I made the mistake of going with Wells Fargo since they already held my mortgage. I thought it would make it easier. I thought I could trust them. I thought wrong.
I gave them $341 out of pocket to do the appraisal. After being confirmed that the loan refi would be no problem, all my numbers were excellent, great credit, LTV ratio was perfect, income was good, everything was in order. I was approved and awaited the closing date. Then I got a denial letter. Something about "not being a benefit to borrower". I asked numerous banking professionals what that meant and not a single one could come up with an explanation. And of course it was impossible to get anyone at Wells to talk to me. To add insulet to injury, they weren't going to refund my money. Luckily one of my customers is a real estate lawyer and talked to someone at WF and got me at least my appraisal fee back ($325).
But the joke ended up being on them in the end. I got a better deal elsewhere and just gave WfF the official boot!
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