Home Buying in New York>Question Details

Buyer Nyc, Home Buyer in New York, NY

Has anyone experienced delays closing with Wells Fargo or Chase in NY in 2012?

Asked by Buyer Nyc, New York, NY Sat Mar 17, 2012

I'm trying to decide between Wells Fargo and Chase for my first mortgage. For both I am going direct to the bank and not through a mortgage broker. About a year ago I heard that Wells Fargo would take a long time to close. I'm wondering if anyone has a recent experience (late 2011 or early 2012) and could tell me how long it took to close with Wells Fargo or Chase.

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Anna M Brocco’s answer
Keep in mind that what matters most is the loan officer, not the lender; if all related documentation is accurately prepared and submitted in a timely fashion, there should be no delays.
2 votes Thank Flag Link Sun Mar 18, 2012
Stay away from Wells Fargo at all costs. I spent the last four months trying to close a HARP refi with a loan processor named Adam Zaragoza. I might as well have been dealing with the DMV in Nigeria. Adam declined to return my calls or answer my emails, and kept upping the ante for pointless extra bits of paperwork. It felt like deliberate foot-dragging. I reluctantly agreed to buy their appraisal for $560... big mistake, because Adam then ran out the clock. I had to call HIM to find out that my loan had been canceled and I was out $560 because my lock had expired, and I would have to start over. This moron even had the audacity to blame me for his repeated dropping of the ball. I may be facing small claims court to recover the appraisal fee. I plan on filing complaints with the consumer protection bureau and FHA. Stay away, go with Chase instead.
5 votes Thank Flag Link Fri Jun 14, 2013
Chase isnt any better. They had my original home loan and I only had the loan 8 months before they wanted to jack up my monthly payment because of escrow... however, they were not adding in the next four months of payments that I would have in the account by Dec 31... they wanted that money in there by August 31st because "thats when we adjust Wisconsin's escrows" BS.

WF offered ME a HAMP loan modification after I quit paying them because they weren't reporting any of my payments to the credit bureau. I figured if youre not going to report them, then I'm not going to make them.

They took me to foreclosure court and during court ordered mediation they offered me a HAMP loan with $30k to be forgiven over a period of 3 years in one-third amounts... BEWARE!!! you get a 1099-C and if its not a modified HAMP loan you have to add it to your income for taxes... and MY1099-C was for over 25k....which was not reflected on my statement (only the actual 1/3rd)...
So I'm effed....
Flag Sun Mar 16, 2014
Stay away from ALL because they do not have the consumers' interests in mind in the least, only their employer's. And sorry, no offense to the supposed pros, but a qualified/experiences underwriter does NOT make a difference. They are not trying to help the consumer, just themselves. Definitely think twice and thrice before going with any big bank.
Flag Sun Feb 23, 2014
Wells Fargo takes forever to close as the list of documents keep increasing through the process. The promise made at the time when you fill up loan application is not reliable. Documents you send to mortgage officer are often asked by processor again. Too much time waste in sending same thing over and over.
4 votes Thank Flag Link Wed May 28, 2014
Wells Fargo provided me with falsified appraisal, charged me extra for a "special appraiser" (which was false) and bled me for $3,000. This was a conventional loan, 20% 826 credit score on a vacation home. When I caught them in the lies and asked to speak with superiors that's when everything went south. Does anyone have an email address for a complaint with documentation to back up claims?
Flag Tue Jun 28, 2016
Wells Fargo is AWFUL! I'm a current mortgage holder and they have held up the refi process because of their stall tactics. THEY ARE AWFUL, AWFUL, AWFUL
Flag Fri May 20, 2016
I had a similar experience. I will never use WF again. They screwed up my appraisal and wouldn't refund the fee either...
Flag Sun Dec 28, 2014
I totally agree with you.
Flag Mon Sep 15, 2014
As many have said, the most important piece of the puzzle is having a great team surrounding you. When I represent with sellers, if I even have a question about the buyer, their finances or the bank they are choosing to use, we may ask them to get a pre-qual with a lender we trust. That way, if problems arise later, another lender is on deck to step in and help complete the transaction in a timely manner.

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!

Sarah D'Angelo
Associate Broker
Keller Williams Capital District
4 votes Thank Flag Link Thu May 30, 2013
Wells Fargo is taking way to long. I would try a different bank. This will be my last time using them.
No communication in company employees. Just like passing the buck!
3 votes Thank Flag Link Wed Nov 20, 2013
Thank you..it took me almost a..... year! ! to close with them!..but finally two months ago!...Good luck to you all and God bless you all who are using them..but I will NOT! ..be using them in the future for ANYTHING!....Whew!!! can we allll sat...STRESSED!!! OUT!!!! aka wells Fargo!..um um um..shameful!
Flag Sun Nov 24, 2013
3 votes Thank Flag Link Tue Jun 25, 2013
Why are you screaming?! Lol
Flag Mon Feb 22, 2016
What do you consider a long time? Expectations can be subjective. There are many variable to factor in (especially if you're buying a co-op). A customer I was working with just closed this past Friday after 5 months & her mortgage is with Bank of America. None of the major banks are going to be super-speedy with this process.

Looking forward,

Christine Gordon
Licensed Real Estate Salesperson
Cell: 917.881.2924
Fax: 347.328.9352
Apartment updates available at http://www.christinegordon.postlets.com
"Home is where the heart is."
2 votes Thank Flag Link Mon Apr 1, 2013
10 months and still waiting for a closing date!
Flag Fri May 20, 2016
5 months and still waiting! Took all paperwork to bank on Oct 22, 2010. It is now March 2013, and I am still waiting. We also have excellent credit, and this is a simple refi, with no 2nd, or anything out of the ordinary. Have done it before several times only taking about a month. My loan officer is incompetent. I am always having to email her to remind her of what to do, and I have to ask questions at least 3 or 4 times before getting a reply. I hear excuses like "I was out sick", "my computer has been down", etc. I have had to resend her items I already gave her because she didn't turn them in and now they are "from October so we need more recent copies". Yeah, they are from October because that is when I came in to refinance my home! She has also had me resend things because she "must have faxed it upside down" or "the copier cut it off". She "forgot" to get the appraisal, even though I had paid for it seperately, out of pocket, 3 months earlier. There are so many other problems I can't even list them all. I have kept every email, and plan to print them and take them into the branch manager and file a complaint when I am done. I am currently still trying to keep my cool just to get this finished. This is Wells Fargo in Newark CA.
2 votes Thank Flag Link Fri Mar 8, 2013
I'm into my 5th month trying to close with Wells Fargo too. They're blaming it on the underwriters... Trying to refinance since November of 2012 here we are the 1st of April. Today was my closing date!!!! I still am waiting to know what I need, no one is responding to my email. I'm ready to flip! anyone know if there is a class action lawsuit regarding this??
Flag Mon Apr 1, 2013
YE YES YES!!!!!!.....it's been almost 6!!!! months! dealing with wells fargo to close!!!! and I have not even had an appraisal! requested!!....and all ! paperwork! was submitted 6! months! ago!!!.....!
2 votes Thank Flag Link Sat Mar 2, 2013
i started the process with wells fargo April 25th. My original close date was june 27th. It is now september 25th, and i still have not closed. i have been lied to several times by Wells Fargo about the closing date. Don't go with them
2 votes Thank Flag Link Tue Sep 25, 2012
I refinanced with Wells last year. It couldn't have been easier. As far as an original mortgage, most banks have gotten very slow. The amount of paperwork with any bank today is enormous. The important part of the process in my opinion is the loan processor. Do they know what they are doing. Speak with wells and ask them for the name of who your processor will be and speak with them first to find out what paperwork you will need. If they won't tell you who the processor is, tell them to go take a hike and find a different loan officer who will tell you. This could be a different loan officer within Wells or Chase. As a result in law changes by Bush and companies like Countrywide mortgages have gotten to be a real headache.
Good luck.
Don Mituzas
2 votes Thank Flag Link Sat Sep 15, 2012
I am now on month 5 for a refinance of which they have the mortgage.My Original closing date was June 27th. Every other week they have another excuse. So far i have heard it was the IRS's fault, they have an over abundance of loans and they are trying to catch up, there system when down so they lost a lot of information. DO NOT USE WELLS FARGO.
2 votes Thank Flag Link Thu Sep 6, 2012
I am going through a closing with wells fargo currently. I am the seller. They have delayed the closing three times. We are on day 65 and they just requested an extention for 25 more days. Stay away at all cost.
2 votes Thank Flag Link Wed Jul 11, 2012
I agree here, in the same situation. I am the seller and the contract was signed on May 20. Third extension now from Wells Fargo for another 14 days. Last closing date passed with no communication and my realtor had not been getting a response. Finally spoke with them and they said they were waiting on IRS docs, but have them now.
Flag Thu Aug 2, 2012
I am working with WellFargo now and they are terrible. It is a complete nightmare. It seems they do not know what they are doing. I would not suggest using them!!!
2 votes Thank Flag Link Sat Apr 21, 2012
wells fargo slow and communication is HORRIBLE....buyer be aware...and patience...
2 votes Thank Flag Link Sat Mar 17, 2012
Do not use Well Fargo. They have had us waiting since begin of August to close on our house. It is now February. I have been treated horribly by this company and hopefully now that we changed agents it will be completed shortly!!!
1 vote Thank Flag Link Wed Feb 11, 2015
Chase Bank is notorious for delayed closings!!! We were warned by several realtors including our own, but banked with Chase so considered Chase along with Guaranteed Rate (with whom we had a great experience before). A banker at Chase asked me if we had decided on lender yet, and I told her our main concern was the reputation for long closings and the avoidable inefficiences in the approval process. She passed the feedback on to the loan officer (whom I had previously met), and 30 minutes later I got an email from him. He was SO offended and said that the experience wholly depends on the loan officer handling the loan (just like the other Chase loan officer is saying below), etc etc and how he is much more experienced and we'd have no issues with him, but all said with an air of defensiveness. We didn't like the tone, but since we'd get some benefits with Chase since we also bank there, and since this officer had now responded in writing to our specific complaint so emphatically, we figured he'd make sure everything closed on time, if for no other reason than to be proven right. BOY were we wrong!!! This was our first and very last time working with Chase on a loan. So far, our closing has already been pushed back twice, with no final closing date assigned yet (though we were supposed to receive it by end of business today). The process has been hell...we were told so many times that the underwriters have everything they need (told this in writing) and we should be good to close on time, and then the day before or day of every single milestone deadline there is another request for more documents OR the blame game starts where the officer claims a 3rd party they need verification from (eg the HR departments at our job, despite having copies of paystubs, tax forms, offer letters in hand, etc) has not returned their phone call for ten days, hence the delay. Every time this happened, we emphasized that if they don't hear back from someone, LET US KNOW in a TIMELY manner so we can help follow up and push for it, yet every time we were never informed, were told they have all they need, and then the deadline or closing date comes and goes and only on that day do they inform us it's because someone didn't reply to them (in the case of the HOUR dept, for example, we didn't even know they had been contacted, and the person that had been contacted had been on vacation, which it clearly said in her email auto-reply...yet Chase never attempted to contact anyone else in the dept nor did they inform us of what was going on). Each time we were finally informed, we got them the info they needed in less tan a day, but it would be such a stressful, mad scramble...and yet we still have missed two closing dates even though they have said they have all that they need from all parties. On top of that, the loan officer was informed early that I'm pregnant and on bed rest, so I really need as much advance notice as possible on documents, yet avoidable incident after avoidable incident occurred. My husband emailed the superiors today, and of course no reply from them even though the email was sent this morning and the urgency was explained. Also, I may add, Chase requested asinine documents, like K1 forms for stocks that we no longer have and were sold 18 months ago (all documentation of the transactions were already provided), yet we'd have to beat our heads against a wall explaining we can't provide forms we don't have for stocks we don't have...and I'm not sure how stocks sold in 1/13 would have anything to do with our ability to repay a loan now in 8/14! These are all just examples of many incidents like this, repeated over and over. What can I say, we were fairly warned...
1 vote Thank Flag Link Tue Sep 2, 2014
I got a contract on 07/05/14. We closed on 07/29/14, (24) days later. It depends on the mortgage banker. I have over (15) years experience and can do what others can't. Adam Kelly, Chase Mortgage Banker, 800-799-0490.
1 vote Thank Flag Link Wed Jul 30, 2014
I had no problem with Wells Fargo they are always there to help me
1 vote Thank Flag Link Mon Jul 7, 2014
When clients used those banks I did, I recommend local lenders to clients to help alleviate delays.
1 vote Thank Flag Link Mon Feb 10, 2014
FYI ...BEWARE if you have WELLS FARGO for you mortgage holder! They have done it again! Last year and this year they failed to pay our home owners insurance and it was cancelled then after days of screaming at people they paid and reinstated our insurance BUT last week I get a SEiZURE OF PROPERTY notice from the county.. Not only did they not pay our insurance they didn't pay our property taxes for the last 2 years. What a freaking surprise! Now I'm screaming at people again to fix this issue.. Every year same crap! But we refinanced and damned if Wells Fargo didn't buy it back 3 months later so it's just a lose lose situation. I'm going to spend every January and February for the next 20 years fighting with them to pay our bills from our escrow acct! They are the most unorganized, incompetent company I've ever had to deal with...
1 vote Thank Flag Link Mon Feb 10, 2014
I had severe delays with Wells Fargo but in Miami Beach. I would never suggest a client use them to obtain a loan. There are too many departments that do not efficiently communicate. I was on top of the mortgage agent as much as possible and she constantly assured me she had it under control. The deal nearly didn't close but it happened. It was a Homepath Loan. Also Wells Fargo did give my client a $500 gift card (at my request) at closing for the hassles they put him through.
1 vote Thank Flag Link Sun Nov 24, 2013
My experience with Wells Fargo Home Mortgage (Hells Fargo) was very similar to many of you. May I suggest you RUN as fast as you can away from these incompetent Obfuscators.

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
Tustin,CA 92780
1 vote Thank Flag Link Thu Sep 19, 2013
Both are decent and reputable Mortgage Brokers but there are delays with most Banks as they thoroughly investigate all Buyers.
1 vote Thank Flag Link Tue Jun 18, 2013
I would go with Wells Fargo. I'm working with them for 12 years. Looks like Chase has a lot of overhead so for them to make a decision take a long time.
1 vote Thank Flag Link Tue Jun 18, 2013
Going thru a split with a girlfriend I needed to refinance a 2nd home in order to get her out of a home we had built together. I started working with Wells Fargo (I also thought 20 years of being a loyal customer it would be a quick and not so dirty process)... and after 3 months of frustration and lack of communication I went to a mortgage company local here to the DFW area. It took them 30 days to close! Needless to say I was happy to tell my loan officer that I didn't need their services. I refinanced with Bank of Texas on my current home around the same time... took them less than 30 days to close as well. The bigger the bank the longer its going to take them to close. They don't really care about you as you are just a number to them. It would not have been so bad if the loan officer had just been honest with me and kept in contact with me throughout the process... but it just didn't happen. I've refinanced the 2nd home recently, again through a mortgage company and it took less than 30 days. And I got a better rate with them than had I gone with a big name bank.
1 vote Thank Flag Link Sun May 12, 2013
But Bank of Texas is also too large and didn't care about us, even though I've been a client for about 25 years. They made several blatant errors on the assessment, refused to correct them, and, as a result, cost us $1200/year extra in insurance. Worse yet, we confirmed with the Federal government and with our city they Bank of Texas is forcing us to cover more than twice the amount of insurance than we can ever collect. We have no way of knowing for sure, but it makes it seem to us like Bank of Texas is running some type of scam to make the loan appear something other than it really is so they can flip it to some other loan servicer.
Flag Sat Jul 6, 2013
I started the process for a refi with Wells Fargo (they hold the mortgage) in early August 2012. All the requested docs were in by early September. In December they said they would prioritize it as we were set to leave the country for a year after Christmas. Never heard from them, now we're out of the country until next year, they ignored my emails for weeks and finally replied today saying they're still working on it and can overnight the docs to us here once it's ready, and thanks for our patience. 6 months and counting at this point ... Very disappointed with WF.
1 vote Thank Flag Link Wed Jan 16, 2013
Same with us! Started the process of re - fi in the end of June 2012. Wells has our original mortgage. They have run our credit 3 times and have asked for bank statements 4 times. One delay after another but always someone else's fault. We were suppose to close today, but guess what. They wanted to see more bank statements. Over 6 months. Very disappointed. Class action??????
Flag Mon Feb 4, 2013
Don't go to them its been a nightmare. I have been trying to get this done for 9 months and they currently service our home mortgage!!!! Run for the hills
1 vote Thank Flag Link Thu Sep 13, 2012
DO NOT use Wells Fargo, I am now on month 5 for a refinance of which they have the mortgage. They keep setting closing dates then requesting other documents so they can reshedule the closing date.
1 vote Thank Flag Link Tue Aug 21, 2012
Both Wells and Chase are taking about 60-90 days to close on average. It is usually best to work with a direct lender like myself who has their own in house underwriting because you will usually get a better deal than Wells or Chase can offer and the average closing time is less than 30 days. I have worked with countless people who were originally working with one of the big banks but they were taking too long and couldn't close. Feel free to contact me if you have any other questions (347) 242-1206.

1 vote Thank Flag Link Sat Mar 17, 2012
I have a buyer for my Townhouse who is putting quite a bit of money down and has excellent credit. He is getting a conventional loan and so far chase has taken 104 days to review and we still have not closed!!!!!
0 votes Thank Flag Link Wed Jun 29, 2016
So as of 2016 it seems things have NOT gotten any better with Wells Fargo. Unfortunately I have had to go through them because of the type of property I wish to buy. I DID however have ALL of my paperwork ready to go. They do have an online system so you can download all of your documents straight from you computer. SO, AFTER I was approved, turned in all paperwork, credit check, fixes etc... I put my house up for sale. I am now getting ready to close on my house and Wells Fargo is still screwing around. They also charged an astronomical $700 for an appraisal. Yes I double checked and the most from 4 other banks/mortgage brokers was $550. BUT because of the type of property this was JASON HOWARD at the BRIGHTON Co. Branch assured me it was necessary. I was also informed by multiple people that the way the appraisals work its a hassle and are about 6 weeks out. Jason cashed my check 5 weeks ago and still says there is not an appraisal scheduled. He said "out of the kindness of Wells Fargo WE pay for an expedited appraisal" BS. No bank has EVER helped out their paying customers with extra stuff. So hence where the extra $$ they charged originally comes from. I am about to be homeless unless I pay a huge fee to back out of the sale of my home. Jason LIES every single day. He lies so bad he trips over his lies and I can't get a straight answer from him. I have been working with Wells Fargo for 3 months and they have my money and nothing to show..... Plus they don't give a crap if your homeless because they have dragged their feet. In conclusion, DO NOT EVER DEAL WITH WELLS FARGO EVER!!
0 votes Thank Flag Link Sat Jun 25, 2016
Nothing has changed in 2016 as a Realtor as I just dealt with Wells as the listing agent and went through another horror story, I strongly suggest you got to a local bank or credit union or ask your Realtor for their opinion and check their rates. You will probably save money and your sanity.
0 votes Thank Flag Link Tue May 10, 2016
Wells fargo advertises one thing and does something else. Their processes is very hectic. Every couple of days they will come back and ask for some new document which doesn't make any sense at all, like asking to speak to your CPA to verify your employment. Speaking to them is more important than the four years of taxes and other employment documents you might have provided.

And as somebody mentioned, the documents you provide to the mortgage officer are asked for again all over by the loan processor.
0 votes Thank Flag Link Thu Mar 3, 2016
I would seek out a lender that specializes in Home Loan origination. As big and reputable as Wells Fargo is, they are not experts at home loan origination. These are gargantuan companies that are out of touch with several arms of there business. They make more mistakes and get more complaints than anybody else. See http://www.consumeraffairs.com/finance/wells_fargo_mortgage.html http://www.wsj.com/articles/SB100014240527023048934045795316… and http://www.bbb.org/iowa/business-reviews/mortgage-brokers/we…
0 votes Thank Flag Link Wed Feb 24, 2016
I have been trying to close for 3 weeks with Wells Fargo. The process should have started a week before that but they were slow getting the file to the title company. In fact, the first closing appointment was delayed because the file wasn't complete. The second time they had not sent me the documents I needed to sign and also did not notify the local office that I was supposed to close that day. The third time I began to sign the documents and realized something was wrong with the way the loan was set up. It was WF's mistake, and it scuttled the closing for that day. The next closing appointment is this coming Friday, which will be fully three weeks since we started trying to close. WF has been unresponsive, slow, inattentive and careless.
0 votes Thank Flag Link Sun Dec 6, 2015
I have been trying to close for 3 weeks with Wells Fargo. The process should have started a week before that but they were slow getting the file to the title company. In fact, the first closing appointment was delayed because the file wasn't complete. The second time they had not sent me the documents I needed to sign and also did not notify the local office that I was supposed to close that day. The third time I began to sign the documents and realized something was wrong with the way the loan was set up. It was WF's mistake, and it scuttled the closing for that day. The next closing appointment is this coming Friday, which will be fully three weeks since we started trying to close. WF has been unresponsive, slow, inattentive and careless.
0 votes Thank Flag Link Sun Dec 6, 2015
I have been trying to close for 3 weeks with Wells Fargo. The process should have started a week before that but they were slow getting the file to the title company. In fact, the first closing appointment was delayed because the file wasn't complete. The second time they had not sent me the documents I needed to sign and also did not notify the local office that I was supposed to close that day. The third time I began to sign the documents and realized something was wrong with the way the loan was set up. It was WF's mistake, and it scuttled the closing for that day. The next closing appointment is this coming Friday, which will be fully three weeks since we started trying to close. WF has been unresponsive, slow, inattentive and careless.
0 votes Thank Flag Link Sun Dec 6, 2015
Loan officers at a bank are not required to carry an actual license. The bank will protect them also if they do something wrong. I went through my bank for refinance my mortgage and take some money out for some updates. My house is worth about $270,000 and I only owe around $114,000. So, naturally I am thinking I can easily get around $50,000. Well, they asked for an enormous amount of info. I had to send and resend documents. I own a business and they wanted to set aside "reserves" from my business to account for funds if I default. Other people refinance and take out money and this never happens. I was put under their microscope and in the end my P&L was only two months old and they wanted an updated one. Then, all of a sudden I get an email saying too late. This was at Bank of America. I am moving my accounts and going through a mortgage company next time. They are the experts as far as I am concerned and I would never use a bank for this. And, my loan office was a total snot. She kept saying how everything has changed. I am not a kid and this is not my first time girlfriend! I am going somewhere else.
0 votes Thank Flag Link Thu Dec 3, 2015
We are currently trying to get a mortgage through Wells Fargo and it has been one delay after another. They want a ridiculous amount of tax information, receipts for payment and are in essence performing an IRS audit on our returns, all in the attempt to run out the clock. The seller has already extended us once, and will not extend us again.
We have excellent credit, 740+, proof of funds for closing, proof of funds in escrow, 3 months mortgage payments in savings, proof of employment, proof of income, we've submitted 4 months of bank statements, 4 months of brokerage account statements, two years of tax returns!!! Yet, they still say that they want more tax information. It's a constant nightmare and it will only end up costing us. Wells Fargo was assuring us of our closing date and gave us the approval for the loan, then said we had to have the appraisal done at our cost. After the appraisal came back, all of the requests for additional paperwork started coming in, and our closing date was moved back.
Now we will lose the home that we loved to another buyer because we put our trust in Wells Fargo.
0 votes Thank Flag Link Wed Oct 21, 2015
0 votes Thank Flag Link Wed Aug 12, 2015
The loan specialist used to speak well before my loan process started. He became rude after I gave offer and I got into actual numbers. The numbers they gave for pre approval and after I gave the final offer everything changed. He started saying that he has other clients so he was busy and did not finish my closing in 45 days. I need to ask for an extension and pay extra for it.
0 votes Thank Flag Link Mon Jul 6, 2015
My wife and I are retirees with 800 FICO scores buying a condo and our experience with Monica Badircu and Eric Hoffner has been a nightmare. Requesting paperwork that was already on file, requesting copies of our drivers licenses the day before what was supposed to be the closing. A bait and switch on the rate we had locked. it was pulled out from under us and we were told we had to pay points to get a similar rate. We were then told they wanted an additional $15k to closing. Lots of saying 'sorry' but no one seems to be able to get anything done. The seller is threatening to back out of the sale, and we have a moving truck that has been sitting in our driveway for a week, unable to get this done. My wife and I are stressed to the maximum. And this is how they treat the people with a lifelong excellent credit record.

Avoid Chase at all costs.
0 votes Thank Flag Link Mon Jul 6, 2015
We had our closing on our home today, the buyer had Wells Fargo as their mortgage company. Our closing was suppose to be 9 a.m. this morning and we found out Wells Fargo forgot a document. 8 1/2 hours later we were FINALLY able to close with NO COMPENSATION for the inconvience of wasting our entire day and the dominoe affect it caused . You see, we were suppose to close on our new home at 11 a.m. and the seller of the new home was suppose to close on her new home. Our moving company was coming at 9 a.m. tomorrow, however since we didn't close on our new home today, we had to ask the moving company if they could come later tomorrow afternoon. Guess what? they had another job in the afternoon tomorrow and needed the truck that our furniture is in! So, they had to get another truck for the next customer, who agree to an early morning move so we could have the afternoon. Plus, we have another truck rented full and we are suppose to have that truck back by 3:30 p.m. But, we won't have it unloaded by then and that truck company has that truck rented at 3:45 , which now we will delay their move! Plus, I had hired help to offload and one of the guys had another job late tomorrow and now cannot help us in the afternoon. The seller of our new house is now ticked at us for this terrible inconvenience and she wants compensation for her time as well! Afterall of this guess who gets to move in today? The person who bought our house, his mortgage company that inconvenienced us compensates NO ONE? How is that fair? One entire day lost! Oh one more thing, I had the carpet cleaners coming to the new house at 1 p.m. and had to cancel -- they had no other openings today or tomorrow! So, I get to move into a house with dirty carpeting! WELLS FARGO needs to pay for this terrible inconvenience.
0 votes Thank Flag Link Mon Jun 29, 2015
I've had more success dealing with Wells vs Chase. I've also had problems with Capital One changing numbers during processing...got it rectified, but as with all lenders, they are not responsive...it drags out. The best route I believe is to go with a smaller bank that provides better service. Tom Hinz http://www.shortsaletosell.com
0 votes Thank Flag Link Thu May 7, 2015
We are working with Wells Fargo right now, and as a realtor for 16 years, and having personally worked with several banks, this has been the slowest and worst process to date. I was told they would be able to close our loan on time, which was 31 days. Today, after 20 conditions, which I met all of and submitted within one business day, I am being told that "hopefully we can close the loan in another week or so." We are already seven days past the purchase contract now, which IF they ever close and IF my Seller doesn't cancel, we will be lucky to close 15 days past the date specified on the Purchase Contract. Time is of the Essence means absolutely nothing to Wells Fargo. I would run away from any big bank, and keep it local if possible.
May 4, 2015.
0 votes Thank Flag Link Mon May 4, 2015
I have WF. TOOK THE OVER 2 MONTH FOR CLOSING. WITH THIS, they sold me a fake, false appraisal that caused me to over pay on my property. They also duplicated the closing cost. I was charged at closing the full amount for the fees and the same cost was rolled in the loan. They also added 9000.00 in additional, for some unknown kickback fee, raising the home purchase and loan higher than my purchase amount and that was with 25 down payment. They forced me into foreclosure, a ROBO signed one at that and left me in litigation limbo. Hope this helps you.
0 votes Thank Flag Link Fri Apr 10, 2015
I have WF. TOOK THE OVER 2 MONTH FOR CLOSING. WITH THIS, they sold me a fake, false appraisal that caused me to over pay on my property. They also duplicated the closing cost. I was charged at closing the full amount for the fees and the same cost was rolled in the loan. They also added 9000.00 in additional, for some unknown kickback fee, raising the home purchase and loan higher than my purchase amount and that was with 25 down payment. They forced me into foreclosure, a ROBO signed one at that and left me in litigation limbo. Hope this helps you.
0 votes Thank Flag Link Fri Apr 10, 2015
I am on my 65th day of waiting(seller) too close. The mortgage company is GVC mortgage out of Evansville, Indiana. I've signed 2 extensions, cancelled my movers 4 times. Every week on Monday we are told that they see no reason why we would not close on Friday of that same week. Friday has come gone 4 weeks in a row. It is always one more minor issue that the underwriter wants. If I ever sell another home it will not be to someone that is going FHA, or VA. And do not believe that being "pre-approved" means anything, it means absolutely nothing.
0 votes Thank Flag Link Thu Mar 26, 2015
We have been in a " closing loop" for almost two month with Wells Fargo. I don't have any information about Chase but Wells Fargo has been nothing but a black hole. We've been misled at every turn. If you have a choice I would never use WF.
0 votes Thank Flag Link Thu Oct 16, 2014
Chase is just as bad. Going on 2 1/2 months on a house I put 70% down on, 30 years employed, they lie and mislead, change terms, etc. I hate them, I hope they all get cancer.
Flag Tue Jul 14, 2015
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