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Is the normal WF mortgage process to continually HP credit throughout the mortgage process? I helped my parents build their house, and we put in about $120k each. Now to get our money back we wanted to take a mortgage out for the value of the house/land, appraised at $620k, and consolidate all the loans on the other houses we own into one. We started off being approved for a really good rate at the beginning of 2013. However WF continually pulled my parents credit monthly, sometimes twice a month. In June right before closing they told us due to excessive Inquiries and changes in the credit report they are unable to offer the curent rate, and offered a rate .75% higher. The only inq's was from them, and a decrease in CC balances across the board.
Anyways the Inq's continued after we accepted the rate change. 2 months later they inform us again due to credit profile changes (Excessive Inquiries) that our rate is now .5% higher due to an increase in the prime rate and credit profile changes. From the beginning of the process in May, until last month a total of 6 inquiries were made by them, all from the mortgage process.
I convinced my parents to move over to my CU for a mortgage, and we had no problems pre-qualifing at a much lower rate. The loan officer commented to us about the excessive inquiries from Wells Fargo, and says that is not the first time she has seen that from them. Is this normal practice? I feel like we were conned into the higher rates with WF and if I hadn't urged my parents to move the loan to a different institution then they would have been stuck with an artificially high interest rate. Once the loan is finalized with them, they are moving over all investment accounts to the credit union from Wells Fargo.
ewwwwww.. that sounds so shady!!! wow.
Wells Fargo is noted for these kinds of issues and other serious issues.....stay away from them.
My sister's fiancée had/and continues to have huge problems with his mortgage through WF. Avoid them.
@Duncanrr wrote:My sister's fiancée had/and continues to have huge problems with his mortgage through WF. Avoid them.
Agreed, we are switching everything over to credit unions. The only reason we were with WF in the first place is because they are the only bank near us. Luckily our credit unions offer mobile deposit so no reason to have them now.
They both started out with 710+ scores, and at the end had scores around 670. They kept trying to push their credit card on both of them during every call to the mortgage office. Both had account historys dating back to the 70's and no derogs, only inq's. No new credit accounts on either account since 2008.
i hear nothing but horror stories about them.
When they were my mortgage servicer for our first home, we never had any issues with them. In fact, I'd say they were pretty prompt and understanding about any issues that may arise. Our loan was sold to them from a local bank so I have no idea about how loan originations go, but this doesn't sound good. All they would do while servicing is just soft pulls. Have other folks had bad experiences in the servicing and loan origination side of things?
@n0smirc wrote:When they were my mortgage servicer for our first home, we never had any issues with them. In fact, I'd say they were pretty prompt and understanding about any issues that may arise. Our loan was sold to them from a local bank so I have no idea about how loan originations go, but this doesn't sound good. All they would do while servicing is just soft pulls. Have other folks had bad experiences in the servicing and loan origination side of things?
We are rural, so most correspondance with the mortagage dept. was telephonic and through the mail, maybe this had something to do with it. We did not have any in branch contact except for the beginning when the initial application was done.