Wells Fargo
Wells Fargo Home Mortgage is a subsidiary of the Federally chartered $40 billion depositor bank, Wells Fargo Bank, NA which is owned by Wells Fargo & Co (NYSE: WFC) and is the second largest mortgage company in the country.
Review
Note: Read Our Top Five Mortgage Complaints!
Wells Fargo is top dog in mortgage application volume. In 2010, Wells and Bank of America were almost equal but in 2011, they pulled so far ahead of BofA they doubled their application volume!
According to Consumer Financial Protection Bureau data, they had almost $457 billion in applications in 2011.
Wells Fargo also has a wholesale lending division providing money to mortgage brokers all across the country. So, it is possible you'll end up with a Wells mortgage through your neighborhood mortgage broker.
According to their website:
“Your home plays an important role in your life. We understand. Wells Fargo is committed to providing you with the information and assistance you need, whenever you need it. Learn more about the steps, benefits, and considerations of home financing — all in one place.”
Contact Information
Website: www.wellsfargo.com
Phone: (800) 288-3212
Website Review
Reviewed by The Mortgage Insider on March 19, 2011.
The Wells Fargo website is a professionally done bank website with all the security measures we expect. There is a mortgage section for those looking to get information on their mortgage products. All in all a very good website.
Recent News
It looks like they have some good news about their servicing dept. In the National Mortgage Professional Magazine article on 2/22/13, it says “Wells Fargo has reported that between March 1, 2012 and Dec. 31, 2012 the company assisted more than 70,000 homeowners through expanded loan modifications, other customer relief options, and refinances under last year’s Nationwide Mortgage Servicing Settlement. As a result, Wells Fargo has fulfilled an estimated 73.5 percent of its $4.3 billion national consumer relief and refinance commitment and remains on track to complete its entire commitment in the required time frames.”
Also regarding their servicing, they received three out of five stars in Fannie Mae’s Star Program for servicers. This program acknowledges achievement in customer service and foreclosure prevention.
Ratings and Complaints
The BBB reports “5563 complaints closed with BBB in last 3 years | 1971 closed in last 12 months” and they have a B+ rating as of 11/29/12.
Now it’s your turn…
Help us out…if you've worked with this company let us know what you think of their mortgage rates and service. So if you have a personal story to tell, toss in a comment below.
It could help a lot of folks shopping for a mortgage.
Mortgage shoppers should read ALL the visitor reviews in the comment section below to get the “whole picture”.
If you have a past experience with Wells Fargo Mortgage, tell us about any complaints, problems, fraud, or scams. When writing your review comment, good or bad, try to stick to the facts. Don't 9write a rant filled with complaints…write a factual account of exactly what happened.
I thank you on behalf of all of our future readers!
Author: Rob K. Blake
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We purchased our home in March 2007 and we found just resently that it had gone into Wells Fargo Alternative Loan 2007-PA Trust. I can tell you that they completley lied about our DTI ratio…something like 24%. The notary was back dated and we never even met the guy, the original “correspondant” lender was closed down in 2005 and not a lender in California when we got our loan. We have also found out that Wells took over the loan before we even closed escrow. From a home buyers perspective…they lied to us and they lied to the investors. I’d sure like to get ahold of any investor that bought one of the certificates. Stewart Title, GN Mortgage, LLC, 6700 Corporation. We got a 10 year interest-only loan that we were going to refinance once we sold our other house. Well, the market tanked so quickly that we barely broke even. We are now stuck in this loan, underwater and simply want a 30 year fixed because after paying all this interest we STILL won’t be able to refinance. Wells put us in a 3 month “Special Forebearance Agreement” which they are calling a “Permanent Loan Modification” in the end they’re just going to make more money and have lost nothing…and…have most likely received money from the government because they have reported that they gave us a permanent loan modification…what a joke. If I could only find the investors in this Trust. I’m looking for some of the other homeowners and some people have come forward with horror stories. We need to connect the Investors and the homeowners…that will truly show what’s been going on. The investors definately deserved their class action settlements…but families are losing their homes left and right due to the same lies.
Well Fargo should get out of the mortgage business. We had delay after delay in our closing. Thier delay in getting back to us cost us a 0.5% increase in interest rate. They either have unqualified staff or a shortage of help due to corporate cuts. Find a good broker and screw Wells Fargo.
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.
My question would be if you knew it was “ridiculously over-assessed”, why would you purchase it? Good luck on your next home purchase.
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
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.