I requested a refinance on my home on July 25 2011 with Wells Fargo. I got the approval letter on Sept.
26, 2011. Was expecting to finally close after nearly four months . was told the process would take 30-45 days when I first applied]. Then at the end, I was told they were requesting a document from the county concerning a "well" on my property.
The "well" was put in when this house was built in 1977. I have only had this property since 2003. The county informed them there was no such document required prior to 1990. I was told in order to continue the process , I would have to have a test done on the "well" that would have cost me 700-1000.00.
But when I received the denial letter on Nov 12, 2011, the reason for the denial was based on my credit report. Funny how I was approved based on my credit report and then denied three and a half months later based on my credit report. I have been a customer of Wells Fargo for eight years, have never been late on a payment and find the treatment I have received appaling. The Better Business Bureau has received way over 2700 complaints in three years from customers like me .
If you count 365 days a year, thats over 2.4 complaints a day !
I plan to file a complaint with the OCC and to tell everyone I know to steer clear of this bank. They are cold, greedy, and could care less about their customers.
Product or Service Mentioned: Wells Fargo Refinance.