16th February 2009

Wells Fargo: How Are They Still In Business?

posted in Mortgage |

I just had to write this post due to the almost daily bad stories I hear involving Wells Fargo’s business practices. Here are two stories from two different perspectives:

The first story is from a real estate agent who, in trying to submit an offer to Wells Fargo for a short-sale encountered utter incompetence on the part of Wells Fargo “work-out department” as they call themselves.

Imagine trying to submit a three-page document to a company which they say is required for a deal to close. You send the fax and then call to verify that the document was received. The person you are faxing says they did not get the fax. You fax it again a couple more times and now they say that they only got two of the three pages in the fax which, by the way, each time you received a successful fax-log report.

When you finally get someone at Wells Fargo to admit that they actually have the three pages they requested, they tell you that they actually need a different document and by the way, “Sorry, their mistake.” Then the process starts over again with misplacing faxes and requests for incorrect information. No wonder it takes 4-6 months to close a short-sale. Wells Fargo, if you don’t want to short-sell a mortgaged property, just foreclose on it and be done. Why piss-off a whole team of people who will hate your brand in the coming years?

The second story is one from a homeowner couple trying to refinance their loan. Basically, these people are super frustrated by their dealings with Wells Fargo. Apparently some Wells Fargo employees are too incompetent to operate a fax machine. Once they figure out the fax machine, they can’t seem to figure out how to file documents so they can be found again. Not to mention there doesn’t seem to be a policy in place for something as simple as a mortgage refinance. You can read the homeowner’s story here in their own words. Wells Fargo. Once again you’re pissing off you’re actual customers and not just people trying to work with your company. Judging by the comments in this post, these people would be more than happy to participate in a class-action lawsuit against Wells Fargo.

Remember Bellsouth, Cingular & SBC? They’re now all called AT&T. In my opinion, Wells Fargo should have rebranded themselves as Wachovia, a la AT&T. At least then they could start over with a somewhat decent reputation in the marketplace. But no, Wells Fargo is going to continue as Wells Fargo as I saw in a recent mailing from them. Good luck with that Wells Fargo!

Edit: Since writing this piece, I ran across this post from Kenric about a similar experience.

There are currently 4 responses to “Wells Fargo: How Are They Still In Business?”

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 February 16th, 2009, Tony Sena said:

    I have to agree about Wells Fargo. We have not had one smooth short sale transaction with them!

  2. 2 On February 20th, 2009, Reza Antoszewska said:

    Any suggestions on competent loan officers in the portland area?

  3. 3 On October 18th, 2009, Chris said:

    In my personal dealing with Wells Fargo, they have been unethical, corrupt, greedy liars. I’m sickened that Congress gave them funds to stay open.

  4. 4 On October 18th, 2009, Why Banks Aren’t Foreclosing on Schedule » The Successful Landlord Blog said:

    […] it could take the better part of a year for the process to come to a close. In the past I have made posts detailing some of the completely unprofessional behavior exhibited by the banks during the […]

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