Wells Fargo Home Mortgage
Another popular name in lending is Wells Fargo. After all, it's a well-known name. Wells Fargo Mortgage has its roots in Wells Fargo Bank. Wells Fargo is a large financial institution, which services a variety of corporate and personal financial needs.
The Wells Fargo website states: "Wells Fargo (NYSE: WFC) is a diversified financial services company - providing banking, insurance, investments, mortgage and consumer finance from 6,000+ stores, the internet and other distribution channels across North America and elsewhere internationally.
We're headquartered in San Francisco, but we're decentralized so every local Wells Fargo store is a headquarters for satisfying all our customers' financial needs and helping them succeed financially. We are one of the United States' top-40 largest private employers. We ranked fourth in assets and fourth in market value of our stock at June 30, 2004, among our peers."
It was a bit of a job to get to the "homepage" of the mortgage site. However, we found it at wellsfargo.com/mortgage. When we located the right page, it proved to be a treasure trove of information on home buying, refinancing and applying for a loan. Of course, these are all the things a homebuyer and prospective client would be interested in. There is more than information; you can access tools both for the homebuyer and for the person interested in refinancing.
We did come across some negative consumer feedback on Wells Fargo as well as some online financial advisors who didn't recommend some of their business approaches. Of greatest concern to us was a website which is looking into illegal business practices of Wells Fargo, and has the following information on it as of August 2005:
"We are investigating complaints from Wells Fargo customers who found undisclosed fees added to home mortgages advertised as having no closing costs, no appraisal fees and no points.
While they didn't have to come up with or receive any cash at closing, consumers complain that the amount of the refinanced loan by Wells Fargo was up to several thousand dollars higher than the pay-off amount of their original mortgage."
This sounds like a class action suit in the making. If you are considering a mortgage with Wells Fargo, you may want to do some additional research into this in order to get the most up-to-date information.
We also found a news release from the Department of Corporations in California that was dated May 3, 2003. It states: "Citing a pattern of overcharging borrowers, state regulators yesterday revoked the mortgage lending license of Wells Fargo, but the bank will continue to make and service loans under federal jurisdiction."
As a large player in the market, another concern for the consumer is that Wells Fargo values your business. Be sure to check out local consumer feedback on any lender, as this is key to your happy relationship with them. Also be sure to compare quotes so that you get the best interest rate for your mortgage and your credit situation.
Don't discount small lenders out of hand. A small lender may cater to your needs and be more flexible. Shop around.
Mortgage Guide 101. Used with permission. See