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Post Statistics: 7,918 Views, 33 Replies
Latest Post: Wed, Nov 2 2011 12:31 AM by Vivek Chauhan
  • Thu, Jan 6 2011 2:34 AM

    Arg how sickening, in our area no one wants to work for Wells Fargo Home Mortgage they pay the worst of all the Mortgage Outfits/Banks so naturally they have the lower tier mortgage people who are just a little better than a telemarketer in most cases.  He forgot to lock in your loan that is what happened plain and simple, this what happens when the banks are too big to fail and could care less about customer service and who they hire.  If you can find a tier one mortgage broker with Provident they can still get you 4.5% with 1% origination, I'm only licensed in Arkansas so if your not here I can't help you but I had that rate available today.  Good luck finding one of us who a tier 1 rating with Provident, only a few of us ever attain that.

  • Thu, Jan 6 2011 6:11 AM

    Zach ,

    I would encourage you not to use this forum to spew negative comments about other companies .  It shows a lack of professionalism on your part . I have been in the industry for over 20 years and currently work for Wells  as a senior loan office .   I find the company to be the one best companies I have ever worked for  comp plans and customer service .  Wells Fargo did not become the nations leading retail lender overnight by providing poor customer service or "lower tier mortgage people"...  When the company you work for controls 25- 30 % of the retail lending market share give us a call and  let all of us at Wells Fargo  know . 

  • Thu, Jan 6 2011 5:21 PM

    Jon,

    I just stated the facts, do you generally think the top LO's are going to work for less money at Wells than another higher paying operation?  I cant believe you havent stepped up to the plate and are defending this lo and Wells Fargo that promised this guy 4.25% and then now offers him a buydown or 4.875% Fixed, which oh by the way is still paying me 300 basis points on my rate sheet.  Jeez, my par right now is 4.375% and thats what Wells Fargo should give the guy with no origination.  Better yet why don't you call this poor borrower up and do the loan at par and make this right.  Now that would be proper customer serviceBig Smile.

     

  • Thu, Jan 6 2011 5:21 PM

    Jon,

    I just stated the facts, do you generally think the top LO's are going to work for less money at Wells than another higher paying operation?  I cant believe you havent stepped up to the plate and are defending this lo and Wells Fargo that promised this guy 4.25% and then now offers him a buydown or 4.875% Fixed, which oh by the way is still paying me 300 basis points on my rate sheet.  Jeez, my par right now is 4.375% and thats what Wells Fargo should give the guy with no origination.  Better yet why don't you call this poor borrower up and do the loan at par and make this right.  Now that would be proper customer serviceBig Smile.

     

  • Thu, Jan 6 2011 5:48 PM

    First ... my comp plan is similar or better than almost every other company out there .. With 20 years of experience I know what is out there and I made a careful decision when I decided to move to Wells . They are the nations leading lender for a reason ...because they do it right . 

    2nd ... we don't know the full story ..only his side  / perception ..we all know the truth lies some where in the middle .  I have had  similar issues with clients who were "sitting on the fence " waiting for rates to drop even lower than 4,25 andnow are looking for someone to blame for their indecisiveness.  I kind of refer to the old saying "pigs get fat ...and hogs get slaughtered ... If this guy was working with a Wells retail office he had more people other  than the loan officer to lock his loan ...all he had to do was call the office and anyone available would have locked in in for him .  Its not like rates were at 4.25 % for only a few days so my experience with Wells  tells me this client most likely played the market and did not do well . 

    3rd...yes ..us lowly LO"S for Wells can  count to 3.... if you have the 4.375 at par than it might be a good idea for you to step up and help this guy out ... .. you brokers don't have to hit a home run every deal do ya ?....go 4.5 % ...make your 100- 150 bps and help a new homeowner out ...

     

  • Thu, Jan 6 2011 6:08 PM

    Really guys, not the place. I'm actually embarassed by this pissing match

  • Thu, Jan 6 2011 6:18 PM

    So am I ... I politley asked this individual not to use the forum to criticize other companys and individuals in the industry .  As you can see he continues to do so .  

  • Sat, Oct 22 2011 11:23 AM

    Hi Jon, I am having the same issue. I started my Wells Fargo loan refinance on September 24, 2011. I called the Wells Fargo Mortgage Consultant to lock the rate on October 4, 1011. He told me the current rate is 4.125 and I requested him to lock the rate. Next day I sent an email to confirm if the rate is locked and he replied back that he locked the rate. I can post the email contents here if you still think the truth always lies somewhere in the middle. 10 days later I get an email to check my loan status online and it showed rate at 4% but not locked. I called back and the Wells-Fargo consultant told me that due to some system issues the lock did not go through and he will get the issue resolved. It has been 10 days since then and every time I call I get the same answer that he is trying to resolve the issue. I can't find anything at Well-Fargo website to escalate it. I have the emails to back this up. Can you please suggest who should I escalate this issue to?

    Thanks

  • Sat, Oct 22 2011 1:01 PM

    Hi Vivek,

    Please read the 1st answer to this question which I posted in December 28th  of 2010 and read the end result posted on December 29th by AG and me.

    I would request you to followi the same course of action.

    Jacob Varghese

    SRE 01790347

    NMLS 327086

    http://www.swanloans.com/

     

     

     

     

     - View My Profile
    Sr. Loan Officer
    MaxReal
    JacobMaxReal@gmail.com
    (408) 247-3031
  • Sat, Oct 22 2011 3:29 PM

    Thanks Jakob, I don't understand what you are suggesting. I have an email response back from Wells Fargo mortgage consultant (a fancy name for mortgage broker) confirming the rate lock and I still want to get this resolved with Wells Fargo instead of starting the process again with a different lender/broker. I am just trying to find a way to escalate this issue to someone senior at Wells Fargo. They have links to their ethics guidelines to trumpet how honest and client friendly they are, but no phone number/links to file complaints.

  • Sat, Oct 22 2011 3:32 PM

    If you have an email indicating that he locked...I would wager his manager would make it right. I would start there.

     - View My Profile
    Mortgage Consultant
    PNC Mortgage, A Division of PNC Bank
  • Sat, Oct 22 2011 4:23 PM

    Hi Vivek,

     

    I agree with Jason, contact them 1st by email or if the location of their office is close, just vist the Office/Branch.

    If they admit they have not locked the rate then ask them to buy-down the rate for you.  This means if the supposed rate lock was 4 and the current rate is 4.5, then you can still get a rate of 4.  This is know as rate buy down.  However there is a cost attached to do this.  since this is the mistake  of the Broker/Lender whoever it is, is they should be asked to pay for their mistake.

    They cannot simply blame a computer!!  Let them accept their mistake.

     

    Jacob

    DRE 01790347/NMLS 327086

    http://www.swanloans.com/

     - View My Profile
    Sr. Loan Officer
    MaxReal
    JacobMaxReal@gmail.com
    (408) 247-3031
  • Mon, Oct 24 2011 6:52 PM

    First, a clarification: I think that there is some confusion between the terms 'broker' and 'loan officer/consultant'.  A broker does not work for the lender, but for an independent company that originates and delivers mortgage loans under contract to the lending institution. 

    That being said, it appears you've been working with a direct employee of Wells Fargo's retail lending division.  This being the case, your best course of action is contacting the branch manager and explaining the situation.  It looks like you have been in contact with the 'sales manager' - this is not the same as the branch manager, but is more like a team manager of a group of loan officers/consultants.  If the branch manager is unable to provide you with an acceptable solution, I suggest asking for the name and contact information of the District Manager.  As you go up the ladder, there exists more authority to absorb costs. 

    The solution I would seek is for Wells Fargo to honor the terms (interest rate and origination/discount fees) you were told had been locked in.  Based on current rates, this will likely be an expensive concession on their part, which is why you may get more traction at the district or even regional level (a large loss on your loan will be easier to absorb over a broader section of the organization). I would also communicate your willingness to seek assistance from the regulatory agency and/or the media if they choose not to work with you.  You should be able to find the phone number for the district and regional offices using Google or another search engine, but the person who answers the phone at the branch office should be able to provide them, as well.  I would also get the sales manager to email you the options they offered you in concession, as having it in writing would make it hard for them to deny culpability to their seniors when they contact them to get their side of the story.

    Good luck. Please come back and update us on how it turns out.

     

    Dexter

  • Wed, Nov 2 2011 12:31 AM

    Thanks Dexter/Jacob/Jason,

    I escalated to Branch Manager and she was able to get an approval from marketing to honor the rate of 4.125. I received an email with rate locked at 4.125. However I did not get the Lender Credit promised in the initial GFE as it was not in the loan documents. I have forwarded the Branch Manager the email where WF Mortgage Consultant acknowledged the mistake of credit missing in loan document and promised to correct it. Anyway I will take the current rate and then file my complaint later. This amounts to bait and switch. I would have gone to another lender who was giving the same rate with lender credit. Can anyone suggest the agency that I should send the complaint to? I am in Montgomery County, Maryland.

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