Wells Fargo

During the first week of January in 2009 I started the process of refinancing my home loan. By 1/10/09, I provided all the requested documentation t0 secure the loan. The loan was funded on 3/27. Amazingly the loan officer did not need a single piece of additional information. Communication from my mortgage specialist was poor. I often found that I needed to be the one to follow-up with him. He told me verbally and documented in an email that he would automatically lower my rate anytime during the process. This was not done. When I noticed that rates had dropped I was the one who reached out to him. In discussing my options with him he told me that he could lower the rate but we would need to restart the whole loan process again. I have sent him 3 emails asking him at what point during the loan process did we reach the point where he could no longer automatically lower the rate. His responses to me have not answered my question, in fact this were a little rude to the point that I now plan on reaching out to his supervisor.

In addition I had to sign my loan documents twice as the first time he put together the documents he used the incorrect dates. Below are some of the email's:

____________________________________________
From: Mortgage Consultant at Wells Fargo
To: Mr. X
Sent: Tuesday, January 6, 2009 1:25:56 PM
Subject: RE: Follow-up from our Phone Conversation

Hello Mr. X,

It was nice speaking with you. For an estimate with a complete breakdown please click on apply now on my e-card or website link below and fill out 10-15 minutes of information. Your information will be directly transmitted to me where my team and I can begin working on your estimate. Typically I will have this back to you within 24-48 hours.

I have also attached a list of the documents I will require for full approval and to lock in your rate. I recommend locking as soon as possible and remember I will automatically lower your rate/payment if rates drop anytime during the process.

Please feel free to contact me if you have any questions.

Best Regards,
Mortgage Consultant at Wells Fargo

________________________________________________
From: Mr. X
Sent: Thursday, March 26, 2009 11:28 AM
To: Mortgage Consultant at Wells Fargo
Cc:
Subject: Home Loan - Rate Follow-up

Mortgage Consultant at Wells Fargo,

Thank you for getting back to me on my question regarding the application fee, I had expected to see it as a credit for the cost of the loan, I see that is not.

Additionally thank you for offering to answer other questions if I have them. In fact I do.

I would like to understand why after having to go through the process of resigning documents this week why my rate stayed at 5% and why it was not lowered given the rates dropped below 5%. According to your email, you indicated that you would automatically lower the rate/payment if drop anytime during the process. Seeing as are still in the process of, I would like a clear why the rate did not drop and at what point did it required to be locked. Anytime implies anytime before we close. Please explain, email response requested.

Regards,
Mr. X

____________________________________________
From: Mortgage Consultant at Wells Fargo
To: Mr. X
Sent: Thursday, March 26, 2009 1:16:39 PM
Subject: RE: Home Loan - Rate Follow-up

Hello Mr. X,

I recall we discussed in detail on 3/19 the rate was only an .125% lower with a very minor difference in payment. I told you we would have to re-send the file through underwriting again, have it re-approved and delay the funding.

You said no, just to move forward with the way we had it set up. Once documents are drawn the only option would be to cancel documents and go through the above mentioned process again.

Regards,
Mortgage Consultant at Wells Fargo

____________________________________________
From: Mr. X
To: Mortgage Consultant at Wells Fargo
Cc:
Sent: Friday, March 27, 2009 3:01:30 PM
Subject: Re: Home Loan - Rate Follow-up

Mortgage Consultant at Wells Fargo,

From our conversion on 3/19 when I asked the question about lower rates you did highlight that you would need to re-send files. This was prior to having to resign the loan documents. In our conversation you called out a risks of going through the re-approval processes. I said no based on this needs and the hassles you highlighted. I was asking again based on the fact that I needed to resign documents this week.

When we discussed the loan you called out as documented in your email that you would automatically lower your rate/payment if rates drop anytime during the process. My question still stands, I would like to know at what point in the process did we reach the point of not being able to automatically lower the rate? It sounds like you are saying that point was when the file went through underwriting, so I would like to understand the date when this point was reached. I would like to know this for future home loans.

You gave me the false impression initially that through the load process this would happen, I suggest in the future you are clearer to your customers and avoid using terms like "anytime", like you did in your email to me. ("I will automatically lower your rate/payment if rates drop anytime during the process".)

Thanks for the return phone call to confirm the loan has been funded. It is hard to believe that this process was started back on 1/6/09 and that it took until today (3/27 close) while taking into consideration I provided all of the needed documentation the same week we first spoke. I fully understand there are a number of factors involved, I'm just glad this is now complete.

Mr. X

____________________________________________
From: Mr. X
Sent: Tuesday, March 31, 2009 12:28 PM
To: Mortgage Consultant at Wells Fargo
Cc:
Subject: Re: Home Loan - Rate Follow-up

Mortgage Consultant at Wells Fargo,

I have not heard back from my and my question is still open, I would like to know at what point in the loan process did we reach the point of not being able to automatically lower the rate?

Regards,
Mr. X

_________________________________________________________________

From: Mortgage Consultant at Wells Fargo
To: Mr. X
Sent: Tuesday, March 31, 2009 5:07:18 PM
Subject: RE: Home Loan - Rate Follow-up

Hello Mr. Z,

We can lower the rate at any point during the process. The day it dropped lower you told me not to go through with the process of lowering the rate because you did not want the loan delayed any further.

Regards,
Mortgage Consultant at Wells Fargo

____________________________________________
From: Mr. X
To: Mortgage Consultant at Wells Fargo
Sent: Tuesday, March 31, 2009
Subject: RE: Home Loan - Rate Follow-up

Mortgage Consultant at Wells Fargo,

Based on your guidance and explanation that we would basically need to restart the entire process, you are correct I said no. I had the understanding that that since I had already signed the escrow papers (the first time) that it would basically need to start the entire processes again. The last thing I wanted to do at the time was to go through another almost 3 month period to refinance. Our conversation started about a lower rate when I happen to be the one to initiate the conversation.

My question remains, you said that you would automatically lower the rate, at what point during the loan process was it no longer possible for you automatically lower the rate? As I stated, I would like to understand the date when this point was reached so that I know for future home loans.

Regards,
Mr. X