In May, 2011, we applied for a mortgage with Wells Fargo. We were approved and throughout the entire process supplied any and all information requested that very day or the next day. Since we were buying a HUD foreclosure, and there was a time limit on the contract, we had to pay a $225.00 extension fee because Wells Fargo was unable to close by the date on the contract. Ben, the mortgage broker, assured us that Wells Fargo would reimburse us the extension fee at closing because it was their fault we didn’t close on time. At closing, Ben stated that it was against FHA financing rules to reimburse cash.
So Wells Fargo would give us a Home Depot gift card. Apparently, he would say anything to close the deal, because 2 months later, no gift card and when contacted Ben stated he had other customers and no time to deal with us. I guess the lesson here is don’t believe mortgage brokers (bankers)tell you because they will say anything to get you to sign on the dotted line.
