If you are unhappy with the process that you went through you can report the issues using the new consumer protection database which is located at http://www.consumerfinance.gov/complaintdatabase/
This is also a great resource when you're deciding which company to use in the first place.
Hopefully it all worked out well!
Keller Williams Capital District
631-406-6565 Their Bank is in New Jersey and they are a direct lender plus a Broker for other Banks. They will make it very easy for you and can do everything for you over the phone. Their office is in Smithtown, NY. I recommend them to everyone whether you are a first time buyer or buying your $4,000,000 home. Ask for Donny or Mike you won't regret it...
Licensed Real Estate Salesperson
Apartment updates available at http://www.christinegordon.postlets.com
"Home is where the heart is."
We applied for simple refinance on January 7, 2013 to reduce our interest rate and loan length. Our rate-lock agreement expired April 8, 2013. All documentation submitted Jan. 11, 2013. Long story short, they cancelled our loan application May 31, 2013 due to "you have a judgement on your title with no end in sight"... after this message arrived, all communication stopped! We re-applied with New American Funding and closed in less than 30 days. Wells Fargo LIED about a judgement on our title (non-existent). They just did this so they could keep charging us 6% interest on existing mortgage with them. We will have our attorney investigate our loss as a class action. If anyone has same experience that caused financial damages due to interest rate increases since January 2013, please contact us.
If there was an award for the most incompetence and deplorable (so called) Mortgage Specialists in the banking industry while charging the most ridiculous fees, Wells Fargo would win hands down!
Take my advise and call Dave Kooner at: Phone:(888) 474-6561
New American Funding
14511 Myford Road, Suite 100
We had a closing date of two and half weeks ago on a house in Upstate New York (we are from Seattle), so we packed up our stuff and drove across only to get an appraisal for $20,000 less than the agreed on price (which wasn't wells fargo's fault but caused a lot of issues). The builder and us agreed to meet halfway in the middle for the appraisal so we thought it was all good and we could close in about a week.
Well now every day its a new think that wells fargo needs from us or they need us to resubmit paperwork or redo the same things we have already sent in which keeps pushing our closing date. We have been staying in hotels this entire time since we are from the other side of the country with our dog. I am also in my 3rd trimester of pregnancy, so the stress of all of this hasn't been too good.
Just an FYI Wells Fargo will ask for about 3x the amount of documents that smaller lenders will. We have been under contract for over 3 months at this point and our original closing date was January 15th, but Wells Fargo didn't even request employment verification until January 14th and then called us trying to figure out why they didn't have it yet so we were quite abrupt with HR trying to get that verification only to find out it had only been requested A DAY BEFORE. Our Mortgage lady has literally had to follow up EVERYTHING with emails and phone calls to make sure people were actually doing their jobs within wells fargo, since every little piece of paper work is sent to a different division. There is a complete breakdown of communication in these departments.
In regards to the appraisal. Different comparable were submitted by both real estate agents because the house is worth the agreed upon price not the appraised one but they were refused by Wells Fargo completely, but they allowed a home that was over 25 years old (we have a new construction home). Wells Fargo didn't even submit these to the appraisal for review but instead rejected them completely. There were complete ERRORS on the appraisal that I as the buyer found immediately that were never fixed.
Wells fargo will want to take a microscope to your accounts. We had to write explanations on EVERY single deposit into our account for the entire length from contract to close and continue to have to send them updated statements as the closing date gets later and later. We had a large gift amount come from my husbands parents as a wedding gift and had to get letters from both of them, formatted in a very particular way to explain the large gift. These letters have been redone 3x at this point because they keep getting rejected.
Every piece of information you submit to Wells Fargo will get rejected and have to get redone at least once. If your mailing address for the property and the deed are not identical, you will be F*cked.
I don't even know if this home will close at this point because nothing we do is ever enough and every day they say "just one more thing". I wish I would have looked up reviews on lenders before undergoing this process.
Just run! RUN AWAY FROM WELLS FARGO! Find a small lender.
They scammed us and caused us to suffer a loss of more than $17,000, and their only response was a token "$500 good will offer"!
Do your homework and we're sure you'll agree with the 1000's of other victims, AVOID Hells Fargo at all costs! They are the "American Dream Killing Machine".
Wells Fargo Corporate Rap Sheet
Wells Fargo Complaints Board
Consumer Lawsuits against Wells Fargo
Better Business Bureau Wells Fargo Home Mortgage Complaints Summary
Better Business Bureau Wells Fargo & Company Complaints Summary
Wells Fargo Tops for number of bank complaints
Wells Fargo Sued for Non-Compliance with National Mortgage Settlement
Wells Fargo - Hells Fargo: Consumerist complaints
Wells Fargo Mortgage Fraud Report
Hold Wells Fargo Accountable - Justice for Wells Fargo HARP and HAMP Fraud Victims
There is a lot of paper work to submit, faxing, and phone calls to keep on top of them. With the tightening of government guidelines, Refinancing has been a painful process to ensure Lenders have documentation to back themselves up just in case they get audited which I can understand.
With an excellent credit score of 810, net worth north of a million, and paying down original loan by $100K, it still took 84 days. It doesn't matter on the Lender institution, it matters on who you get as a loan processor and underwriter. Fortunately, I lucked out with knowledgeable team of Wells that was a pleasure to deal with. They picked up and returned calls even emails promptly, was extremely patient with me helping me understand the process and explaining how they get the numbers, and kept me appraised on the next steps. They do have a large queue for the underwriter to review the loan but its a partnership with the loan administrator in preparing the paperwork in your getting application presented in a way that the underwriter won't need to question.
The whole refinance process in all institutions do take anywhere between 2 - 3 months if your lucky but I know some folks who started the process in Dec with BOA and still haven't closed so I guess I'm one of the lucky ones.
Good luck in your process, its luck of the draw in who you get as your loan processor. Just pray you get an experienced and knowledgeable one to get your application moving along which is the KEY.