I am currently in Escrow with Wells Fargo, but two weeks ago, I was deciding between Wells Fargo and Bank of America. I spoke to the loan consultant, Kaiye Chen, over at the Noriega street branch and decided to choose Wells for what I thought was the better deal. But shortly after, the loan consultant from B of A called and said he could better what Wells was offering. Wells was offering interest of 3.875 with negative 0.25 pts. B of A countered with 3.875 and negative 0.6 pts. Both are 30 year jumbo loans. I forwarded the email from B of A to Kaiye who assured and promised that he would match it. Well, that was 9 days ago. I've called him almost everyday to get an update and asked to put in in writing. I saw him in person on Monday 6/17 to follow up, and he re-iterated that Wells should match it. Then he told me his manager Christopher York, wanted to see a good faith estimate from B of A. At this point, getting a GFE means from B of A means they would need a credit check and filing a loan application and then another appraisal. I could have applied at the time (when escrow began) with B of A and Wells, thus getting dual applications, but I didn't because Kaiye had promised he would match the offer. Now the manager is saying I need the GFE in order to match the offer, already 2 weeks into the loan process??????? Needless to say, I am very angry and not satisfied with the service and feel that Wells Fargo makes empty promises with lack of follow through. If I had gone with B of A initially, I would have had an additional $2450 discounted from my closing costs. I have spoken to and left messages with upper management, who both have brushed me aside. I will never, ever trust Wells Fargo again, nor will I ever recommend them.
Monetary Loss: $2450.