mrken30

I have a non WF mortgage and as I said in previous post, this is pretty much standard across most mortgage providers, not just WF. Some may ask for more and some for less.

It has been asked on several occasions to keep this on topic, either WF or commission.

mrken30

That is quite often the way after a big incident, but not always. Some corporations try hard to mitigate the damage, look at United Airways, and some corporations are arrogant regarding image.

What happened to WF customers happened to me as a US bank customer. Lot is probably dependent on the local management and if they get caught.

hungryhorace

I'm certainly not miserable; I'm simply an intelligent realist with a cynical persuasion.

MMcD

Were I to look to Wells Fargo for a mortgage (which I wouldn't), given the mammoth scam and scandal, I'd say thinking about "WF Mortgage commissions" misses what's important to consider.

Before initiating a financial relationship with Wells, I'd want to find out what has replaced:"8 is great"?
I want to know : Is "2 too few"?
Could it, therefore, be: "4 or more"?

Or, to put it another way - You should try to be sure you weren't going to be scammed or taken advantage of.

Because I WAS!
And that was without proactively doing anything other than maintaining my long held (3) accounts with them.
Obviously, with "8 is great" as corporate credo - "3 was wee"!
It wasn't sufficient.
And so - taking advantage of info they already held....
I became one of the 2 million deposit and credit card (new) accounts fraudulently opened by Wells Fargo.
And NO! - unlike what's been erroneously stated above by someone - all the other banks are NOT "as bad and they just haven't been caught yet."
That's rubbish!
Hence Wells spectacular Wall Street valuation It's one un-matched by any of their "just-as-bad" competitors who "just haven't been caught yet"

BTW, to date I've received no letter of apology for their abuse of my personal information, nor for the hit which their doing so did to my credit rating.
Fortunately - Wells Fargo's chicanery has had no pragmatic impact for me. My credit rating was extremely high before their nefarious activity and I'm not doing anything in the foreseeable future where my score would matter.

However...new ex-pats won't be in a similar situation. I feel it's important that if anyone is considering opening accounts, mortgage or otherwise, with Wells Fargo - they should at least be aware of what has occurred and the context in which they're doing so

To that end viewing the following 7 minutes might save hours of future grief:

Giantaxe

"Cross selling is shorthand for deepening relationships".

Stumpf is quite the comedian.

"Cross selling is shorthand for deepening my pockets" would be closer to the truth for him.

hungryhorace

No one should touch Wells Fargo for financial products. Their leadership team should be in prison, soon to be joined by the leadership of Barclays with any luck.

If this thread serves any purpose it is hopefully to make people aware of the criminal actions taken by WF and ensure they have no further business put their way <snipped>

petitefrancaise

jesus! you are incredible. I mean that in the real sense.
https://globenewswire.com/news-relea...r-Ranking.html

The biggest mortgage lender in the USA by a long, long, long way. Most of America seems undeterred by the shenanigans of the banking arm. Their mortgage business does not appear to have been affected even up to Q4 2016. It seems most of the USA thinks they are getting a good deal and trusts WF.

MMcD, I am truly sorry to hear that you were affected and I really hope that you are amongst those compensated.

< snipped >

BEVS

I'm a bit cheesed off.

It is fine to have a thread about this Wells Fargo and how it operates or about any other similar banking/financial service. What to watch for. What is helpful. How the system works. Personal experiences and all that.

Just keep the uncomplimentary personal comments , whether cloaked or direct, out of it please.

petitefrancaise

I'd like to point out that someone else started this particular thread.

Also, since WF is the single largest provider of mortgages in the USA, since they have an International Program designed to overcome the difficulties of no US credit history (like IAS do, like VW do) that discussion of this is directly relevant to the expats on BE.
Also, just to reiterate, I have no relationship with WF, no more than I have a relationship with IAS or Worldfirst. Knowledge is indeed power and I hope that other expats will now go away and be more aware of what options are available and from whom.

My intention when asking for questions from this forum originally was to get as much information as possible to enable all of us to make good decisions.

Giantaxe

The shenanigans weren't limited to the banking arm. Here's a very recent lawsuit related to changes they made to mortgages without the agreement of the holders:

https://www.nytimes.com/2017/06/14/b...-mortgage.html

And I posted this earlier in the thread:

https://www.propublica.org/article/h...e-of-customers

MMcD

Staggering..old habits die hard - or rather, never die

ps: a follow-up piece (to the above) in today's NY Times entitled "Oops, Wells Fargo Did It Again" concludes by saying:

"The Great Recession of 2007 to 2009 exposed many failings of the financial-services industry. For now, though, most of Wells Fargo’s big rivals appear to have put the worst of their transgressions behind them. Mr. Sloan’s shop keeps swerving into new ones."

Sloan is the successor to Stumpf...

mrken30

The culture seems quite ingrained in Wells Fargo, probably best advice is to stay away for a few years to allow time for a culture change.

Wells Fargo produced records showing it had submitted changes on at least 25 borrowers’ loans since 2015.

My experience found it very strange that they used an appraiser based in Arizona(from memory) and did not ever visit the house. I think they just used zillow and google maps.

WF did give a response to their DAPL involvement. Not sure how much it excuses them, but looks like they made an effort.

https://www.wellsfargo.com/about/cor...cess-pipeline/

mrken30

Thanks for this, I did ask is 90 days was normal for WF application when I had been waiting 2 months.It appears that this is the norm. Other lenders I have worked with have closed in 4 to 6 weeks

mrken30

Looks like they were also extending loan terms without consent. Did they make the rules up as they went along? I feel quite concerned about having a WF product.

Wells Fargo drives stagecoach further into mud | Reuters

It's bad guys like WF that give law makers leverage to pass new bills.

http://www.reuters.com/article/us-we...-idUSKBN19I2UX

Giantaxe

"Fed is prepared to act against Wells Fargo if warranted, Yellen says"

Fed is prepared to act against Wells Fargo if warranted, Yellen says

One thing i didn't know was that the Fed fined WF in 2011 for illegally steering customers to more expensive loans. Another thing for potential borrowers to consider.