Wells Fargo Mortgage Review
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Wells Fargo Mortgage is a subsidiary of a Federally chartered depositor bank which merged with Norwest Bank in 1998 an has become the second largest mortgage originator.
Wells Fargo Mortgage is part of the $40 Billion mega-bank that once again has been a darling of stock brokers and mutual fund managers for over two decades. It is no accident Wells Fargo has had incredible stock price appreciation mainly due to their mortgage operation.
The business model of “hook’em with a free checking account” and then cross-sell the customer everything from expensive home loans to over priced investments was perfected by Wells Fargo.
ACORN, a consumer watch group, continually charges Wells Fargo Mortgage with predatory lending practices especially with their subprime and home equity loan programs. They even went as far as picketing the home office in California to stage a protest.
I don’t sell their mortgage products as their rates are higher than other wholesale lenders in the marketplace.
Unlike less famous lenders, they don’t rely on their mortgage broker network since their own branch banks have such a wide spread national presence without it.
Wells Fargo Mortgage recently suspended their wholesale operation citing broker abuses in the subprime industry as the impetus. However, the fallacy of this argument was obvious when just few weeks later Wells Fargo suspended all wholesale operations.
I don’t trust them…neither should you.
All banks, including Wells Fargo Mortgage by design are more expensive than a good broker. Learn how to find a local, professional mortgage broker with The Mortgage Advantage mortgage shopping system.
Good Luck!
UPDATE 3-20-2008: The Chairman of Wells Fargo Mortgage parent company Wells Fargo & Co., received less total compensation for 2007 than the previous year…31% less to be exact. However, even in the wake of a mortgage meltdown, the head of Wells Fargo’s home and consumer finance division, got a pay raise! Leave it to a bank to increase the pay of some executives when the stock price at it’s high in 2007 was $37.99 a share dumpling to a low of $24.38 a share in January of 2008.
Gosh, if they treat the shareholders with such disrespect, who do you think you as a customer will get treated?
Author: The Mortgage Insider
Date: March 21, 2008
Tags by Post Banks, Mortgage Company Reviews, Mortgage Lender
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My husband and I got a subprime mortgage loan from Wells Fargo in 2007 and had similar results. We ended up with 2 different loans with payments over $2,000 a month. We tried to refinance the loan after 2 years as they suggested and they had the property reappraised (we knew they had ridicululously over-assessed the true value of the property, and in the end they would not refinance us. This was 2 years ago. Everyone is having the same problem now, but where were the bail outs then? We are rebuilding our credit since the foreclosure, but were told we must wait 3 years.
Anyone who has a subprime mortgage with Wells Fargo via Prosperity Mortgage or otherwise, needs to get their settlement papers out and look at every line, every word, compare documents and/or send them to an attorney to review. Do an internet search on wells fargo mortgage fraud in your state to see if their are any lawsuits and get that attorney’s name and email them your story. If you review your records look for the following: see if the HUD01 matches the settlement sheet (in my daughter’s case it didn’t match at all … it in fact said the points were paid to Wells and the settlement sheet said paid to Prosperity and the amount on the HUD did not match the settlement sheet). Look at your application very carefully. See if there is anything on there that is not true …. I found two crucial errors on my daughter’s one of which was a lie about what her debt ratio was (debts not included). Had that information been included her debt ratio would have been 48% as it was it was 42% still proving that the debt ratio was too high for her to have that home. My daughter’s husband was asked to lie about his employer, he didn’t. However, the application we have a copy of indicates the broker submitted it that way despite that fact. The broker/loan officer for Prosperity also called his current employer and asked them to lie. We are trying to locate the person he spoke with (this was 2 years ago). Wells Fargo is ruining many lives because of their unethical business associations and practices. They did not care, for a long time, if someone could make their payments … greed was their main concern. I wish that someone would put up a website for people who feel abused by wells to meet, to get together and to as a group do something. Someone needs to step up and take responsibility for what is happening to many people who were duped into loans they couldn’t afford. Someone needs to pay! You get more action in numbers! At the very least, everyone and anyone who is a victim of WElls Fargo should copy their documents and send them to your ATtorney General and State’s Attorney. It is a crime punishable by jail time to lie on loan applications. One more thing, check out your Association Disclosure to see if all of the parties involved have been listed. It is the law that they do that.
p.s. Come to find out, the realtor, Long and Foster, owns Prosperity Mortgage and WElls Fargo is the parent company to Prosperty Mortgage (the 3 involved in my daughter’s loan). This association was not disclosed to her. It is a love triangle that misleads consumers when they put their trust in a loan officer that is working for both the realtor and has a parent company that is in actuality going to write the loans. The loan officer was actually a middle-man and I do not beleive that Prosperity was ever going to give them a loan … Wells was going to do it all along … misrepresentation. The loan they went to settlement to sign was not the loans they ended up with. At the very last minute they were told they couldn’t get that loan and ended up with two loans, a 80% mortgage at one interest rate and a 20% balloon home equity loan at a higher interest rate with a final payment of $21,000. Our legislators need to WAKE UP and DO SOMETHING about this!
Wells Fargo illegally foreclosed on my home in May 2002. It has only been a circus of errors on behalf of Attorneys and even a Judge, that they have been so lucky to not have been faced with the consequences, by means of the laws that govern their actions, such as “Due Process”, “Presentation of False Documentation for filing for Recording in a Public Office”, “Disposition of Proceeds of Sale”, and many other violations Wells Fargo Home Mortgage committed, as well as the Trustee Wells Fargo involved (Tiffany & Bosco P.A. Fifth Floor Viad Tower, 1850 North Central Avenue, Phoenix, Arizona 85004) during the Illegal Forclosure of my home. Even after each was formally notified in writting, they fail to correct, or even respond.
I will not give up on what was taken from me with such disregard for their misconduct.
Sincerely and Respectfully,
James A. Travis
James,
This site is filled with fighters….
I can see have the pleasure of one more…sorry it took so long to reply.
Hang tough,
RKB
I strongly feel they they illegaly foreclosed on me as well. I’d be interested to know if our situations are similar.
Del Fields I made all required payments to Wells Fargo. I have Checks from bank. bank statements, and all receipts. As a matter of fact, I even have an “Account activity Report” from Wells Fargo showing payments made. unfortunately I hired an Attorney who didnt show up for court on the day the Judgement was set. So it was set. I was forced out of my home, and all my personal belonging were disposed of somewhere, I dont know where. I was never able to get that info from Wells fargo or the fruadulant Attorney want-a-be Trustee. I tried to find a more competant Attorney for my defense, but the all said my case would probably drag out since Wells fargo was such a big Mortgage Co., and they didnt have that kind of time. So I filed a “Motion of Relief of Final Judgement” on my own. This is when I came face to face with a Judge (Honorable Thomas Thode), or Dishonorable would be more appropriate. This Judge clearly stated that there was a problem, but seemed to feel it was more important to deny my request for no reason except that he said he didnt have his paperwork, and when he asked their Attorney if any of this was true, the Attorney said “No”. Then the Judge said okay denied. All in the privacy of his Chambers. It was clear that the well known Attorney in Yuma, AZ. and this Judge found that being Social with each other was more important than my case. also acknoledged by the Judges secretary and one of the County Clerks Representatives. I have proof of payments made, I also have proof that the said Trustee was not even the appointed Trustee. I have proof that my home was never posted in any newspaper for Public Notice to be Auctioned, and that it was never Auctioned at the steps of the county courthouse. I have copies of faxes and formal letters advising Wells Fargo of their mistakes, as well as the supposed Attorney of his fraudulant actions, and filings into the County Recorders office, and they recognize but fail to correct. I have letters showing that the first Attorney(Donald Engler) I sought, states that he is representing me, but then fails to show for the final Judgement Court date. I should file some kind of Malpractice suit against that guy. I suppose I am stuck with fighting this case in perhaps a more public form, advertising, Internet, front steps at Wells Fargo Main Offices, News Channels, billboard advertising Etc…..since I cannot find an Attorney worth a good fight, or a Judge who cannot set aside socializing in the Courtroom with popular Attorneys, and cannot get Wells Fargo to respond and admit they have made mistakes, and that they do care about their customers, and Tiffany & Bosco, Attorneys, Phoenix Arizona to correct themselves, and stop pretending that they are above the law, like they dont need to be concerned about the Law.