I went on Lending Tree to get brokers to contact me for a loan on a 2nd home. Wells Fargo was the first to call - it was about five seconds after I hit send on my info.
I have a high credit score and make a reasonable income. I'm trying to buy a home for my elderly parents. WF walked me through a reasonable rate offer. I found the home for my parents, had a guaranteed letter in hand, locked in my rate and was just going through all the inspections and traditional paperwork.
When WF knew it was too late to change lenders, they told me that the underwriter wouldn't approve the loan we had all agreed to. So, they could offer me a totally different loan at a full 1.0% higher rate. They said they were getting me a loan, so all was good. They tried to pull a bait and switch - which goes against everything the fair lending act states.
So, I'm closing late with another lender who could get me the loan that WF couldn't get underwritten. They completely lied to get me backed into a corner and then thought because this was for my parents, they would prey on me.
Despicable. Don't take WF's call - choose anyone else.
Product or Service Mentioned: Wells Fargo Home Loan.
Reason of review: Poor customer service.
Monetary Loss: $18600.
Preferred solution: Let the company propose a solution.
Wells Fargo Pros: Speed and accessibility.
Wells Fargo Cons: Lying and dishonesty.