I will immediately get to the major points of my complete frustration and the financial loss I have occurred while working with Wells Fargo Financial and Wells Fargo Mortgage on my refinance. Please note Wells Fargo Home Mortgage has my current mortgage. I’ll state the facts out briefly and later in my message I will provide any clarifying information you may need to fully understand my frustration and complete dissatisfaction with your organization.
1. I have lost approximately $9119.18 (a + b below = $9119.18) in paid interest; which includes, monthly out of pocket expenses due to the delays that continue to occur that are preventing the closing of my refinance. None of these delays were created by me. I responded immediately to any requests made of me.
a. I am current paying an additional $658 per month out of pocket each month this refinance does not close. This is the difference in the current mortgage payment amount and the new mortgage payment once the loan is closed. In addition, I currently pay an additional $300 per month for homeowners insurance and property taxes; these are not escrowed in my current loan. The Initial closing date for this loan was 8/24/10 – 12/24/10 (4 months) x $685 per month = $2740.
b. Each day the closing of the new loan is delayed it costs me approximately, $51.45 per day in interest charges. Based on the original closing date I was given by Wells Fargo Financial 8/23/10; the total interest cost to me is 124 days x 51.45= $6379.81 (8/24/10-12/24/10)
After a detailed review of your web site it appears Wells Fargo Mortgage and Wells Fargo Financial are definitely promoted as one in the same. Prior to writing this letter I reviewed your web page regarding your company’s mission and values. Based on my experience over the past 6 months you are not adhering to or successfully meeting the expectations of your commitment to the customers you serve. In fact, I reviewed several web pages and found information regarding loan refinancing options that appear to be a much better financial option for my situation.
Other options of loan programs were never discussed with me when Wells Fargo Mortgage took over my initial application for a refinance from Wells Fargo Financial due to inaccurate information provided by their staff. Wells Fargo Financial took full responsibility for the issue and assisted in transferring all necessary documents and information to Wells Fargo Mortgage to ensure I did not experience any additional challenges with the refinance process. I’ve included at the bottom of this email specific information from your websites that appear to be a much better programs than the current one I am locked into.
I would like to know specifically, why these programs were not discussed with me and why I was not provided with all the options available to me at the time this loan was initiated. The initial closing date provided on the application completed with Wells Fargo Mortgage is 10/30/10, currently 54 days past due.
I respectfully request your immediate reply to my concerns and request I be compensated adequately for the money I have lost due to the poor and inadequate service provided by Wells Fargo. I do not believe the $1000 offered by Randy Smith is adequate due to the amount of money I have lost in doing business with Wells Fargo, the continued inadequate customer service; and, my refinance still has not closed nor do I have an accurate summary statement for my review.
It appears in your Code of Ethics section A. subsection 3, 2nd bullet you have the ability and authority to waive fees and offer discounts. Please get back with me right away to discuss those options you are willing to offer.
Respectfully,
Suzi Pulczinski
907-982-1374 email: suzip@gci.net
To ensure you have specific details of my experience working with your organization I have included a detailed recap of the circumstances, consistent issues, and what appears to be a total lack of disregard for your customers.
Summary of events:
Initially, I was contacted by your Wells Fargo Financial office located in Wasilla, Alaska a few years ago. I was extremely impressed with the customer service provided by the loan specialist and the office manager, they were knowledgeable, answered all of my questions, explained the risks and long term advantages of the options they could offer, and were true to the promises and agreements made with me both verbally and in writing.
I was contacted by Wells Fargo Financial to inquire about my interest in refinancing my current mortgage, due to the very high rate of 10+%. This contact occurred in April or early May 2009. I immediately followed through with the requirements to make application for the refinance. I was given a closing date on the signed contract of 8/23/2010 at the latest. During the application process I was assured by the loan processor that at the time of closing I would be able to lock into the current interest rate if it was lower than the 5.1 we currently figured in the loan. The loan cleared underwriting and an appointment was made to close the loan. The date of the closing I contacted Wells Fargo Financial to ensure the interest rate was adjusted to the current low rate of 4.5. At that time, it was explained I had been given miss information by the loan processor and the interest rate could not be adjusted. During this conversation with Chris the local manager he said the only option was to start the process over to get the lower rate. He stated his office was unable to do it but he would connect me with another Wells Fargo office to complete the refinance on my loan.
Immediately upon referral to Wells Fargo Mortgage in your Wasilla office I was contacted by loan processor Jay Larson. All my information was transferred from Wells Fargo Financial to Wells Fargo Mortgage and confirmed by Jay. In approximately 1-2 weeks Jay contacted me to explain I would need to come into the office and sign the new loan application. We scheduled a time and date and the application was signed and the interest rate was locked in on 8/24/10. During my initial phone call with Jay and again in person when signing the loan application I asked Jay about closing costs I would be expected to pay. He stated an estimate of $200 or so but he could not be certain. At that time, I said, no problem but a few thousand would be an issue. I also explained my loan with Wells Fargo Financial would not require any money from me at closing and I would assume this will be the same. Today, I was told by Jay my anticipated closing costs would be approximately $3600; the actual summary sheet he provided shows the closing cost I must provide at $4606.
Periodically, throughout the past 4 months Jay has checked in with me. Often, I initiated the contact to check the status of my loan. I called several times with concerns of my appraisal expiring before closing. Jay reassured me initially we should have no problem closing before the appraisal will expire. However, if it does we can request an extension. I was contacted by Jay on November 1st or 2nd, he told me everything looked great, the loan was ready to move forward and we should close within about 10 days. Needless to say, it had already been 90 days with Wells Fargo Financial and another 60 days with Wells Fargo Mortgage I’d been waiting to close this loan. I was very excited we were finally closing. In approximately mid-November I contacted Jay and asked what happened why haven’t we closed yet. He indicated they were very busy and the case was set and ready to go through underwriting.
I was then contacted a day later requesting additional information from another Wells Fargo employee indicating he was following up for Jay and that a couple question had not been completed on my initial application and he needed to ask me those before the loan could move forward. I answered his questions. I explained to this employee I was concerned because my appraisal was expiring in a few days and Jay had indicated we would have closed around mid-November and it was now late November and the appraisal expires 11/28/10. He stated he would do what he could. With still no update on my loan closing I went to the Wells Fargo Mortgage Office in Wasilla, on approximately 11/30 after several attempts to get clear and accurate information over the phone. At that time, I spoke with Jay and Brenda who indicated she was the area manager. I expressed my frustrations; she explained she just became aware of the situation and would look into it and get back with me the next day. Jay apologized by saying he is only as good as the information he is given.
Brenda did contact me the following day in a timely manner. She explained she had contacted underwriting and that the appraisal expired so they requested an extension. She explained the appraiser agreed to do it right away. Brenda explained once that was received she had the file tagged so it could be routed immediately to the correct underwriter for completion. She stated she would call me with an update the following day. Jay and Brenda also indicated they expected we would close by Wednesday 12/8. I explained I would be in Fairbanks for business the entire week. Brenda indicated arrangements could be made to close in Fairbanks. She would let me know once we had a firm closing date. I received no contact from Jay or Brenda until Monday 12/6 or Tuesday 12/7, which was initiated by me. I had not received a return phone call on, 12/1, 12/2, or 12/3 from Brenda. However, she later left me a voice message stating she did call me on one of those days, however a check of my voice mail at all contact numbers I did not have any message from Brenda. Jay did return my call early in the week 12/6, he explained we should close any day. I explained I was in Fairbanks and to arrange the closing for Monday 12/13 or 12/14 if necessary. I was again contacted by Jay on Tuesday 12/7 requesting I provide additional copies of my paystubs, since those provided initially were now too old. These were provided to Jay via fax within hours of his request.
Upon my return to Wasilla on Saturday 12/11 I had not heard back from Jay about a closing date. On Monday, December 13, I called Jay. During that conversation he explained we were still not ready to close. He said he could tell the loan was in the process and we should have it ready for closing any day. At this point, I requested to talk with his Supervisor Brenda’s manager because it is clear neither he nor Brenda have the ability or authority to correct the issues.
I immediately contacted the local area manager Rod. He was out of the office so I left a detailed message of my concerns and requested a call back. Rod returned my call within a reasonable amount of time. He indicated he did not have the details of the situation; however, throughout the conversation it became clear he had talked with Jay or Brenda about the details of my concerns. I explained the challenges I have experienced throughout my dealings with Wells Fargo, beginning in June. He stated adamantly he would not take responsibility for the poor service provided by Wells Fargo Financial. I explained from the customer perspective they are one in the same. I explained the issues and the concerns I have about the unacceptable customer service I have received in addition to the money I am losing each month this loan does not close. In my attempt to explain exactly what I was referring to, Rod interjected his opinion several times, which unfortunately were inaccurate to the situation I was attempting to explain. These are the facts I requested he consider for every month this loan does not close:
1. The appraisal expired and had to be recertified.
2. My current mortgage payment is approximately $1525 per month.
3. My monthly expense for taxes and homeowners expense is approximately $300
4. New mortgage estimated payment including taxes and insurance $1250 per month
Current monthly mortgage, taxes, and insurance: $1825 per month
New loan estimated monthly mortgage, taxes, and insurance $1225 per month
For every month this mortgage closing is delayed costs me $658 (per Jay’s calculations) per month cash out of my pocket.
Rod explained he would have to confirm with Jay that this was actually the money I was paying out each month; he stated once he verified it he would consider providing me with a $400 discount on the loan. I explained that was unacceptable. I requested the name and phone number of his supervisor. He provided the name and phone number for Randy Smith.
I contacted Randy Smith immediately and left him a detailed message of my concerns. Randy returned my call a few hours later, approximately 5pm Alaska time. He acknowledged my frustrations; however, was unable to assist in moving my loan forward so a closing date could be set. We also discussed the monthly amount I was losing just by paying the mortgage, taxes, and insurance on my current mortgage $658 total more than if the refinance had been closed. Randy confirmed he checked with Jay and I was having to put out about $658 more a month than if the loan had closed timely. He offered to compensate me with $400, I explained this was unacceptable. I had already lost over $3000, he stated he was unwilling to even consider that amount. I suggested he at least cover the cost of the 50 days plus Wells Fargo Mortgage has delayed the loan which cost me in only monthly costs $1400 (not including the interest costs I am incurring for each day the loan does not close.) Randy then stated he liked round numbers and offered $1000 which I agreed to. I asked him specifically, when the loan will close, he stated by the end of the month. I again expressed my complete frustration of unacceptable service – I have been waiting since June. He stated he had no control over it and could not guarantee a date earlier than the end of the month. I explained to Randy, that if the loan had not closed by Friday 12/17 we would be talking again because I would expect additional compensation for the continued delays. It is now December 23, an accurate summary statement has not been provided to me, nor has a closing date been set. However, I was assured the loan was approved by underwriting.
It was explained last week the reason we could not close yet was due to waiting for a payoff on my current mortgage. On 12/14 the pay off still had not been received. Jay contacted to confirm my November mortgage payment had been made. I assured him I had, but then checked my account and realized I had neglected to electronically transfer the payment. I did so immediately on 12/14. I contacted Jay again on 12/17 because I still did not have a closing date. He stated the payoff had been received but did not reflect my current payment. Considering my current mortgage is with Wells Fargo Mortgage and my refinance is also with Wells Fargo Mortgage it seems very odd that an accurate payoff would not be available immediately or at least within 24 hours.
Throughout my discussions with loan processors, Branch Managers, Areas Managers, and Regional Managers it was clearly conveyed they did not care about the customer service they provide and often discounted or quibbled with me regarding the details of information we discussed. In fact, at least two of these employees eagerly agreed they are working in a broken system. It was also clearly conveyed to me they would give no consideration to the poor service provided by Wells Fargo Financial. However, I will state again in reviewing your web site it is clear Wells Fargo Financial is a member of the Wells Fargo Company.
