Wells Fargo – “Documents will be ready Friday.” Too bad the closing date was last Monday.
I’m not going to go into the whole sordid tale, as it would take all day and probably bring us all to tears, so just let me sum up (it’s still long – sorry)…
We’re buying a house. We’ve owned homes before, this one will actually be our fourth, and have always gone through Washington Mutual for our home loans. The loan process was always quite easy with WAMU (some would say that was their downfall), but with their changeover to Chase, we were a little uneasy going there this time. Our realtor recommended Wells Fargo, and they seemed to have received some good press lately, so we said “Wells Fargo it is.”
That was our first mistake. And possibly our last, as you’ll see.
We’re thinking about making an offer, so we talk to Wells Fargo. We both have jobs and don’t look too scruffy, so WF was happy with us. We lock in our rate and hand over our pile of documents. They say “you’ve got this much to offer.” So we do. We set a closing date seven weeks out, as the sellers have kids in school and need a little extra time to get ready. WF says “All right!”
Fast forward six weeks. We’re now a week from the closing date. We’ve had the usual, weekly talks with our local WF rep. They need this document, they need that form. But nothing serious. Everything is proceeding normally.
Six days before closing, our local rep says “I’m a little worried. Your file is in underwriting and they take 24-48 hours to do this step, 24-48 for this step and 24-48 for this step. That takes us very close to the date. I’ll remind them of your closing date and ask them to hurry.”
Five days before, local rep: “I’ve told them to hurry, but I haven’t heard back.”
Four days before, local rep, by e-mail, at 4:55pm: “Still haven’t heard back from Underwriting. I’m going on vacation now, so my boss will help you.”
Oh no, you didn’t! The e-mail while heading out the door trick! You bitch!
Three days before, local rep Supervisor, who was actually a step up in responsiveness from the mousy rep: “I’ve been calling and yelling at Underwriting to move yours to the front, but I haven’t received a response.”
You’ve got to be fucking kidding me now. We’re three days away. Even using the low end of each “24-48 hour step,” we’re not going to make it. We’re now calling WF multiple times a day, asking, begging, demanding, that they get our loan done by the closing date. Our realtor is doing the same.
T-minus two days: Still no word from Underwriting. Even though Underwriting won’t talk to us or our local branch, the local reps can see movement of the file electronically. It ain’t moving.
T-minus one day to closing: File still hasn’t moved. No one at WF will tell us why or give us any kind of date as to when it could be done. Sellers of our future house are freaking out as they’re already moved out and waiting to close on their new house, which can’t happen until WF finishes the fucking documents for us.
Closing day: nope, it’s not happening. Still no word from Underwriting on why or a new date that it will be done. Just. Nothing.
T-plus one day: we’ve signed an extension on the house offer, but the sellers don’t want to sign it because they’re pissed. I don’t blame them, but now our proverbial ball sack is really hanging out in the wind on this deal.
T-plus two days: we finally talk a phone number out of the local Supervisor for an Underwriting Manager. He’s not supposed to give out the number, but he’s pissed that we’re yelling at him every day instead of Underwriting, so he hands it over. We scream at the Underwriting Manager until he finally tells us, “we’re behind on all loans by about three and a half weeks. We just can’t catch up. We’ll probably have yours done on Friday (five days after the closing date).”
What. The. Fuck.
Now the sellers are beyond pissed, to the point where the whole deal might go under because they may have to rework their loan on the house they’re buying because we’ve gone so far past the closing date.
I expect to be bent over by banks – that’s their motto. But I’ve never seen a more useless bunch of fucking crapweasels than these assholes at Wells Fargo. They could have told us a week ago that it wasn’t going to happen…they could have told us two weeks ago it wasn’t going to happen. Hell, they knew six weeks ago, when we could have picked any fucking closing date we wanted, it wasn’t going to happen, but instead they chose to lie about it every fucking day for the last seven weeks and just let our dreams of owning this house go right out the fucking window.
Fuck Wells Fargo.
Oh, and the first poster who replies “I got my home loan from Wells Fargo and it went great!” gets my size 12 Nike right up their ass. Don’t even go there.