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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James Atkins…, Home Buyer, Los Angeles, CA
Fri Jun 14, 2013
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.
6 votes
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
Sarah D'Ange…, Agent, Latham, NY
Thu May 30, 2013
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
6 votes
Anil Singh, Home Buyer, North Brunswick, NJ
Wed May 28, 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.
5 votes
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
G, Home Buyer, New York, NY
Wed Nov 20, 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!
4 votes
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
Rosemary (Ro…, Agent, Hampton Bays, NY
Tue Jun 25, 2013
3 votes
Why are you screaming?! Lol
Flag Mon Feb 22, 2016
Aaron, Other Pro, Alhambra, CA
Wed Jul 11, 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.
3 votes
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
Christine Go…, Agent, New York, NY
Mon Apr 1, 2013
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
10 months and still waiting for a closing date!
Flag Fri May 20, 2016
lbillberry, Home Owner, New York, NY
Fri Mar 8, 2013
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
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
May, Home Buyer, Brooklyn, NY
Sat Mar 2, 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
Joe.small62, Home Buyer, New York, NY
Tue Sep 25, 2012
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
Donald Mituz…, Agent, Chappaqua, NY
Sat Sep 15, 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
Joesmall, Home Buyer, New York, NY
Thu Sep 6, 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
Abeni A., Home Buyer, Atlanta, GA
Sat Apr 21, 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
Anna M Brocco, Agent, Williston Park, NY
Sun Mar 18, 2012
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
ME, Both Buyer And Seller, Atlanta, GA
Sat Mar 17, 2012
wells fargo slow and communication is HORRIBLE....buyer be aware...and patience...
2 votes
Charity Stam…, Home Buyer, Wingdale, NY
Wed Feb 11, 2015
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
dploves2sell…, Agent, Woodbury, NY
Mon Sep 15, 2014
My son had an issue with Wells Fargo. His credit score was excellent, he had all his paperwork submitted, Wells kept asking him for information that he had already submitted. It took about 30 extra days to close, maybe a little more. There was also an address that came up that he had never resided at, so he had to have that taken off of his credit report.
1 vote
Binita.barai, Home Buyer, Chicago, IL
Tue Sep 2, 2014
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
Adam Kelly, Mortgage Broker Or Lender, Downers Grove, IL
Wed Jul 30, 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
csand749, Home Buyer, New York, NY
Mon Jul 7, 2014
I had no problem with Wells Fargo they are always there to help me
1 vote
Josh Barnett, Agent, Chandler, OK
Mon Feb 10, 2014
When clients used those banks I did, I recommend local lenders to clients to help alleviate delays.
1 vote
Shane Mires, Home Buyer, Mount Juliet, TN
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
lenamariehoff, Home Buyer, Wallkill, NY
Tue Jan 28, 2014

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.
1 vote
Michael DeFi…, Agent, Miami Beach, FL
Sun Nov 24, 2013
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
LoveUSA, Home Owner, Las Vegas, NV
Thu Sep 19, 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
allan erps,A…, Agent, Pearl River, NY
Tue Jun 18, 2013
Both are decent and reputable Mortgage Brokers but there are delays with most Banks as they thoroughly investigate all Buyers.
1 vote
Adam Krzesni…, Agent, Jackson Heights, NY
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
Moderndrumme…, Home Buyer, New York, NY
Sun May 12, 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
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
thecaucasian…, Home Owner, Provo, UT
Wed Jan 16, 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
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
Cganzer, Home Buyer, New York, NY
Thu Sep 13, 2012
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
reeltore, , Florida
Tue Aug 21, 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
Mark Fisher, Mortgage Broker Or Lender, Bronx, NY
Sat Mar 17, 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
Jgandbplanier, Home Buyer, New York, NY
Mon Mar 13, 2017
In 2015 having banked with Chase for 20 years we went to them directly for a mortgage in Dallas. They kept saying everything was good and we gave them everything they requested-3 different people told us it would close. Eventually after 60 days the sellers walked away with our $2000 escrow. We found another house one street over and another lender who closed us in 30 days. I spent 2 months talking to different people at Chase trying just to get my $2000 back-nothing not even an apology-they did not understand at all what they had put us through. I closed my account with Chase and would not recommend them.
0 votes
Jerydaplumba, Home Buyer, New York, NY
Sun Jan 22, 2017
Using chase for refi now. It is the worst experience ever. New jersey branch. Mortgage broker Fred Shapiro, he is incompetent and unreliable. Going on over 7 months now. He does not even answer phone calls. When he does answer the phone he is rude as hell. I have filed complaints with chase cooperate, the cfpb, federal reserve, BBB and several others. I will never recommend or use them again. Shopper beware. STAY AWAY FROM CHASE BANK.
0 votes
Brendajohnso…, Home Buyer, Kodak, TN
Sat Jan 21, 2017
I don't know about 2012 but I can tell you about 2016 & 2017. I sold my house and property to a young man in Sept.2016 who went to Wells Fargo in Oct 2016. The appraisal has been done and the title company has requested my Signature and once again it has come to a screeching halt
0 votes
Nerdmom2003, Home Buyer, New York, NY
Tue Nov 1, 2016
July 12, 2016 to October 25, 2016. Still hasn't "funded" however, waiting on deposit into checking account. I did get a lot of communication and simply their mortgage banking division was swamped. I didn't feel ignored at all.
0 votes
Lne2000, Home Buyer, New York, NY
Fri Oct 7, 2016
DO NOT USE CHASE!!!!!!!!!! THEY SUCK!!!!!! 90 days to close if you are a Chase Private client, immagine for regular client! Incompentent underwriters! DO NOT USE CHASE
0 votes
Eliezermyach…, Home Buyer, New York, NY
Fri Aug 5, 2016
240K home, 50K down, fido 782, 90K salary

I was contacted by one of there reps June 13 2016 I was reassured that my file appears to be pretty clean and straightforward and the large deposits from the sale of my automobiles should not be of any concern at all.

I was supposed to close on July 25, 2016 when escrow began June 15. First issue, the seller ( a major bank) did not sign the contract until about a week later. So it really began about on the 23 of June. Once that was done, they said ok everything seems good now and I do not see any issues with closing on the 25.

appraisal time, paid for it in the first week of july. The sellers agent was pretty much MIA so they said the could not have it done without him letting the appraiser in. I told my realtor she said she's never heard of this and called WF to see if she could let them in which was what she's done many of times in the past. WF said no. July 15 comes and now its fine to allow my realtor to let the appraisal in to appraise the property.

July 21 appraisal is "in," WF say they need until the 29th of July to close, they start blaming the sellers agent saying it was there fault from the beginning since it took so long to get the purchase agreement. The extension granted. July 25th arrives which is when they reassured me the would have the closing disclosure in by, and they state they just received the official appraisal report. The Senior banker calls me and says I have no doubt I can get you funding by the 3rd and the whole process finish by August 5th at the absolute latest. He also writes a letter to the closing agent assuring them of the same thing.

This is where they really start going sour.

July 26, they now need the leader of the union i'm part of to sign a document stating on part of the union. I have it back to them within 2 hours.

July 28 3pm, all of a sudden the second underwriter states that this is considered a flipped property because it was acquired by a company and sold before 6 months. Utilities were turned off during the appraisal and they need to be verified to be functioning. An email was now sent to the seller and us by the senior banker stating he was only "very confident" that he could close by August 5th but is not guaranteeing anything. All the utilities need to be turned on and reevaluated by a second appraisal. I had a private inspection when i first put in the offer on the home which he stated everything worked. They said if everything is on he can come out and write an additional letter stating that all utilities are on and functional. I have all the utilities turned on within one hour of scrambling and pleading with the utility companies and pay the back bills within one hour. The inspector comes out the next morning at 11 am and sends them the letter.

July 29, they want additional information on a the "employer" for a medical study that I did last year that I got a 1099 for less than $1000. I get them this within 5 mins.

Mind you all of these additional items have been verified 3 weeks prior and was stated to be fine, now they need additional documents out of nowhere.

August 1st, the day that they stated I would have my approval by on the friday July 29. They now want the inspector to send a copy of his business license even though his info is clearly verified on the NACHI website which i send them the link too. Doesn't matter they want the pic of the license. I get this too them within 3 hours. ALSO, 24K OF YOUR DEPOSIT CANNOT BE VERIFIED. Now? 1 day after i was supposed to get my loan approval!!!!! I ask them at 1pm do you need me to get a gift before i go to work at 3pm??? I can get one from my family member just let me know and it will be done before 2pm with a letter in my account same day. He thinks it will be fine with the additional documentation I provided to verify. 430pm comes, and now he wants me to coordinate a gift of at least 20K, while i'm at work.

August 2nd, 24K gifted to me in my WF account at 11am, receipts sent to them, and funds verified. they say they need to wait till next business day even though funds are available.

Aug 3rd, nothing, not answering phone calls

Aug 4th, nothing not answering my calls will only text me. 4pm day before closing, they now want proof that the company who has title has rights to sell.

Aug 5, Seller company sends them proof 5am, 11am comes, they want more proof. I texted them saying thank you but i'm getting a hard money loan who is funding me the same day. Now the manager of WF mortgage is asking me not to sign any docs and they're "trying." After he did not respond for days. going with hard money loan.
0 votes
U304521, Home Buyer, New York, NY
Wed Jun 29, 2016
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
Clift2015, Home Buyer, Denver, CO
Sat Jun 25, 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
Adalat141, Home Buyer, New York, NY
Thu Mar 3, 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
sooperman133, Both Buyer And Seller, Colorado Springs, CO
Wed Feb 24, 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
Gorillasteve, Home Buyer, New York, NY
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
Gorillasteve, Home Buyer, New York, NY
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
Gorillasteve, Home Buyer, New York, NY
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
Julie.b, Home Buyer, New York, NY
Thu Dec 3, 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
Cherie Josep…, Home Buyer, Tampa, FL
Wed Oct 21, 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
Amolina, Home Buyer, New York, NY
Wed Aug 12, 2015
0 votes
Venkata Srir…, Home Owner, Farmington Hills, MI
Mon Jul 6, 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
Mjfesler, , Columbus, OH
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
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