration page. Please let this letter
serve as confirmation that you may lower your insurance dwelling coverage to $278,750.00, as
long as your policy also states that it includes 100% replacement cost coverage.
We regret the miscommunication regarding this matter, and any frustration that this may have
caused you.

I would like a refund of the over insurance I paid, and for you to modify my
monthly payments so that you are taking the correct amount for my escrow
account.
In order to issue a refund and correct the homeowners' insurance on your escrow account, I
would need your updated declaration page showing the coverage amount as wells as the cost of
the coverage so that I can calculate the difference.
We appreciate the time you have invested to share your experience. Feedback such as yours
helps us provide better products and services to our customers. We do appreciate your business
and value you as a customer. We will take this opportunity to review our processes and coach
the personnel involved with your purchase transaction.
Going forward-what are my next steps?
Upon receipt of the updated homeowners' declaration page, I can issue you a refund and have
your monthly escrow payment updated. Please fax me a copy of the updated insurance
information, along with your new insurance premium, to fax number X-XXX-XXX-XXXX.
If you have any questions about the information in this letter, please contact me directly at
X-XXX-XXX-XXXX, extension XXXXX. I am available to assist you Monday through Friday,
8:00 a.m. to 5:00 p.m. Central Time. If you require immediate assistance and I am unavailable,
other representatives are available to assist you at X-XXX-XXX-XXXX, Monday through Friday,
7:00 a.m. to 7:00 p.m. Central Time.

Consumer Response
I want to comment that in the response from Wells Fargo there was claimed to be a miscommunication. This may have been an internal miscommunication within Wells Fargo, but not in the correspondence between myself and them. The mortgage broker and his team where just ignorant of the state laws which had the effect of making me purchase an inflated policy at closing or possibly lose the home. Luckily I had extra funds to do so.

In the end I did receive the overpaid portion of escrow back and a refund from my insurer when the policy was properly adjusted. The problem was that my time was unnecessarily wasted with over a dozen emails and phone calls and that the final resolution took months.


Business Response
This letter is in response to correspondence received by the Better Business Bureau (BBB) which
was forwarded to the Wells Fargo Home Mortgage Customer Care and Recovery Group. This
correspondence was forwarded to us on November 18, 2014, regarding the financing of your
mortgage loan with us.
I am dissatisfied with the communication regarding my insurance coverage.
We regret that you feel the communication during your loan process was unsatisfactory. We will
take this opportunity to review our process and coach the personnel involved with your
mortgage transaction.
Thank you for allowing me to look into this for you. We value you as a customer and regret any
frustration this experience may have caused you.
Going Forward
If you have any questions about the information in this letter, please contact me directly at
X-XXX-XXX-XXXX, extension XXXXX. I am available to assist you Monday through Friday,
8:00 a.m. to 5:00 p.m. Central Time. If you require immediate assistance and I am unavailable,
other representatives are available to assist you at X-XXX-XXX-XXXX, Monday through Friday,
TOO a.m. to 7:00 p.m. Central Time.

11/21/2014Problems with Product / Service | Read Complaint Details
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Complaint
** ******* **** *********** ** XXXXX property is not being properly maintained and is at risk of vandalism. Prior complains weren't addressed.
I previously complained about Wells Fargo's failure to properly maintain ** ******* **** *********** ** XXXXX; I received assurances that the property would be mowed twice a month and that the fences would be trimmed both inside and on the street side. This was done once but no mowing or trimming has been done since 9/15/14. I feel that Wells Fargo has reneged on its agreement and therefore I am re-issuing my complaint.

Desired Settlement
I want to see the lawn cut and trimmed (for all inside fences and outside fences that face streets) not only immediately but at least once after that as was promised after my original 8/22/14 complaint.

Business Response
Addressing your concerns is important to us and I thank you for the opportunity to assist you. I
am responding on behalf of America's Servicing Company to the issues raised in your telephone
call as well as your inquiry submitted to the Better Business Bureau.
Why hasn't the property been lllaintained as previously stated?
The above-referenced property is set up to be maintained on a regular schedule by our vendor.
Our records indicate that our vendor has completed the following attempts to maintain this
property since September 15, 2014:
September 15, 2014: Lawn maintenance completed.
September 26, 2014: The lawn maintenance was not completed as the grass was within
the allowed growth.
October 06, 2014: The lawn maintenance was not completed as the lawn was too
saturated.
October 16, 2014: The lawn maintenance was not completed as the lawn was too
saturated.
October 27, 2014: Lawn maintenance completed.
Please note that we can only request that the vendor return to the property on a bi-weekly basis
and cannot guarantee that maintenance will be necessary or will be able to be completed. If the
lawn is saturated due to recent rains, the vendor cannot complete the intended maintenance
process as the wet grass can cause issues to the vendor's equipment and tools.
Furthermore. due to the climate of the state. our vendors do not perform regular lawn
maintenance from November through February. Regular lawn maintenance will resume in
April 2015. However. our vendor will continue to inspect the property and complete any
required maintenance as determined by the inspections.
Going forward

If you have any additional questions or need clarification regarding the information provided in
this letter, please contact me directly at X-XXX-XXX-XXXX, extension XXXXX. I am available to
assist you Monday through Friday, 8:00 a.m. to 5:00 p.m. Central Time. If you require
immediate assistance and I am unavailable, other representatives are available to assist you at
X-XXX-XXX-XXXX, Monday through Friday, 7:00 a.m. to 7:00 p.m. Central Time.

Page 1 of 435
10/17/2014Problems with Product / Service | Read Complaint Details
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Complaint
WF refuses to consider PMI deletion on my loan based on their interpretation of investor requirements which differ from investor's stated requirements
I have written to Wells Fargo regarding this issue on the back of multiple phone calls getting us nowhere. Subsequent phone calls have gotten us to the point that they are telling me the issue is resolved when they have done absolutley nothing to satisfy my complaint. At issue are the terms for PMI deletion on my mortgage for the property at XXXXX ********* ***** *** ****** ** XXXXX. I will skip over the fact that the loan officer who initiated the loan with us told us that we simply needed to order an appraisal that showed we had hit the LTV threshold required (78% is what he told us, 75% is what Fannie Mae's website stated) and move forward to the more recent events.

My signed loan contract states that PMI deletion is subject to the requirements of the owner of the loan at the time of any request for deletion. The owner of my loan is Fannie Mae. Their requirements for PMI deletion initiated by the home owner within two years of the loan's origination include a statement that improvements must have been made to the property that increase the value of property. Wells Fargo's statement is that the investor on my loan (Fannie Mae) requires that "structural improvements" had to have been made to the property. They sent me a letter with their definition of "structural" improvements. When my wife discussed this requirement with Fannie Mae, they explained that they do not require "structural" improvements but only "improvements". This is also stated on their website *************************************************************************************************************************

I do not feel it is acceptable or at all appropriate that Wells Fargo add adjectives to Fannie Mae's requirements, particularly if they need lengthy explanations as to what the definition of the adjective is in that context. Fannie Mae has made it abundantly clear, both on the phone with my wife on 4 separate occasions, and on their website (see above link) that there is no "structural" requirement and there certainly is no lengthy definition of "structural improvements" on their website or one that their customer service staff believes is relevant in our case. Wells Fargo has repeatedly stated that this requirement is not theirs but, in fact, that of the owner of our loan. I take issue with that statement (which I have in writing from multiple letters from Wells Fargo) when the owner of the loan (Fannie Mae) has stated otherwise both in writing on their website and verbally over the phone with my wife (by 4 separate members of their customer service staff). I believe that Wells Fargo has lied to me repeatedly throughout the process of taking out this loan and through the servicing of it to this point. When I told ****, the customer car agent who is my final point of contact ************* xXXXXX), as much on Friday, August 1st, he stated that it was possible that Wells Fargo had made "inaccurate statements." It is my position that inaccurate statements are equivalent to lies, at least in this context, and that they should not be acceptable or tolerated here.

Desired Settlement
I would like to have PMI deleted from my account subject to an appraisal showing that we have an LTV of no more than 75%.

I would like Wells Fargo to edit their systems, processes, and materials (e.g. form letters) related to PMI deletion so that when they state an investor requirement, it is, in fact, an accurate description of the investor requirement that the investor would not dispute. In such cases where their internal requirements differ from those of the investors, they should state clearly that it is a Wells Fargo requirement, not that of the investor.

I would like Wells Fargo to train and/or retrain all people who interact with customers during loan origination processes regarding the requirements for PMI deletion on their loan.

Business Response
Addressing your concerns is important to us and I thank you for the opportunity to assist you. I am
responding on behalf of Wells Fargo Home Mortgage to your inquiry filed with the Better Business
Bureau. We have outlined the concerns you raised in your inquiry below and provided resolution to each
item.
In your inquiry, you requested information regarding:
Private Mortgage Insurance (PMI) deletion requirements
Property improvements
PMI deletion requires as presented by Fannie Mae
Please find our responses to the concerns raised in your inquiry below.
Private Mortgage Insurance (PMI) deletion requirements
You have requested that we delete the Private Mortgage Insurance (PMI) on your loan. The property Loan
to Value (LTV) ratio is calculated by dividing the outstanding principal balance of your loan by the value
of the property. The value of the property is defined as the lesser of the appraised value or the sales price,
at the tinle the loan was originated. Your loan's current LTV is 87.4%.
You are required to maintain PMI until one of the following is met, as further descnbed in the enclosed
PMI deletion requirements packet dated September 4, 2014:
Reach the required LTV ratio of 78% based on the current principal balance of $529,015.76,
which is a principal balance of $471,900.00.
Have an appraisal to show the property value has increased to $705,354.35 to reach the required
LTV ratio of 75% based on structural inlprovements to the property.
Property improvements
Improvements to the property are defined as something that was not previously on the property, which
may include adding additional living space, or something of a structural nature that raises the home's
value Sllcch as adding a deck, garage, in-ground pool, fence, in-ground sprinklers, finishing a basement,
or remodeling living space. Cosmetic improvements,.such as new siding, a new roof, new paint, new
carpeting, new flooring, landscaping, new windows, new light fixtures, new appliances or a new
furnace/ air conditioning unit, may not affect the property value to the same extent as structural
improvements.
If you choose to have an appraisal to determine the current value, you may provide invoices or other
documented proof showing the cost of inlprovements completed on the property for review, including
structural or cosmetic improvements. Please note that the value of the improvements must be equal to
$100,354.35 or greater. .

An appraisal is ordered for the lender's purposes only, and is simply an opinion or estimate of value at a
point in time. It does not reflect changing market conditions over time. Mortgage companies use
appraisals for reassurance that the collateral value of the property is sufficient to support the amount of
money the applicant is requesting. Please note that a market-based rise in value is not sufficient to release
PMI. If you chose to order an appraisal, please submit the completed appraisal to us for further review.
PMI deletion requirements as presented by Fannie Mae
We provide servicing ofloans for investors. We collect payments, pay escrow items such as taxes and
insurance, answers questions and provides payoff information, workout opportunities, home
preservation, as well as other duties on behalf of the investor during the mortgage period, which includes
providing information about PMI.
It is the obligation of the servicer to ensure that the loan meets the requirements set forth by the investor,
so we review the PMI deletion requirements presented by the investor to determine the applicable
requirements for the loan. The investor establishes the requirements for deletion of PMI, and we are
unable to waive or make any adjustments to the requirements.
Going forward
If you have any additional questions or need clarification regarding the information provided in this
letter, please contact me directly at X-XXX-XXX-XXXX, extension XXXXX. I am available to assist you
Monday through Friday, 7:00 a.m. to 3:30 p.m. Central Time. If you require immediate assistance and I
am unavailable, other representatives are available to assist you at X-XXX-XXX-XXXX, Monday through
Friday, 7:00 a.m. to 7:00 p.m. Central Time.

Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
Wells Fargo hasn't in any way addressed my complaints. This is the same form letter and explanation that I received prior to the complaint. In fact, this makes the situation and my trust in Wells Fargo even worse, given that my wife has been working with *** ******** over the phone and *** ******** actually told her something quite different over the phone. I find it reprehensible, yet not at all surprising coming from a Wells Fargo employee, that xxxxxx would state one thing over the phone and an entirely different thing in writing. The situation is actually quite simple, Wells Fargo is stating one thing about Fannie Mae's requirements and Fannie Mae is stating another thing about Fannie Mae's requirements. Wells Fargo has done nothing to address that contradiction and, therefore, nothing to address any of my complaints. As such, I can not accept their response.

Final Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
Once again, there is no resolution and Wells Fargo has failed to respond directly to the core of my complaints, which is that they are misrepresenting Fannie Mae's requirements for PMI deletion on loans that are less than two years old. They have now switched us to another specialist within the customer care and recovery group, who is now starting the process over from scratch and again missing the point. This latest rebuttal addresses only one point from the original complaint and seems to be saying that it was just fine that the original loan officer (I can't remember his exact title at the moment) told me something that wasn't true because the truth changed once Wells Fargo sold my loan. I don't find that an acceptable response with regard to how their loan originators communicate with customers, which should be about telling the customer what is true at that time. Secondly, and more importantly, they are totally disregarding my chief complaint, which is the fact that Fannie Mae explains their requirements for PMI deletion on loans that are less than two years old quite differently than Wells Fargo explains Fannie Mae's requirements. Thirdly, they completely failed to address my most recent complaint that the customer care and recovery team representative who was working with my wife on this issue was stating one thing on the phone, namely that we were correct and that we could remove PMI if an appraisal hit a 75% LTV, yet was unable or unwilling to put it in writing. I don't find it acceptable that any company state one thing on the phone and another in writing. That seems false, misleading, and fraudulent, all of which are unacceptable.

Final Business Response
Addressing your concerns is important to US and I thank you for the opportunity to assist you. I am
responding on behalf of Wells Fargo Home Mortgage to your inquiry filed with the Better Business
Bureau. Thank you for the opportunity to address your concerns. We've carefully considered what we can
do and are providing you with an update on our research.
We've determined your concerns were previously addressed by us, and we didn't find you had enclosed
any new information or significantly different details which would change our response. Without any new
or different information, the guidelines established by the Consumer Financial Protection Bureau do not
require us to perform further research. We're enclosing our previous response to you, originally sent on
.
Going forward, what are my next steps?
If you have any questions or want clarification about the information in this letter, please call us toll-free
at X-XXX-XXX-XXXX, extension XXXXX. I am available to assist you Monday through Friday, 8:00 a.m. to
5:00 p.m. Central Tine. If you require intermediate assistance and I am unavailable, other representatives
are available to assist you at X-XXX-XXX-XXXX, Monday through Friday, 7:00 ·a.m. to 7:00 p.m.
Central Time.

04/23/2014Problems with Product / Service | Read Complaint Details
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Complaint
I applied for a mortgage and Wells Fargo requires you to pay for an appraisal up front. They ordered the appraisal and the appraisal came back with several errors that they agreed were errors. This place strung me along for a month and a half saying the file is going to this department, then that department, almost daily I would call looking for an update and the word I always heard was "tomorrow". I lost several weeks here in a time is of the essence situation and jumped through all the hoops they placed in front of me in a very timely fasion. I did everything they asked me to do. One time they told me if I could pay enough down so the loan was only 60% loan to value they would consider doing the loan. Then a couple days later they said they were wrong in offering that to me and that was not an option. Then they told me they were going to do what is called a field review at their cost and we would hear back from that in 24 hours. Several days later I called to see where we were at and they said they decided they werent going to do the field review any more because their underwiter said even if that review was done, chances are they wouldnt approve it anyways. When they finally told me they would not do the mortgage I asked why and they said basically comparable sales used in the appraisal were not adequate enough for them. So they used the appraisal as an excuse for denial of the loan. I notified them of errors in the appraisal and they agreed to the errors but would not refund the cost to me. I have a feeling that the bank is using the appraisal as an excuse to deny the loan but in actuallity they dont want to do it because they locked me in at a low rate and the rates went up after that. Is there anything I can do leagally since it seems like they are violating some sort of rule or law to protect consumers?
Product_Or_Service: Appraisal for a 30 year mortgage
Account_Number: # XXXXXXXXXX

Desired Settlement
All I am requesting is my card be refunded $487.00.I also submitted a claim on my credit card for a refund. If I recieve a refund from Wells Fargo before the investigation is complete from the credit card company, I am able to notify the credit card that it was handled outside of thier investigation.

Business Response
Subject: Resolution to inquiry regarding loan application number XXXXXXXXXX
Dear ****** *****:
This letter is in response to correspondence received by the Better Business Bureau (BBB) which
was forwarded to the Wells Fargo Home Mortgage Customer Care and Recovery Group. This
correspondence was forwarded to us on March 20, 2014, regarding the processing of your
mortgage loan application with us.
In your correspondence you stated the following items:
I want a refund of the $487.00 advance fee I paid to Wells Fargo.
Wells Fargo declined my loan application based on an inaccurate appraisal.
Please find our responses to the concerns raised in your inquiry below.
I want a refund of the $487.00 advance fee I paid to Wells Fargo.
We regret we are unable to honor your request to refund the advance fee, per the terms of the
copy of the Advance Fee Disclosure, enclosed. This copy is from the Disclosure Booklet, sent to
you on January 16, 2014, in the initial Disclosure Packet. The terms of the disclosure stipulate
when an advance fee may be refunded, and when they are nonrefundable. It is noted that any
amount paid to third parties from the advance fee are nonrefundable unless required by your
specific state law. The advance fee you paid of $487.00 is nonrefundable, as the funds collected
for the advance fee were disbursed as follows: Credit report fee- $22.00 and Appraisal fee$
515.00.
The reason we were unable to approve your loan application are discussed in the following
paragraphs.
Wells Fargo declined my loan application based on an inaccurate appraisal.
We initiated a purchase money mortgage loan application on January 16,2014. Your
application was submitted under a non conforming loan program for a loan amount of
$560,000.00. You presented a purchase contract to us indicating that you had agreed to pay
$902,000.00 for the property located at ***** ******** **** in **** ** **** **********
Your loan application received conditional credit approval on January 31,2014. Please note that
the loan approval process involves both credit approval of the borrower and approval of the
property being financed .
. The appraisal was ordered on January 31,2014. We received the completed appraisal on
February 12, 2014. The property appraised at a value of $590,000.00 which was substantially
lower than the sales price of $902,000.00. On February 13, 2014, we contacted our appraisal
vendor to request additional information. We sent a copy of the appraisal to you on February
14,2014
The appraisal report indicated the property has one bedroom located above grade. All of the
comparable properties utilized in the appraisal report had three to five bedrooms above grade.
The above grade general living area square footage was substantially smaller than all of the
comparable properties except one. The property is also located on a lot of 40 acres which adds
to the uniqueness of the property.
The maximum allowable Loan to Value (LTV) ratio for a non conforming loan is 80% of the
appraised property value. Therefore, the original requested loan amount of $560,000.00 could
not be approved due to the appraised value of $590,000.00.
We submitted the appraisal for a higher level underwriting review on February 17, 2014. Our
underwriters determined that we could not approve financing in the amount of $472,000.00,
which represented for the maximum of 80% of the appraised value of $590,000.00 due to the
unique features of the property.
You advised us that you were willing to make a larger down payment on the property. We
briefly discussed the scenario of you placing a 40% down payment on the property and financing
the property with a 60% LTV loan. We determined that this scenario would not be within nonconforming
guidelines.
On February 25,2014, we lowered the loan amount to $417,000.00 and changed the loan
program to a conforming conventional loan. We reviewed the appraisal for conventional lending
purposes. We determined that the comparable properties utilized in the appraisal did not
support the property's value or marketability. Our underwriters declined the property for
conventional lending on February 28, 2014.
We discussed the possibility of a field review with the appraisal vendor. The appraisal vendor
advised us that the appraiser had conducted a very thorough search for comparable properties.
The appraiser had researched sales over the past two year period for locations up to 100 miles
away. The appraiser was unable to locate any properties that were strongly similar to the
subject in the price range and local vicinity.
We received a revised appraisal report on March 11, 2014. There were no material changes to
the appraisal or the value of the property to alter our decision regarding the property. A copy of
the revised appraisal report is enclosed for your records.
Your loan application number XXXXXXXXXX was declined on March 17, 2014 due to the value or
typed of collateral was not sufficient. We regret that we were unable to offer you financing at
this time. We also regret any frustration or inconvenience this experience may have caused you.
Going forward
If you have any additional questions or need clarification regarding the information provided,
please contact me directly at XXX-XXX-XXXX or toll free at X-XXX-XXX-XXXX extension XXXXX. I'm
available to assist you Monday through Friday, 8:00 a.m. to 5:00 p.m. Central Time. If you
require immediate assistance and I am unavailable, other representatives are available to assist
you at X-XXX-XXX-XXXX Monday through Friday, 7:00 a.m. to 7:00 p.m. Central Time.


Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
Wells Fargo Home Mortgage has the worst loan processing and customer service I have ever seen. They would also not return messages that I left with them.

They realized they locked me in at too low of a rate and are using the appraisal as a excuse to get out of providing me the loan. After I brought up several identifiable concerns with the appraisal they refused to refund me for it. The biggest problem with the appraisal is that they somehow missed 308 square feet.

They told me they do give refunds in certain situations like when deals fall through and it is an error on Wells Fargo. They had several errors in this whole nightmare. They told me things that they could not come through with. One thing was if I could come up with more down like (40%) they would reconsider. Then I said I could come up with that amount and they told me sorry about that, we decided we can't do that.

The other error was that they said at thier cost, they were going to have a different appraiser come out and do a field review and get back to me within 48 hours. Well, a week later I called to see how that field review was coming along and they told me they decided not to do it because even if it came back good, they felt the loan would still not be approved.

What all of this boils down to is they are telling me the appraisal is why they won't approve the loan. THE APPRAISAL IS NOT CORRECT!! THEY ARE CHARGING ME FOR A VERY POOR PRODUCT!!!!

I had a conditional approval on the loan but apparently those don't matter becasue they can do whatever they want anyways.

This not only cost me the appraisal fee, but is costing me a higher interest rate because they went up after they "locked" me in. Wells Fargo is costing me hundreds of thousands of dollars on my house. Buyer beware, steer clear of these crooks!!!!!

Final Business Response
Subject: Resolution to inquiry regarding loan application number XXXXXXXXXX
Dear ****** *****:
This letter is in response to correspondence received by the Better Business Bureau
(BBB) which was forwarded to the Wells Fargo Home Mortgage Customer Care and
Recovery Group. This correspondence was forwarded to us on April 16, 2014, regarding
the financing of your mortgage loan with us.
Wells Fargo declined by loan application based on an inaccurate appraisal.
In your correspondence you stated the appraiser missed 308 square feet of the subject
property's gross living area. We are unable to address the appraisal report completed
on January 31, 2013, as this appraisal was not completed in conjunction with a loan
application with our company.
The enclosed appraisal completed for your loan application with Wells Fargo Home
Mortgage included a full interior inspection, and the appraiser physically measured the
subject property. Please note the appraiser calculated the gross living area at 2,192
square feet.
Our records indicate that Wells Fargo Home Mortgage previously received a similar
issue regarding your mortgage account. Enclosed is our response sent to you on
April 8, 2014. WFHM's position has not changed. Again we respectfully decline your
request for a refund of the appraisal fee.
Going forward
If I can be of further assistance regarding this matter, please call me directly at
X-XXX-XXX-XXXX extension XXXXX, Monday thought Friday, 8:00 a.m. to 5:00 p.m.,
Central Standard Time. If you require immediate assistance and I am unavailable, other
representatives are available to assist you at X-XXX-XXX-XXXX Monday through Friday,
7:00 a.m. to 7OO p.m., Central Time.

03/07/2014Problems with Product / Service | Read Complaint Details
X

Complaint
Wells Fargo is attempting to "cook the books" by manipulating the details of the escrow account to misrepresent the fiscal year.
Wells Fargo Mortgage is being deceitful and fraudulent in trying to extort money from me by misapplying the records of my escrow account.
1) Escrow accounts are used to maintain funds in-order to pay the Insurance and taxes each year. The Period to which those payments are considered and made is from Jan - Dec. The fiscal year.
2) The amount of money paid to escrow from my monthly payment was adequate to pay the Insurance and taxes every year since 2007.
3) There was no tax increase or insurance increase last year. Therefore, until there is an increase in either my taxes or insurance payments to escrow should remain the same.
4) Wells Fargo is trying to distort money from me by measuring the escrow period from March of 2014 to March of 2015.
5) I am not responsible for 2015 in my escrow necessities only 2014 at. My insurance and tax bills are for 2014 only, not 2015.
6) 2015 requires its own analysis which will be determined at the end of 2014 not before.
7) Wells Fargo has not provided an Escrow analysis that covers the fiscal year, from January 2014 to December 2014 as required by Law.
8) No where in the history of my 7 year association with Wells Fargo has my escrow be maintained for anything more than the year in question.

Desired Settlement
Provide an accurate escrow analysis covering the months Jan 2014 - Dec 214.

Apologize for the fraudulent billing.

Correct the fraudulent billing

Business Response
February 13, 2014
****** ** ****** ***
**** *** ****
********* ** XXXXX
Wells Fargo
PO Box 10335
Des Moines, IA 50306-0335
Subject: Resolution to the inquiries received regarding account number XXX-XXXXXXXXXX which secures
the property address of **** ** ******* ***** ********* ** XXXXX.
Dear ******:
I am responding on behalf of Wells Fargo Home Mortgage to your inquiries filed with the Consumer
Financial Protection Bureau and the Better Business Bureau.
Escrow analysis completed for the account and changes to your future monthly payment
I would like to provide clarification regarding how and when we analyze your escrow account.
We review our customers' escrow accounts on an annual basis. The review determines the amount to be
collected for taxes and! Or insurance for the upcoming year and if there is a surplus or deficit of funds in
the escrow account. During the review, we use the most recent amounts billed by your insurance
company and! or tax assessor and project the escrow account over the upcoming 12 months.
Please note, for the first year of the mortgage account, we waited for the full year to elapse before running
a new analysis. However, going forward, our normal process will be to analyze the loan each year in May.
In addition, we are not required to complete an escrow analysis review based on January to December
bases under the terms of the Security Deed or under the Real Estate Settlement Procedures Act (RESPA)
law. We are required to review a least once a year; however, a period is not set on when the escrow
analysis needs to be completed by.
Calculating escrow requires the consideration of a minimum balance requirement during the upcoming 12
months. The minimum balance requirement is according to state statutes and guidelines designated by
the RESP A. For the state of Georgia, the minimum balance requirement is equal to 2 months of escrow
deposits.
To determine if the escrow account will maintain a sufficient minimum balance for the upcoming year, we
compare the projected escrow balance with the required minimum balance. If at any time the projected
amount is less than the required minimum balance, a deficit exists. The month with the greatest deficit is
called the low point.
If there is a deficit of $12.00 or greater, we divide the deficit into 12-monthly installments, which are
added to your monthly payment as an Escrow Shortage item. To minimize payment increases, you ***
instead choose to pay the deficit in a lump sum. To make a lump sum shortage payment, use the coupon
provided with your Escrow Disclosure Statement and Notice of New Mortgage Payment statement.
If the projected amount for each month is more than the required minimum balance, there is a surplus. If
the surplus is less than $50.00, a credit is given to the first payment due on the review's payment change
effective date. If the amount is over $50.00, and your loan is current, we normally mail you a refund
check.

At the closing of your loan, it was anticipated that your county taxes for October 2013 would be $736.98,
and the hazard insurance for December 2013 would be $694.00.However, the tax amount paid in
September 2013 was $769.40 for the October 2013 taxes, and the hazard insurance amount paid in
December 2013 was $747.00.
The escrow analysis completed on January 8, 2014, determined that tax portion of your payment
increased from $61.42 per month to $64.12, and the hazard portion of your payment increased from
$57.83 per month to $62.25. This increase was caused by a change in your escrow tax and insurance
payments. Effective with your mortgage payment due March 1, 2014, your escrow payment was
established as follows:
Taxes:
Insurance:
Escrow Short
Total:
$632.11
$126*37
$ 9.49
You have the option of paying the shortage in full which would reduce your monthly payment to $758-48.
Please note, we do not determine the amount charged for items in the escrow portion of your loan. We are
obligated to pay the amount due and adjust the homeowner's account to reflect the increase or decrease.
Please be advised that we follow all applicable Federal and State laws and regulations when servicing the
loan
Going Forward
If you have any additional questions or need clarification regarding the information provided in this
letter, please contact me directly at X-XXX-XXX-XXXX, extension XXXXX. I am available to assist you
Monday - Friday, 8:00 a.m. to 4:30 p.m., Central Time. If you require immediate assistance and I am
unavailable, other representatives are available to assist you at X-XXX-XXX-XXXX, Monday - Friday, 7:00
a.m. to 7:00 p.m., Central Time.


Consumer Response
it appears that this matter of inaccuracy and confusion was generating between the refinance mortgage company and the Wells Fargo. Between the two of them they miscalculated and misapplied both payments and funding. The error(s) were furthered when Wells attempted to correct the issue without discussing it with me. Instead I got a message from Wells saying they were increasing the monthly payments without a clear explanation why. The letter I got did not detail why this increase was necessary. Thank you and BBB for being able to get a clear explanation as why. A lot of these types of confusion could be avoided, saving time and stress for every one. If they had sent the information they supplied here we would not be having this conversation.

So as to whether or not I am satisfied with the answer, I am satisfied with the explanation but not satisfied that I had to go to this extreme to get a detailed explanation.


Final Business Response

I am responding on behalf of Wells Fargo Home Mortgageto the inquiry filed with the Better
Business Bureau.
I was not satisfied with the customer service provided regarding my questions for
the escrow account
In your correspondence you indicated that you did not receive a complete explanation regarding
the increases in the escrow account until our letter dated February 13, 2014. Thank you for
taking the time to share your experience with our organization. Your specific candid
information allows us to evaluate the servicing practices that our representatives adhere to. We
regret we failed to meet your expectation in servicing your loan.
Going forward
If you have any additional questions or need clarification regarding the information provided in
this letter, please contact me directly at X-XXX-XXX-XXXX, extension XXXXX. I am available to
assist you Monday through Friday, 7:30 a.m. to 4:30 p.m., Central Time. If you require
immediate assistance and I am unavailable, other representatives are available to assist you at
X-XXX-XXX-XXXX, Monday through Friday, 7:00 a.m. to 7:00 p.m., Central Time.

02/13/2014Billing / Collection Issues | Read Complaint Details
X

Complaint
Wells Fargo refuses to update our billing address after repeated requests. Because of dementia and illness, we had to move our aging mother in with a relative to monitor her health. I asked WF to update mailing address numerous times but they do not. They continue to demand her verbal consent or written consent. Both have been provided numerous times but for some reason they still refuse. It's very difficult/painful to ask my mother to re-authorize because she doesn't understand why "the bank wants to steal her home." For financial reasons we rented out her home and would pick up mail there while awaiting the change. However, the tenant defaulted and its now a bad eviction. As a result we have not received mail since May 2013. Still repeated demands for updating are ignored and we do not receive any statements. In August they refused payments citing foreclosure as a result of non-payment. I explain that we never receive our statements! In October, we pulled together money to save the home from foreclosure. We provided another written request for change of address, but to no avail. On Nov 12th I formally demanded they update our account and advised them that since we have reinstated the loan Oct 19th, we will not be responsible for ANY costs/fees after that date as a result of not receiving our mail. Also informed them that I would seek legal remedy and demand reimbursement for costs/fees of the past foreclosure, because I believe it could've been avoided if we had received timely notices and statements as requested. I demanded verification within 7 days. To date we have received no statement and its clear the loan is in default again. I won't pay by phone because then they will NEVER update our account. I have provided all their requested authorization, and I also provided the Power of Attorney which grants me the right to request change of address on this account so that I can monitor it timely. Its abhorrent WFHM would do this to an 80 yr old woman with dementia/paranoia, & I want it stopped.
Product_Or_Service: Mortgage
Order_Number: n/a
Account_Number: XXXXXXXXXX

Desired Settlement
I would like ALL past fees/costs including but not limited to legal fees, collection fees, & late fees pertaining to the past foreclosure, refunded or credited IN FULL. I want ALL current fees/costs/penalties as of reinstatement date Oct 19, 2013 credited from the account. I want ALL RECORD of the past foreclosure and lates, and current lates REMOVED ENTIRELY from my mother's credit history. And I want WF to immediately update our mailing address as requested numerous times.

Business Response
I am responding on behalf of Wells Fargo Home Mortgage to your inquiries filed with the
Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the
Better Business Bureau, The authorization received allows me to respond directly to you.
Therefore, I will be addressing your concerns.
In your inquiries you requested to
• Can you change the mailing address on the loan?
• Can you remove all fees connected to the loan due to the mailing address not being
correct?
Please find our responses to the questions you raised in your inquiries addressed below.
Can you change the mailing address on the loan?
.' Our records reflect you are authorized to receive information for the above referenced
loan for the life of the loan or until it is revoked verbally or in writing.
• The Durable Power of Attorney submitted does not state you are authorized to address
matters surrounding the real property or mortgage. Therefore, we are unable to change
the mailing address.
Can you remove all fees connected to the loan due to the mailing address not being
correct?
• On August 23, 1994, we changed the mailing address to XXXXX *** ******* in *********
**********. Our records do not reflect receipt of any requests to change the mailing
address prior to your inquiries.
• The terms of the Note and the Deed of Trust outline the conditions under which late fees
and attorney fees and costs related to a foreclosure action may be assessed. As these
conditions have been met, the fees are valid and will not be removed at this time.
• Our records reflect the foreclosure action initiated June 17, 2013, was removed on
November 25,201.3, due to the reinstatement of the loan.


Once you have provided an updated Durable Power of Attorney specifying the information noted
above, we can adjust our records accordingly. You may send this information to my attention
via facsimile at X-XXX-XXX-XXXX, or by mail to the following address.
Wells Fargo Home Mortgage

If you have any additional questions or need clarification regarding the information provided in
this letter, please contact me directly at X-XXX-XXX-XXXX, enension XXXXX. I am available to
assist you Monday - Friday, 8:00 a.m. to 5:00 p.m. Central Time.
Sincerely,

Final Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
Thank you for assisting us with this matter, my mother really appreciates it.

We do not accept this response for the following reasons: First, Mr. ******** should re-read and review the Durable Power of Attorney (POA) again, specifically Item 2, which clearly states that this POA, much like any POA, does in fact give me authority to speak and act on my mothers behalf regarding her property and her affairs. Tangible property is the entire reason for a POA, and Mr. ******** should know this. However, and aside from that, Wells Fargo requested written request to change the mailing address, signed by my mother, which was provided several time via facsimile. And further, during several conversations with Wells Fargo early 2013, representatives had asked to speak with my mother, at which time she also authorized Wells Fargo to update the mailing address. I have also requested verbally numerous times to have this mailing address changed. Wells Fargo never requested a POA at any time, but only asked for written or verbal confirmation (from my mother) to update the mailing address, both of which we had provided. The POA was a final demand, from me, to have the address changed, when it became evident Wells Fargo continued to refuse to update the account.

There is absolutely no reason why Wells Fargo should hamper our ability to pay our bills, and no reason that they should make it so difficult to simply update our mailing address. It's clear this is just another attempt at big bank Well Fargo trying to take a senior woman's property away from her. We have done everything correct with Wells Fargo demands, and have jumped through all their ridiculous "loop holes" and yet Wells Fargo remains utterly defiant in updating the mailing address. Why? This account would NEVER have gone into foreclosure if we had received our billing statements. Even now, we are concerned because we still do not receive our statements and this account is obviously past due once again.

We have done everything Wells Fargo has requested of us. As such we stand by our demands for Wells Fargo to properly update our billing address and refund all the fees and costs associated with the foreclosure, as previously requested. Thank you.

Final Business Response
Addressing your concerns is important to us and I thank you for the opportunity to assist you. I am
responding on behalf of Wells Fargo Home Mortgage to your correspondence received. We have outlined
the concerns you raised below and provided a resolution.
Adjustments to the mailing address on the loan
We are writing in response to your recent inquiry about the above referenced mortgage. We received a
similar request from you and sent a response on January 21,2014. For your reference, we have enclosed a
copy of our response, which addresses the issues mentioned in the inquiry.
We appreciate you bringing this matter to our attention.
Going forward
If you have any additional questions or need clarification regarding the information provided in this
letter, please contact me directly at X-XXX-XXX-XXXX, extension XXXXX. I am available to assist you
Monday - Friday, 8:00 a.m. to 5:00 p.m. Central Time. If you require immediate assistance and I am
unavailable, other representatives are available to assist you at X-XXX-XXX-XXXX Monday - Friday,
7:00 a.m. to 7:00 p.m. Central Time.

12/17/2013Advertising / Sales Issues | Read Complaint Details
X

Complaint
Wells Fargo wasted 7 weeks of my time and over $1600 of mine by misinforming me of conditions required for a loan.
Wells Fargo wasted my time and money for over 7 weeks (July 24 to Sept 12) trying to finance a vacation home on Maui, only to tell me that our building was "not approved" for financing because there were "too many investor-owned units". I had asked from the beginning whether it would be a problem that some owners rent out their condos when they're not staying there, and I was told this was OK. By the definition on Wells Fargo's own questionnaire, "investor owned" is defined to be "never owner occupied", and essentially all of the units in our building are occupied by the owners for part of the year. I also told the loan processor, ******** ****** that I wanted to delay paying $1400 for an (expensive!) appraisal until all of the other financing conditions were satisfied. The original mortgage counselor who forwarded my case to ******** also did not see any problem with my condo financing. And to add insult to injury, another buyer managed to get a Wells Fargo loan in the same building in the same month as I was denied. If the project is not approved by Wells Fargo, why are other Wells Fargo loans being approved in our building?


It is unreasonable to take 7 weeks to deny my loan for reasons that were clear from the beginning. Over this period, the loan processor ******** asked for dozens of documents, many of which she already had, and all of which she could have asked for much earlier. In every case I got the documents to her within 12 hours. ******** also disappeared unexpectedly, leaving work early or taking sick days with no alternate contact. I finally got hold of her boss ***** ******** but he was not helpful; he promised he would take over the next time ******** was out, but he was not even aware of when she was out, and dropped the ball. I also asked him how to appeal the underwriter decision, but he could not help.

It appears that the ultimate problem in the loan denial was that underwriting saw a document from our management company saying that 14 of the 18 units in our building are "investor owned". However, Hawaii defines investor-owned to mean any property that is ever rented for one day. Those 14 units are all occupied by the owners as vacation homes and sometimes rented other times, as I explained from the beginning. But ******** and ***** were unable or unwilling to correct this misunderstanding with underwriting.

There is no other reasonable reason to deny the loan. I have substantial assets, our credit rating is reasonable, and in any case the reason cited by Wells Fargo was the building. I was pre-approved for a 1/8% better loan rate with Quicken Loans, but went with Wells Fargo since I've been a customer since 1978. This bad experience has me now looking at other banks.

Desired Settlement
I would like to reimbursed the $1400 I paid for an appraisal, and the $200 I paid for homeowner association documents required by Wells Fargo. Alternately, I'd like the loan to be reconsidered and approved.

Business Response
RE: Customer; ******* ****** and ***** ******* Better Business Bureau Case Number: XXXXXXXX Loan Application Number: XXXXXXXXXX
This letter is in response to correspondence received by your office and forwarded to the Wells Fargo Home Mortgage (WFHM) Customer Care and Recovery Group on October 16,2013, regarding the financing of ******* ******* and ***** ***************** mortgage loan with WFHM. Hie customers expressed concerns regarding their recent refinance mortgage loan application.
Our records indicate the customers* cash out refinance loan application was submitted on July 15,2013. On August 13,2013, the file was submitted to the underwriter for initial review. Please note that we provided the customers with the conditions we initially knew that were required. It appears that we only asked them to supply the standard documentation and information required to facilitate the processing of the loan. Unfortunately, the additional items required are not always known until later in the loan process.
In the correspondence, the customers express concern regarding duplicate documentation requests and the lack of communication throughout the loan process. WFHM regrets that they did not receive the service they expected. The correspondence has been forwarded to the appropriate management to prevent similar issues in the future.
On August 15,2013, the appraisal for the subject property was ordered and on August 22,2013, the completed appraisal was received with an appTaised value of $365,000.00. After the appraisal was reviewed, WFHM determined that the appraisal and Condo certifications both stated that the property had over 50.00% investor occupancy. The Homeowner's Association (HOA) certification identified these as second homes. According to our records, the conflicting information we received from the Condo certifications and HOA certification was never resolved and the discrepancy was out of WFHM's control. These items would need to be corrected with the HOA of **********
Additionally, the HOA of ********* had other areas of concern regarding their reserve funding and non-incidental business income. WFHM attempted to obtain information from the HOA regarding the projects rental income; however, we did not receive explanations regarding this or a reserve study that would be required in an attempt to resolve the projects underfunded reserves.

On September 13,2013, WFHM issued a denial and a Notice of Action Taken and Statement of Reasons (NOAT) outlining the reason for denial as "Value or type of collateral not sufficient". This denial was based off the HOA exhibiting several problematic practices and since the loan was submitted as a cash out refinance, we were unable to proceed
On October 22, 2013, WFHM submitted a request to refund the $963.48 advance fee to the customers. Since the original payment received was paid via credit card, WFHM is required to refund the funds back to the same credit card. The refund may take up to ten days to post to the credit card account. It may take one to two billing cycles to appear on their monthly credit card statement. The customers *** call their credit card oompany to verify if the funds have been applied before they appear on the monthly statement. WFHM respectfully declines any additional reimbursement for the customers.
In the correspondence, the customers have requested that WFHM proceed with their refinance loan application. WFHM respectfully denies this request to proceed with the refinance as there is no supporting documentation within the loan file to indicate WFHM did not process the loan according to the proper regulations and guidelines. The customers also mentioned that another buyer was able to get approval with Wells Fargo in the same month that they were denied.
Please note that WFHM cannot speak about other situations or buyers due to privacy purposes.
WFHM regrets we were unable to provide the customers with the financing they were requesting and for any frustration this may have caused.
If you have any additional questions or need clarification regarding the information provided, please contact me directly at XXX-XXX-XXXX or toll free at X-XXX-XXX-XXx2 extension XXXXX. I'm available to assist you Monday - Friday, 7:00 a.m. to 4:00 p.m. Central lime.


Final Consumer Response
Wells Fargo agreed to a partial reimbursement of the $1600 I paid for the appraisal and association documents. I am still waiting for this credit. I been through all of my credit card and bank statements for the last 2 months looking for a credit. I expected this to be deposited in the Wells Fargo checking account they withdrew the funds from originally.

Final Business Response
RE: Loan Application Number: XXXXXXXXXX
Better Business Bureau (BBB) Case number: XXXXXXXX
This letter is in response to correspondence received by your office and forwarded to the Wells Fargo Home Mortgage (WFHM) Customer Care and Recovery Group on December 12,2013, regarding the financing of ******* ********* mortgage loan with WFHM. ******* expressed ongoing concerns regarding the partial reimbursement of his advance fee collected for his recent refinance transaction.
Upon receipt of Mr. ********** correspondence, WFHM confirmed that a refund in the amount of $963.48 was processed to his credit card ending in. 0170 on November 5, 2013.
WFHM regrets any frustration this may have caused and hopes this response addresses his concerns to his satisfaction.
WFHM considers this matter resolved until new information is provided. If I can be of further assistance regarding this matter, please call me directly at XXX-XXX-XXXX or toll free at X-XXX-XXX-XXXX extension XXXXX. I'm available to assist you Monday - Friday, 8:00 a.m. to 5:00 p.m. Central Time.

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04/05/2012Problems with Product / Service
04/05/2012Problems with Product / Service

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