After years with no problems, to get a better rate, I refinanced my existing WF home mortgage last summer. They gave me the best rate with a “lower monthly payment” than the other companies I checked. I THOUGHT.
First problem, they “forgot” to pay the PROPERTY TAXES before the end of the year. When I was notified by the COUNTY, I contacted WF and they made the payment from escrow. But that was after the first of the year, so missed the cutoff for the SALT limit.
Second problem, they never escrowed my homeowner insurance. The ORIGINAL LOAN DID, so I assumed the refi would too. (You know what they say about “assume”.) When I was notified by the INSURANCE COMPANY that my policy was in default because WF did not pay the bill, I contacted WF and was told they did not require that escrow because the condo master policy was sufficient, so I should pay it out of pocket. Surprise!
So… BUYER BEWARE. I cannot explain why they missed the tax payment. And… when I refi’d the loan, their “monthly payment” was lower because they did not include all of the escrow (tax+insurance) the other banks had. May be my fault for assuming the loan was set up for proper escrow, but I definitely feel that WF misled me.
Also important, note that these problems - missed tax payment, missed insurance payment - occurred without any notice from WF. I had been their customer for years without problems, and am extremely disappointed with their current service.
All I can do is let everyone know about these issues with my loan. And I will.
And if you wonder why WF have a bad reputation, now you know.
First problem.