Hollywood, Florida

I utilized Wells Fargo Mortgage for a HUD 203K rehab loan this past August of 2009. My entire experience with Wells Fargo throughout this process was absurdly negative. To give you a little background on me, I have been in banking 10 years and have also been doing real estate investment for around the same amount of time. I have experience in banking, lending, loans, as well as a business degree. Thus I feel that my perspective holds an insiders level of reasonability.

"¢ Mis-Appropriation of Govt. Backed Loan Funds

I was educated on this loan product prior to doing business with Wells. Prior to completing any application, I took the time to explain to the loan officer my needs and goals according to the situation. It was only after I consummated a contract on a property and business with Wells that I was told that I could not pick or use my own general contractor as is specified in the program, but was forced use either Lowes or Home Depot installation department, for which Wells had their own agreements with. Now, a 203K loan is essentially a government program using tax money to back the loan and strict program guidelines are supposed to be followed by any lender that offers this program, so for a lender to force you to use Lowes or Home Depot instead of a your own licensed General Contractor with HUD certs is actually illegal. Its misappropriation of tax funds, especially since Lowes or Home Depot grossly inflates the price of the project costs.

"¢ Very Poor Customer Service!!!!!

Loan Officer or "***-Officer" had little knowledge about the loan program or process, which complicated the process. You could absolutely never get in contact with her, which also complicated the process. She never processed or provided important docs that were contractually necessary for the deal, such as a commitment letter, etc. - We had to continuously hound her for assistance. She was mis-informing and ignorant throughout the entire process to the effect that I essentially stopped dealing with her, thus she was that ineffective.

Wells Corporate was no different… The 203K has a 60 day closing window in order to provide enough time for the extra inspections. Wells loan processing never even looked at the file until after the scheduled closing date, which put me in breach of contract and levied financial penalties upon me and I almost lost the deal and my deposit money because of them. The loan processor was also rude and ignorant about the loan product and what needed to be done. They asked for the same docs several times, kept losing things, and simply could not close this deal. Even after sending at least 5 complaints letters, to include to the CEO and Board of Wells Fargo, as well as an executive complaint, these people sat on their butts and absolutely nothing got done. I had to get my attorney involved and threaten law suits, as well as contact their Presidents Office everyday in order to get this loan closed, which still took 100 days!!!

"¢ Negligence

It took 100 days to close this loan!!! Purely due to the negligence of Wells Fargo. Their negligent practices cost me several thousands of dollars in penalties, living expenses and utilities, and lost time from work. They didn't process the loan file until after the contractual closing date, which was 60 days (not 30). They put me in breach of contract no less then 5 times on numerous counts. Even after they begun to work the file, they would lose documents and or not acknowledge their receipt, not follow-up on contractual dates or obligations, not return calls or correspondence in a timely manner, and absolutely didn't take their obligations as a lender seriously. Furthermore, they continued to make errors on important documents, which delayed the process even more. One such example of this was the closing package, which had to get corrected numerous times by Wells because of their errors. Even after we closed, another mistake was discovered, which ended up costing me $800 out of pocket to remedy. After closing it took Wells over 2 full weeks to fund the project, which should have taken at most 1 week, thus it took a total of 114 days from consummation to funding! Furthermore, two months after closing they apparently lost my home owners insurance information. I received "robo calls" for three weeks telling me I was in violation of their agreement when it was their negligence that caused the information to be lost again…

After all of this was said and done, I lost $2,205 in extra rent payments, at least $400 in extra utility payments, I couldn't move into the property until March of 2010, which is astounding since my loan application was done back on August of 2009! I sustained additional losses per extra insurance costs, lost time from work, cell phone costs, and other related costs. In total, I estimate my losses were around $4000 directly due to Wells Fargo negligent and incompetent business practices. I am currently in the process of preparing a BBB complaint and weighing the possibility of filing complaints with the HUD Inspector Generals Office and the FL Banking Commission.

Product or Service Mentioned: Wells Fargo Banking Service.

Monetary Loss: $4000.

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I live in Wenatchee WA. Wells Fargo stole my home too. We had to declare bankruptcy in 2007 because of medical bills, but had ALWAYS paid our mortgage on time. In 2010, my husband lost his job and I went right away to Wells Fargo to tell them what happened. I immediately was told to pay as much as I could and to apply for a Home Modification.

Through the next several months I got all the paperwork and went through countless hours talking on the phone and jumping through their red tape hoops. I thought it was worth it to get my interest rate down to 2% from 8.5% and saving the hundreds of dollars a month and still stay in my home. In filling out the forms and writing the hardship letter, I specifically told them that although my Husband was now getting a retirement check, he worked 9 MONTHS out of the year as a substitute custodian at a school district. I had proof of it too.

To make a very long story short, Wells Fargo DID approve the Loan Modification, HOWEVER they calculated my husband's supplemental income INCORRECTLY. The problem was that they multiplied the monthly supplemental income by 12 to get a HIGHER gross income, then divided by 12, instead of multiplying it by 9 and dividing it 12 to get an ACCURATE monthly income. They miscalculated enough that we were no longer "qualified" for a 2% loan but a 4.5% modification. We were still going to pay more than we could afford by about $300 monthly.

I quickly got on the phone and spoke to the person who was supposedly "helping" us. She was so rude and unhelpful. I explained to her that the miscalculation was not right and it needed to be re-done. She said "it's set in stone. You can't change it" and most horribly, "It's not OUR problem that your husband is seasonal labor". She was snotty about it and was completely ignoring my tears. When I asked about talking to the underwriters, she said that NO ONE talks to the underwriters and they don't "even have phones". WTH!!?? She said the only options were Foreclosure or Short-Sale. I tried to explain what good is it if they get less for the house if WE could pay it ALL off if the interest was lowered? She just said "It's not our problem".

I tried talking to other people in the short sale department and told them of the horrible treatment from this witch. While they were more sympathetic, they were no more helpful.

A few months, later, my house sold for $60K LESS than the amount of my original mortgage contract, and the people now in my house pay LESS than what I'm currently renting for now. I am heartbroken and may NEVER again have a home of my own. WELLS FARGO IS EVIL!!! and they didn't even TRY to work with us and ACCURATELY depict our income. :cry :cry :cry :cry :cr


I wish there was some sort of way to regulate Wells Fargo's business practices. Their negligence cost my husband and I our great credit rating and now we can't buy a larger home now that we have a 4 year old and a 2 year old...and grandma.


I started a 203k contract with Wells Fargo the end of October 2009 and still have NOT closed! The keeping losing and asking for the same documents.

It takes weeks to process documents when it should takes days.

This experience has been horrible. I really think the lack and improper service is intentional.


How did this end up for you? My wife and I have been waiting on them since 11/2015. Did you ever get the 203K?