Wells Fargo Home Mortgage

A week before Christmas 2008 we submitted an online mortgage refinance application with Wells Fargo in an effort to combine our 2 extra mortgages into our main loan. 2 days later we received confirmation of the application and were told that we would be contacted after the holidays. When we received no word from Wells Fargo by the end of January 2009 I again contacted them for a status update. Finally on February 10th I was able to contact the Sioux Falls office and was forwarded to Jeffrey Buum who I was told would be handling my application and he informed me of the paperwork that would be required. I then submitted and signed all the necessary paperwork and waited for them to process it and schedule the 2 appraisals needed for an FHA refinance. One month went by with no word on the appraisals so I again contacted Jeff from Wells Fargo and finally was able to get the first appraisal scheduled and completed but then had to wait another 3 weeks for them to schedule the second appraisal which finally occurred at the end of April. Once the 2 appraisals were completed at a cost of $500 per inspection and submitted we found that we had a $7000 discrepancy between the 2 final values with work needing to be completed to bring the 2nd appraisal in line with the first. Unfortunately, during the time we spent waiting for Wells Fargo to get everything scheduled and completed, the FHA changed their guidelines lowering their maximum loan amounts from 95% to 85% of appraised value which we were never informed of before hand making our loan no longer possible. If we would have been told by Wells Fargo that the FHA guidelines were changing we would not have spent money on the 2nd appraisal or if Wells Fargo would have processed our application in a timely matter we could have completed the process before before the guidelines were changed allowing us to qualify at the higher loan percentage.