The first mortgage person I dealt with told me that I did not qualify for a conventional loan. His title was FHA Specialist, and that should have scared me straight now when I think of it in hind-sight.
It turns out that I did not qualify for the FHA loan, for reasons that were apparent from the get go. Moreover, you would think that an FHA Specialist would know. However, I have since gotten a commitment letter for a 30 year fixed loan. The very product I asked for from the start.
Now, somewhere in the process the first mortgage sales person (the FHA Specialist) got fired, or left. I did not hear anything from Wells Fargo for a good week. I actually called the FHA Specialist on his mobile phone finally to find out that my file was now with someone else with Wells Fargo. So I called this person.
Let's call this person Ms. Unavailable. After a couple of tries on the phone Ms. Unavailable finally picks up the phone and tells me that she was just about to call me.
Yeah, right. At this point I am in the middle of sending in some last minute documents, some of which had been submitted 2-3 times already, so that the Under Writer could review my file. It was virtually impossible to get Ms. Unavailable to communicate with me.
She wouldn't pick up her phone, and forget getting a response via E-mail. This is now week 3 of Ms. Unavailable handling my file. I had enough and called the Brooklyn Wells Fargo Mortgage Sales manager, let's call him "I respectfully disagree" (IRD for short).
IRD is my favorite over at Wells Fargo. After I fill him in on who I am and what my problem is he says "Yeah, I am not sure what the problem is with your file but there is definitely something wrong with it, I don't know how to fix it, and I couldn't tell you how long it is going to take to fix it. I was flabbergasted, and irritated. I started a long winded argument pleading with IRD to at least try wearing my shoes and understand that this was unacceptable.
It's unacceptable and I think that anyone that calls himself a manager of sort should be able to offer up a better approach to customer care than this. This conversation continued with IRD now taking offense to anything I said and started a counter argument where he was the victim and I was the adversary and, yes you guessed it, IRD respectfully disagreed with my point of view of not getting any help from anyone at Wells Fargo at the moment. I asked IRD for a person to speak with that would be of a better chance to assist me. IRD now gave me a person's number from the Wells Fargo Manhattan office.
Here I spoke with what I thought was a very helpful person, who obviously had no idea of the status of my file but at least seemed to have a clue in general. He told me that I would get a call from Ms. 10-miutes. Ms 10 minutes called me and told me that if I was willing to give her a day, she could solve my problems and have a commitment letter signed for me.
From here and on my story may start sounding a little petty, I can understand, but keep in mind that I am now over 2 months down the line without a commitment letter and no central command handling my file. Ms. 10 minute does not get back to me, so I call her the following evening. She like everyone else at Wells Fargo says "Oh, yes, I was just about to call you".
Ms. 10 minutes proceeds to tell me that Ms. Unavailable is in the process, "as we speak" of E-mailing the commitment letter. Ms.
10 minutes tells me that if I don't have the commitment letter in my E-mail inbox within 10 minutes to call her, and she will personally send it to me. Fine, I can wait 10 minutes. This is where I have to laugh at myself for being so naÃ¯ve. I wait a good 30 minutes thinking that people at Wells Fargo may have other files that needs handling and I may not be their only customer so give it a "chill-pill" and wait for the darn E-mail.
After all, Ms. 10 minutes said Ms. Unavailable is right on that task. 35 minutes in my chill-pill wears off and I call Ms.
10 minutes. She tells me that everybody left for the day, that's why I didn't receive that E-mail. Oh, well isn't that nice. It is Friday afternoon and I am now at the risk of losing the house I am looking to purchase with this mortgage because it will be another 3 days before I can get back to my attorney with any news.
Ms. 10 minutes says "Ok, since everybody left I will do it myself. When I come home from work I will send it over". As the complete *** I have now become I said "Oh, thank you so, so much Ms.
10 minutes. Needless to say I did not get that letter that night. Nor did I receive it on Monday, Tuesday, but on Wednesday the following week. I have no need to spike this story, it is simply put the most ridiculous thing I have ever let myself go through.
There are quite a few things I have left out, but you get the drift. The only thing I keep telling myself is that I did it because I was afraid that if I started the process over with another lender I would have missed my deadline. Well I missed the deadline anyway. There are a few good things that come out of this debacle, though.
First, it is very important to give yourself 60 days or more to secure funding in your contract. Second, shopping around for a mortgage company is not an easy thing, but you are now privy to what can happen if you don't do your homework. You may end up with Wells Fargo. Third, as good, nice and convenient it is to do everything electronically it is very important that you have a mortgage person that you can visit, in their office.
Can't say enough about the importance of being able to hold someone responsible face-to-face. A handshake is much better than a "Best Regards" or a "Please Advise".
Product or Service Mentioned: Wells Fargo Mortgage.
Monetary Loss: $4920.