I was pre-approved for a home loan through Wells Fargo in July. I had a contract on a house in my hometown.
Before the closing date, I found out I was being transferred to another city, and found another house reasonably quickly. I sent the contract over to Wells late August - early September. The file was given to a "Loan Document Specialist" named Heidi Cardiff. This is where things started going downhill.
Long story short, I had to close on the house November 30, no later, as the house is a foreclosure, owned by BOA and the contract specifically states the house would go back up for auction after that date. Heidi not only "lost" my paperwork numerous times over, but I had to call and constantly remind her that she was supposed to email the information I needed to get to the underwriter. Finally, in the second week of November Wells decided they had all the info needed and all the conference calls were complete. I had to call her to find out what the final decision was on the loan.
She told me I had a high debt-to-income ratio - at 52%. So, I started thinking... Why is my debt to income so high? I went home and pulled my credit report and calculated my debt to income myself....
What is it? Yeah... it's 18.6%. 33.3% with the full amount of my school loans added in.
So, my parents said they would co-sign, since obvioiusly Wells has a hard time with math. But now, so much time has passed with lost paperwork (weeks at a time multiple times over) and re-submittals of said paperwork that there isn't time to go through the process again. Wells' words, not mine. They never offered to talk to BOA and let them know things weren't going in the right direction, and that the loan would be complete on time.
In fact, when I tried to salvage my business with Wells, and pointed out the fact that if their "Loan Document Specialist" would have been able to keep up with my paperwork, this whole process would have been complete a month ago. Of course, that was not the problem of any person at Wells and the two supervisors I spoke with gladly yelled first, talked over me and then hung up on me. Gee... So professional they are.
So, I went to my local bank. No problems. Geez. I have checking and savings accounts through Wells as well as a car loan.
I'm sure they are too big to miss my business, obviously, but all my accounts - including my car loan - will be transferred to another institution as soon as I close on this house. Do I recommend them? Nope. Not even a little.
This has been an astronomically horrible experience. If I knew then what I know now, and all that garbage.
Product or Service Mentioned: Wells Fargo Loan.