3rd April 2007

Wells Fargo Home Mortgage follow-up

posted in Mortgage |

Well, here’s a follow-up post about this post I wrote about my experience with Wells Fargo Home Mortgage.

It’s been over a week since I was first contacted by a couple of “reputation management” people from Wells Fargo corporate. Roughly four days after the post was published, I was contacted by someone via the “contact me” link on the blog asking me to contact him at my convenience about how Wells Fargo could improve my experience with them.

First, I was surprised that a company of this size actually has people that do this kind of thing. And second, if you do a search on Google for the terms “Wells Fargo sucks” you should get a result set of about 200,000 web pages. The fact that there are so many web pages containing these terms, I was surprised that they contacted me. Did they also contact the thousands of other unhappy customers? Anyway…

I contacted the guy who sent the email, expressed my concerns and he assured me that someone from “higher up” would be calling me on the phone. I should mention that I emailed him with my full name, loan number and phone number so they could look at the account history, etc.

Two days later I was contacted via phone by a woman who didn’t seem to have a title but she mentioned that she was from Wells Fargo corporate. She attempted to verify the problems I was having but had the story all wrong. After telling her this, she explained that she would have to do more research and get back to me and this was about 10 days ago.

The very next day, there was a comment made to the original post about this which seemed to come from someone obviously biased toward Wells Fargo. Following is the comment:

  1. Collector Says:
    Have you not been reading the news? Mortgage delinquencies are at an ALL TIME HIGH and you wonder why they send you to the collection department when calling in AFTER your due date. No one can forecast when you have made your LAST payment on your loan so they will do everything possible to solve a potential problem. Grace periods were not created by the lenders, they were invented by regulators that felt �occasional� issues could arise that caused a payment to come in slightly late (IE- hurricane, ice storm, etc). Pay on time or deal with the �hassle�, it is YOUR choice.

I should mention that when someone leaves a comment on this blog (and most blogs) an email address is required and the person’s IP address is recorded. I did a quick lookup of the IP address and interestingly enough the IP address belongs to an internet service provider just outside of Des Moines, IA which is where Wells Fargo corporate is.

This person also put his personal email address on the comment which is composed of his real name. Again, a quick search of the name and Wells Fargo, in quotes, revealed a link to this Wells Fargo mortgage broker. Nice move!

Yesterday, I called in to customer service about an unrelated issue and surprisingly, I was NOT transferred directly to collections. Instead, I was correctly transferred to customer service but needed to be transferred to another department. During that transfer operation, their phone system dropped the line. Thanks for that!

I proceeded to dial back in two more times before I was connected to the correct department. So, I guess that the moral of the story is…..Wells Fargo NEEDS a new phone system.

It amazes me that a company this large can’t figure out that their phone system is as important as having friendly customer service reps. As a customer, those two are typically all we interact with when doing business with the company so shouldn’t they at least TRY to put forth a good effort on those two fronts?

There are currently 22 responses to “Wells Fargo Home Mortgage follow-up”

Why not let us know what you think by adding your own comment! Your opinion is as valid as anyone elses, so come on... let us know what you think.

  1. 1 On April 3rd, 2007, Christopher Smith said:

    Bizarre. This out of a $100 billion company. But it’s interesting that they bothered to contact you and clear it up. Pity they just dug the hole a little deeper instead of making things better.

  2. 2 On April 4th, 2007, Trisha said:

    Wow, great sleuthing! After reading about your experiences, guess what–I definitely have no interest in using Wells Fargo. I particularly didn’t like the sneaky behavior on their parts.

    I’m an investor AND a realtor. I wouldn’t want to have to deal with that crap on our investment loans. And, I certainly wouldn’t want my clients to hate me for sending them to a horrible lender. Wells could make me look bad to my clients!

    Here’s hoping Wells Fargo gets the message and makes some big, positive changes!

    Another one to steer WAY clear of is Ditech. What a joke!

  3. 3 On April 4th, 2007, TheLandlord said:

    Trisha,
    I have also checked with some investor friends of mine and their experiences with Wells Fargo Home Mortgage all range from bad to worse. I’m not sure what their deal is but from the customer’s end, it’s definitely not a pleasant experience.

    Thanks for your comment.

  4. 4 On July 19th, 2007, How To Avoid Wells Fargo Collections Dept Via Phone said:

    [...] service along with mortgage financing. You can read more about their bad behavior in this post and this post. After I wrote the first post, I was contacted by Wells Fargo corporate as detailed in the second [...]

  5. 5 On October 2nd, 2007, Despite the residential housing slowdown, Wells Fargo & (Mortgage Quote) said:

    [...] Wells Fargo Home Mortgage follow-up | The Successful Landlord Blog Well, here’s a follow-up post about this post I wrote about my … and Wells Fargo, in quotes, revealed a link to this Wells Fargo mortgage broker. Nice move! … [...]

  6. 6 On February 25th, 2008, Little Sister said:

    I know all to well about Wells Fargo!!! I too have had a time with them!! 1st time buyers. first of all I didn’t have wells Fargo as a mortgage company my contract was bought by them about a yr after being in our home, not even having a clue the mortgage company sold it to THEY!! But after being in our home 1yr with the other mortgage company paying a great payment Then “WF” said we didn’t bring enough money to the table at closing which we did because we received a refund check from the 1st company stating we over paid.. So our comfortable payment when up by $200. causing a heavy burdened to us. For at the same time we bought our home we also bought a new truck. Wow you got it… we was being stretched.. Plus my husbands company went from paying for the jobs up front to after the job was done. so here we go Wells Fargo!!!yeah right then when we fail behind they would want crazy amounts to reinstate your payment plan with them..Which we would pay to keep our home from foreclosure. But this last time we would send extra money in with our payment to prevent any problems like this again. But unknown to us we where holding our extra funds in an account and charging late fees to our account not aware of this other account where are funds where being held so.. you tell me about that one.. when at the end of this year. We leave out of town unknown to us that there’s a problem, they made by holdings these funds we are face with now 2months of payments. We will need to pay this. For after using the funds for the late fees I would have to pay the rest of what they used to make a full months payment, plus the other months payment. And finding out what happen I was then told from the customer service person that they can’t take those payments if you don’t make this months payment too..For it would look as tho I was making partial payments subject to funds being put in another account so I said I could pay everything on the 22nd of this month as long as you note the account so where wouldn’t be any problems after being assured that there would not be any problems. I waited until the 22nd and went to pay this only to find out that WELLS FARGO FORECLOSED on our home and it was up to me to contact their attorney and I was devastated!! No paper work to tell me of this or No notices of any kind!!! Some company right!!! Still don’t know what we are going to due as the attorney said it was up for sale as of the 1st of April wow!! and we would have to pay their attorney fees???so here we go!!!!! SAD :0(

  7. 7 On April 24th, 2008, allison said:

    Boy oh Boy, Way to go Wells Fargo Home Mortgage. All these stories sound the same as mine. We purchased our home in 2000 with Wells Fargo Home mortgage. In 2004 when the rates dropped we refinanced with another company and found out that our home was in the flood zone. When I contact then in 2005 when we closed they said that our home was not in the flood zone and after contacting our borough, we came to find out that our home has been in the flood zone since 1972 after huricane agnes. So needless to say they sold us a home in the flood zone, with no flood insurance and also without disclaiming to us that the home was in the flood zone. Then in 2007 we became delinquent on our mortgage because our son had became ill with a neuromuscular disease called Spinal Muscular Atrophy, and I had to quit my job to take care of my son. We fell 30 days behind and when I called to ask for assistance they said sure we would be happy to help but don’t make any payments because then we woln’t be able to help you, send us all of your information and we will send it in for review. Sent it all in and called every other week to check on the status. Well at 60 days got act 91 notice and called the day I received them. They said oh disregard and don’t worry we will not let you loose your home, than at 90 days we received foreclosure papers, I was devistated. I called crying and they said well we don’t understand why they would have done that but we will take care of it, now there is a red mark on mine and my husbands credit because of their mistake. So, needless to say, I have contact a lawyer for both matters and am excited to see what they say.
    Allison :(

  8. 8 On May 18th, 2008, Rhythm Priest said:

    Wells Fargo financial and mortgage is the absolute worse. Everyting everyone has listed hits pretty close to home. The actualy branch I use is pretty good and at time I call the bank manager to help me with Financial Bank issues. The Financial Bank in Minessota is full of lying sacks of crap. Typical junior quota based pinheads. They completely lied to me about hitting my credit report and also lied to me about extra benefits for the cards a loans if I keep them all with WF….Nope, infact they screwed my credit score up by 20 points due to the accounts I signed up for. Their customer service department is even worse. The information they gave me on an issue ended up costing me a late fee of 39 dollars. I called back and the next person said the information was wrong, but could not credit back my 39 dollars. This is because earlier this year, I was in an accident an ended up in the hospital. The day I was released was 2 days after the due date of my credit card. I called and let them know what happened and they were kind to waive it. They said they were only allowed to credit one late charge a year. Mind you I have never missed a payment in my life with anything. Anyway, when she said she could not refund, i again told he that it was there fault. She said nothing they can do. I spoke to her “supervisor” who is really the next operator next to her, and she told me the same. I again called my local branch. They researched it and they even told her they would not credit it. This is one WF to another. My branch manager credited my personal account the money. I then proceeded to close all accounts having to do with WF financial. I am also transfering estate accounts I manage for my mother and seperately my father to new banks. Thats a bigger drop in the bucket, albiet a drop…

    Record calls, YES….Do it!!! What an idea..

  9. 9 On June 1st, 2008, Incompetence Rules At Wells Fargo Home Mortgage said:

    [...] we go again. Back about a year ago I wrote a couple of posts about how Wells Fargo Home Mortgage basically abuses their mortgage customers by treating them like [...]

  10. 10 On February 28th, 2009, rob said:

    Ref: Loan # Client #

    After Hurricane’s Gustav and Ike, Wells Fargo Bank offered my family a
    moritorium on my mortgage payments. I am currently in repayment negotiations
    of that moritorium with Wells Fargo, however they have not told me what that
    “repayment plan” is nor have I received any paperwork, let alone signed
    anything. Hurricane Gustav and Ike tore over Louisiana in September of 08, and
    after communicating (telephonically) they said when I could begin making
    payments again to contact them and they would work with me on a repayment
    plan, which at that time I wanted to have the moritorium payments just put on the
    end of my loan because I had a great credit rating, had no late payments on
    anything and absolutely no negatives, my credit history was all current and in
    good standing, and I communicated that to them, they again said they would
    work with me and that this WOULD NOT affect my credit rating in any way. I
    communicated with Wells Fargo to begin making my mortgage payments again
    in November/December, and they said they would be in touch. They were not in
    touch with me, and I could not get an answer from anyone, let alone talk to the
    same person, Wells Fargo employees acted like no one knew what was going
    on. So I began making my mortgage payments again. I DID make my January
    and February payments in full ($1,291.52) and I have never been late. January
    payment was mailed from our home in Prairieville, Louisiana on January 9th to
    Wells Fargo Home Mortgage, P. O. Box 660455, Dallas, Texas 75266-0455
    and as per the copy of our Chase Bank statement, Wells Fargo cashed that
    check # 2088 on January 16, 2009. February payment was posted by Wells
    Fargo on February 9th. Yet on my credit report, my Wells Fargo Home Mortgage
    account is recorded as 120 days delinquent, and my credit score has dropped
    to 664 !!! Communication with Wells Fargo telephonically has been without
    relief, as have all mailed correspondance. Wells Fargo has adamantly stated on numerous occasions that they HAVE NOT reported to credit reporting agencies, yet it indeed HAS reported to ALL credit reporting agencies a negative delinquency, which is not true. Wells Fargo needs to correct this information on ALL credit reporting agencies, as it is in error.
    1.) The moritorium repayment has not been negotiated as yet, and I am
    still making payments on time and in full.
    2.) I am not 120 days past due. The moritorium was told to me by Wells Fargo that it
    would not affect my credit report
    and arrangements would be made AFTER the moritorium for repayment.
    Claiming my January payment as late is also not true, therefore, the report from
    Wells Fargo Mortgage existing on ALL credit reporting agencies reports is not
    true, erroneous, and affecting my family and my credit severely. I wish to put the
    moritorium payments at the end of my current loan and continue to make the
    mortgage payments I have always made in the amount of $1,291.52. I am able to
    do so and will continue to do so until my loan is paid in full. Due to Wells Fargo
    Home Mortgage’s negative report on my credit reports, (Experian, Equifax,
    TransUnion), not only has my credit score dropped drastically, but also it is
    affecting my credit with other financial agencies I have always had a current and
    steady excellent association with. Before Wells Fargo made false claims to all
    credit reporting agencies, my credit was fine, without even one negative or late
    report. I have always paid my bills in full and on time as should be reflected by my
    account history. Wells Fargo refuses to correct their errors in reporting to all
    credit agencies immediately, they continue to tell us they have NOT reported. I
    adamantly dispute this negative report from Wells Fargo. If this negative
    reporting is not resolved immediately, not only will I be forced to initiate legal
    action but I will also be forced to sue for damages incurred by the negligence,
    false reporting and negative actions perpetuated to my livelihood by Wells Fargo
    Home Mortgage. If anyone knows of a way to help me -please let me know!
    I had to take a loan out with a Chase line of credit to fix my property from both hurricane’s, and I have a check from Liberty Mutual Insurance to repay THAT loan and Wells Fargo will not endorse it so I can repay the loan because they want to keep it. So, since I cannot repay the Chase loan with my Liberty Mutual check on my credit line, even though my payments are current, Chase suspended the credit line after my credit rating dropped to 664 because of Wells Fargo’s reporting the 120+ delinquency on my mortgage account.
    I just want to pay my mortgage every month, have the moritorium amount from the hurricanes put at the end of my loan, and I want Wells Fargo to remove the negative reporting on my credit reports-because it is not correct. Is this what Wells Fargo does to people that are hard working and have a previously UNSCATHED credit rating? Not to mention the fact that we put $40,000.00 down on our home when we bought it! It’s not as if I had no money down or that I am some kind of dead beat. I got hit TWICE by a natural disaster, and this is how Wells Fargo “helps” me?
    I am completely able to make my full mortgage payments now. I am on my feet. but Wells Fargo is DEVASTATING my credit and in a key stroke has wiped out YEARS of maintaining a mid 700’s credit score! A keystroke by Wells Fargo!
    If anyone knows of a way to help me -please let me know! Please someone that knows what they are doing-help me! I am a good, hardworking, honest person that Wells Fargo is screwing!

    Respectfully,
    Rob
    XXXXXXXX@cox.net
    225-XXX-XXXX

  11. 11 On April 12th, 2009, steve said:

    ROB- SUE THESE BASTARDS!

  12. 12 On April 14th, 2009, steve said:

    PEOPLE: All of you that have money lost to WFHM in “suspension” accounts or insurance funds that have not been disbursed, escrow refunds missing etc. Your money is drawing interest (of course) for these douchebags at Wells to accelerate their payoff of the TARP money that they took. They don’t want the government to p*ss all over them like AIG, they want out so their executives can keep collecting their fat bonuses!WTF???

  13. 13 On May 10th, 2009, Bryan Mazey said:

    The following is a letter i sent Wells Fargo on 2-6-09.

    My name is Bryan Mazey. I need relief and you can help. My loan # is 0000000000 and was originated in March of 2003. At that time the loan was in the amount of 115.000.00. The flood insurance premium was predicated on this amount. My premium was $547.00. During the course of the loan I was notified I was being required by them to increase my coverage to $250,000.00. My premium skyrocketed to $1215.00 and has been increasing every year. This years premium will be $l422.00. When I applied for this loan thru Midtown Morgtage I was given a choice of three proposals. The opne I choose claims I would save l,331.38 a year over my exhistion loan obligation. The math says I am now losing 200.00 a year because the forced change in flood insurance policy requirements has more than aabsorbed any savings. Your letter to me on June 6, 2003 in regards to the original flood insurance policy was for the outstanding principle balance of the loan. I agreed to this agreement. Since then you havre increased my flood insurance to the $250,000.00 limit. My current mortgage balance is under $79,000.00. I have never been late on a payment. I am retired for the past seven years, on social security and no pension plan. The difference of $500.00 to $1400,00 is a extreme hardship and has been since you changed the insurance requirements. There has never been a flood claim on this property and never will be. The only immediate relief will be if you revert back to the minimum amount of insurance predicated on my mortgage balance obligation to Wells Fargo. Please consider this change. If every borrower paid their mortgage obligation like me ,Wells Fargo would not have any financial problems in todays economic turndown. Note. Since writing this letter in Feb. 2009 I have become aware that Wells Fargo owns the insurance co. Something about this insurance scam smells really bad.

  14. 14 On May 10th, 2009, Bryan Mazey said:

    I failed to mention they have neglected to contact me in reguard to this letter.

    Bryan Mazey

  15. 15 On May 19th, 2009, steve said:

    Brian-what a surprise! Collusion! They own the insurance company?Sounds like a conflict of interest/double dipping. I really feel for you brother. They probably “lost” your letter. They probably “lost” their law books too. Flood insurance is paid by the consumer directly to the insurance company. They cannot add flood insurance to your mortgage-it’s sold through the insurance by the US government. I think you had better contact a lawyer, local legal aid, or spend some time reading the state flood insurance regs via net in your area. I was told by my insurance company that it couldn’t be added to the mortgage, I had to pay it directly to them and they would forward it to the Government. Please seek help brother. Keep fighting the good fight and don’t let them win. If anything, tell EVERYONE who will listen to your story how bad WFHM is screwing you. If we can all get one customer to NOT finance with them, it will have an impact sooner or later. God Bless and good luck.

  16. 16 On May 20th, 2009, steve said:

    Brian, I had a letter come into my job today. Interesting enough, it was from FEMA. ANY and ALL Flood Insurance is sold through insurance agencies, however the Department of Homeland Security is now managing FLOOD INSURANCE. WFHM CANNOT charge you an exorbitant amount of insurance-it is regulated by the GOVERNMENT! They cannot make profit from it, if they are, you have good merit for a legal case of extortion. Please look up floodfacts.gov (editor: maybe http://www.floodsmart.gov ?) for THE REAL PRICE OF YOUR Flood insurance. The bastards can’t get away with this- I don’t know if you have a VA, HUD, or FHA loan. Please CALL and WRITE to the organization that fits your loan and let them know what is going on. Please file a complaint with the FTC, even though the government could care less. Maybe someday the jerks we elect might help us, but until then we have to help each other.

  17. 17 On May 28th, 2009, Ron said:

    Rob, we expereinced the EXACT same situation with Wells Fargo Home Mortgage. Please, if you read this feel free to contact me at klingerhome26@gmail.com so that we may find a way to get this situation resolved. I know this is much later, but there is power in numbers.

    When I read your posted letter, I can absolutely confirm that they have done the exact same thing to us. We were hit by Ike and have been trying to recover ever since.

    Anyone else have solutions?

  18. 18 On May 30th, 2009, steve said:

    Here’s one for the good guys! I had to cash a large check from a client-guess at which bank? The teller proceeds to call the manager for approval. During the course of transaction, the manager asks me”Why don’t you open an account with us here at Wells Fargo?” Ha ha, that’s when in a loud tone I let everyone in the immediate vicinity know that WFHM had sat on my Hurricane Ike insurance money and that I’d hired a lawyer to get what was rightfully mine. The manager said”Well that’s not us-that’s them.” Duuuh, you have the same name you’re guilty by association! However, I did notice people waiting to speak to the loan officers, began to listen. I finished by loudly stating “if your mortgage company treats hurricane victims this bad, I don’t even want to know how bad your bank will treat me.” The teller laughed and whispered, “that’s why I bank with Bank of America, have a nice day!” I told her quietly to look up this blog when she had time. ‘Nuff said

  19. 19 On June 4th, 2009, Mark Roberts said:

    I always like reading your blog! Another good solid article and a great help to many people!

  20. 20 On August 12th, 2009, Elisa said:

    I have a lot of problem with Wells Fargo home, i filled chapter 13 last year five months later i dismissed the chapter 13, wells fargo is charging me $1100.00 plus $130 for inspection , i dont know why i have to pay for these charges, my mortgage payments was apply to this money this is not fair i dont think i should have to pay because i filled chapter 13, wells fargo dont have nathing to do with that, i need to contact somebody, can anyone helpme i dont know what to do… this is a very bad company to deal with.. thanks. liz

  21. 21 On August 22nd, 2009, AvgJoe said:

    The saga continues with Wells Fargo and I see I am not alone, I sent the QWR (Qualified Written Request) to Wells Fargo and the related government offices as it was suggested on a couple of sites. I contacted someone to look into a forensic audit as it was also suggested. I know they have mishandled my mortgage, I didn’t chose them they bought my loan and it’s been down hill ever since. I have an adjustable rate mortgage but with a 5 yr. cap and here we are 12 yrs into the mortgage and they are still adjusting it and they just acquired it a yr or so ago. I could write a book on the games they have played, with the insurances, late fees etc most of which I am seeing in duplication here as I read these posts.
    I made the mortgage payment even though WFHM told me I am in ‘Active Foreclosure’ and they wouldn’t accept it, it was accepted and credited. I just found out their attorney has filed a motion at the local courthouse to make additional parties defendant, claiming I am deceased. What is that all about??????!!! I am not diseased, I am very much alive!!!!! What kind of ‘Mickeymouse’ strategy is this? The only reason I was late at all was I am self employed and my clients could not afford to pay me. This action caused me to be one month late on my mortgage, of course the review process added even more time to this as I was told not to make a payment during their review. Anyone who is reading this, do not fall into that game, you can always make a payment on your mortgage and if you can you should. Its odd the only reason I am in active foreclosure is because on the last payment of the Special forbearance my daughter put the wrong date on the check, even though it got there on time it was considered late and a violation of the Special Forbearance. This action immediately triggered a Foreclosure. When I finally got that squared away and got into another payment plan I was dropped for failure of investor guidelines. I still have no idea what that means. I am starting to think that there has been a lot of mistakes made here, and that this may need legal representation. I still have their attorney hounding me, I have people offering to buy my house at nowhere near its value. There is a lot of STRESS my family has to endure, not to mention the embarrassment of being in the local courthouse.

    The sad thing is I can afford my mortgage, I am a self employed individual that fail into this situation because my clients could not afford to pay me, have to love the economy of 2009. I contacted WFHM about this and their process took forever to get going, and during their review I was not supposed to make payments, being nieve I did not. So I fell behind more then my initial one month. Then when the Forbearance was cancelled due to the check issue as mentioned above, then I fell into Active foreclosure and POOF my credit is trashed! I was told when I entered into this last forbearance that the Foreclosure would cease but it hasn’t and she the ‘bulldog’ attorney hasn’t gone away if anything she’s getting more intense, I just need to figure out how to make her go away, how to get my credit restored and how to get out of this mess that I have fallen into. I have even contacted the court about all of this and was referred to the mediator which may of put a hold on all of these proceeding at least for now, but I am sure there is more I can do and I am looking for any guidance and or experiences anyone can offer.

  22. 22 On August 24th, 2009, steve said:

    Ron and Rob, Better late than never. I suggest that you file protests to be included on ALL of your credit reports. Include all pertinent documentation (check postings/bank statements-with account numbers blacked out), as well as a written explanation of what they are doing to you. These negative reportings will be legally removed and investigated by the bureaus for two months. It will also cause someone at WFHM a big pain in the ass. YES-they will actually have to do their jobs! If you should see this negative reporting return, do it again and again. Along with that, please contact your state’s office of the Attorney General with an explanation of what happened to you, so at least you have something on record. I’m sorry you are having this problem, but what can you expect from a New World Order banking institution?

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