I am a Real Estate broker, representing the Seller
in a real estate transaction. The buyer elected to
use Wells Fargo for their financing. After the
contract was submitted to Wells Fargo so that they
could begin working on the file, the file sat in
limbo (from 7/21 - 8/13) before being sent to
The buyer's agent and myself both tried to contact the bank on multiple occasions to get an update, only to NEVER get a response. Finally on 8/7, I received an email from the loan officer stating that she had been out of the office for health reasons. I never got an out of office message and apparently there was no back-up taking care of her workload while she was out.
After an additional week of no updates, I reached out to the branch manager and was told that they would escalate the file, but that they couldn't really talk to me about any details, as I wasn't the buyer or their agent. Keep in mind, I was not asking for any specific NPI or buyer details, but only enough information to pass along and set an expectation for my Seller. My Seller was counting on this deal to close on time, as she was taking a new job in Texas and was originally supposed to be there on 8/27. The whole reason she was selling her home to begin with.
Finally, Wells Fargo sent the documentation to the closing attorney, stating that closing would be set for 9/13. When pressed to try and escalate, Wells Fargo told the closing attorney that they could possibly move closing up to 9/10, but he never heard back from them.
On 9/12, all of the sudden each of the signatures that Wells Fargo had on the documents we provided all "disappeared", at which point they requested the documents be re-signed. After sending and re-sending the same exact documents, FINALLY, they saw the signatures.
At 9:15 pm the night before closing, the loan officer sent out an email stating that there had been a "miscommunication" and that the file was still in underwriting, pending approval. Closing could not occur the next day and it would have to be sometime the following week.
At this point, I escalated to the Office of the President at Wells Fargo and received a call from Nicholas Franck. Apparently an executive "Resolution Specialist". After being presented with the evidence showing that Wells Fargo had dropped the ball, he essentially washed his hands of the situation and was sure to tell me that, while unfortunate, Wells Fargo doesn't really care about the impact to the Seller because they are not Wells Fargo's customer.
He also went as far as stating that he felt Wells Fargo did a great job because all they could see is that the application was started on 8/13 and that they were able to get it clear to close in 30 days. He refused to acknowledge the PROOF I sent him showing that the application was completed on 7/7/18 and that the contract was sent to the LO on 7/21.
He did volunteer to coordinate a closing for my Seller, as she could no longer wait to start her new job in Texas. He stated that it would be easy for them to set up a closing for her when she got there. I told him that we would need for him to take care of coordinating her closing, but I had to send two additional emails and leave an additional voicemail for him because he did not respond.
When Nicholas finally DID call me back, he volunteered no help at all, simply stating "Wells Fargo only needs one document from your Seller and the closing attorney already has it. Try to get it worked out with them".
If you are a home Buyer, steer clear. If you are a home Seller, I urge that you CAREFULLY consider any offers you receive from a buyer who wishes to use Wells Fargo. If you are a real estate broker, I suggest you consider recommending one of your other preferred lenders.
After a 14 year career in mortgage and banking and over 45 Real Estate transactions as a RE Broker over the past 2.5 years, this was BY FAR the worst transaction I have ever been a part of. The way way Wells Fargo handled it was embarrassingly poor.… read more
Reviewed by: @chillyc_7500