We tried to refinance our home mortgage with Wells Fargo and were advised our closing costs would be approximately $2300 and additionally there would be an appraisal fee in the amount of $385.00 which we agreed to pay. Our loan documents arrived indicating a much higher closing fee of over $4000.00 dollars.
We indicated to our loan advisor we didn't feel comfortable and would not sign any documents until all the paperwork was revised to indicate the correct amount. She was very convincing and promised us that at closing the correct amount would be on the closing docs and suggested to proceed with the appraisal that needed to be paid upfront. The appraisal was ordered even though we didn't sign any of the loan docs. After the appraisal was done we received another Fedex envelope indicating a revised appraisal fee of $510 not $385 as agreed.
After some research and complaints we learned that the company used for their appraisals (RELS Valuation) is owned by Wells Fargo. They have done the same scam to many other customers. We decided not to refinance with WELLS FARGO as they are NOT a trustworthy/ethical business. We even tried to talk to the manager of this employee and even left several voicemails to no avail.
At the end we lost $385 (appraisal fee) and much valuable time. I'm sure they have made millions with their appraisals scams.
Even though the refinance didn't happen they still made money from us. Please don't make the same mistake we made and engage in any type of refinancing business with WELLS FARGO.
Product or Service Mentioned: Wells Fargo Refinance.
Monetary Loss: $385.