• Report: #464500
Complaint Review:

Wells Fargo

  • Submitted: Wed, June 24, 2009
  • Updated: Thu, July 09, 2009

  • Reported By:western ma Massachusetts
Wells Fargo
www.wellsfargo.com Las Vegas, Nevada U.S.A.

Wells Fargo mortgage ... leaves out some details..... makes representations without mentioning the fine print!!!! Las Vegas Nevada

*Consumer Comment: Nope

*Author of original report: what do you work for wellsfargo or something?

*Consumer Comment: Is this your first home loan?

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when i got my mortgae with them i was told i could pay my bill online and there wasn't any fee. what they forgot to mention is that i had to have a checking account with them and have my money in that account only to make an online payment! i live in mass why would I have a checking account with them there aren't any wells fargo bank branches that i know of around or any atms in my town that say wells fargo! so i would have to pay a fee to use an atm card at other bank atm and i would have no branch to deposit checks at they would have to be mailed! something they neglected to mention when they told me i could pay online for no charge!!!

another thing they gave me a pamphlet saying if i get my home insurance through the local mortgage office it would be included in my closing costs and not have to be paid upfront on top of the 20% down! 6 weeks after closing the load they call me telling me the insurance was never paid they're closing attorney(atty represented they're bank) screwed up the atty blames the mortgage officer! now 6 weeks after i closed load and moved into house the mortgage broker calls me saying if i don't come up with 700 bucks by tomorrow my loan wll be recalled adn my house will be unisured!!! what ever that means!!! i mean they already dispearse all the loan funds 6 weeks prior how can they recall the loan????

this is pure bullsh*t i put everything i had into this house i was left with merely a 3 months mortgage payments for a cushion as my savings! now they forced me to make it a 2 month cushion!!!!

not to mention they kept stalling and didnt close my loan due its stuck in underwriting for 3 weeks longer than the date on purchase and sales agrement and i almost lost the house and maybe my deposit cause they keep requesting addition stuff not on the commitment letter "conditions" and i always faxed them the stuff they wanted same day or next morning! meanwhile my blood pressure and stress levels are going to the moon!

just seems like a shady set of practices and when they make mistakes you end up paying for them! I would have never went with them had i known i couldn't pay online without opening an account with they're bank that has no local branches and having to get my pay direct deposited to they're bank! i specifically ask anytime i get a car or home loan if i can pay online free I do this every time and it is one of the most important features to me and i think i was mislead and then i was strongarmed to make additional 700 dollar payment due to they're mistakes when i wouldn't have had to pay it and it would have been rolled into the closing costs so they claimed and even gave me a printed advertisment telling me that when i applied!

congress needs to not just regulate these credit cards companies but also they need to regulate these mortgage companies too to force them to accept online payment with no charge! and maybe create penalties for these bad closing practices and also not to mention that the closing cost estimates were 2-3k yet the closing cost was over 6k when i goto close at they're attorneys office and it didnt even include the insurace premium for the first yearas they claimed! I could have went to my own ins company and probably paid less also!

western ma, Massachusetts

This report was posted on Ripoff Report on 06/24/2009 10:44 AM and is a permanent record located here: http://www.ripoffreport.com/reports/wells-fargo/las-vegas-nevada/wells-fargo-mortgage-leaves-out-some-details-makes-representations-without-mentio-464500. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment


AUTHOR: Ashley - (U.S.A.)

I do not work for wells fargo, nor do I work in the banking industry.

"actually for your information congress did set new rules for creditors forcing them to accept phone and internet payments at no charge.."

Really, I've never heard of such a thing. I've gone through the new law going in to effect and it says nothing about free phone payments. Do you have any proof to back up this claim? I pay 10.95$ a month to pay my mortgage over the phone and I would love to stop paying it.

You asked if you could pay for free. They said yes. You still can pay for free if you open a checking account with them. Why don't you do it? You can just wire the money from bank to bank FOR FREE, then pay it out of that account.

As for the insurance, the 20% down is usually on the value of the home. Not 20% of the home and insurance and other costs. You would owe 20% plus closing which would include insurance. That 700$ would have been paid up front or at the end either way. 700$ for a year of insurance is also not horrible. If you don't want to use their insurance company, then fire them and hire yours if you get a better rate. Mortgage companies don't care who insures you, just that you have insurance.

Your anger and insults are uncalled for and you should be ashamed. I am trying to calmly help explain what has happened to you, and you only want to rant at me and call me a "narrowminded genius" which I'm not sure is even an insult.

It really sounds like you don't understand how the mortgage loan business works. It would probably do you some good to sit down with a Realtor in your area and have them explain the whole thing to you. without me being able to read your contract I can't even begin to explain it to you.
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#2 Author of original report

what do you work for wellsfargo or something?

AUTHOR: Samsung Side By Side - (U.S.A.)

I bet your an employee huh! actually for your information congress did set new rules for creditors forcing them to accept phone and internet payments at no charge..... i know i know this is a home mortgage but also i have a CREDIT CARD ACCOUNT WITH THEM TOO... through bob;s discount furniture and they do the same thing dont't allow me to pay online unless i open checking with them!! and this will violate the new credit card regulations when they take effect!

perhaps you didnt read my post maybe you just skimmed through it a lil but INFACT I SPECIFICALLY ASKED THEM DOES IT COST ANYTHING TO MAKE PAYMENTS ONLINE!!!!! and no this isnt my first home loan in fact it is my fourth!! and i would have probably selected another lender had they not assured me that i could payonline for free firmly (yet leaving out the you must have checking account part) I didn't make an assumption iI asked the question and expected a truthful answer!
and the Insurance issue. they gave me a pamphlet stating if i used they're insurance services it would be part of the closing costs! and no I would not have had to pay the 700 you narrowminded genius!!!! i would have had to pay only 20% of the $700 in my down payment!! in a bad economy like this every dollar counts!

the fact is this was a misleading experience plain and simple!
now go back to your wells fargo cubicle!!
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#3 Consumer Comment

Is this your first home loan?

AUTHOR: Ashley - (U.S.A.)

It sounds like it. Everything you describe sounds fairly standard.

The 700$ should have been in the closing costs, I agree, but you still owed the 700$.

As for the free pay, you CAN pay it free, they didn't lie to you, its just inconvenient. Also, why not just mail your payment to them? not fee associated with that method of payment.

Why should congress force a business to take online payments for free? That's ridiculous. Congress should stop meddling with the mortgage industry and stop driving the costs up.

I don't see a rip off here.
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