Wells Fargo Home Mortgage Sucks Customer Reviews and Feedback
Wells Fargo & Company is an American multinational financial services company headquartered in San Francisco, California, with central offices throughout the United States. It is the world's fourth-largest bank by market capitalization and the fourth largest bank in the US by total assets.
David shares his upsetting experience on consumeraffairs.com, "I am writing to tell you why I withdrew my application for a refinance mortgage and to tell you why I will never do business again with Wells Fargo. During the past 2 months, I have had an unimaginably difficult time getting my application approved to refinance my current Wells Fargo mortgage as a 15-year re-finance for our primary residence. Let me be clear that my wife and I should be ideal applicants with a high credit score (>800), no negatives, and plenty of assets. Our current 30-year mortgage is already with Wells Fargo. It is apparent to me that the mortgage process at Wells is broken and designed to convenience and protect the bank, not the customer."
Former Employee - Home Mortgage Consultant says"middle managers are horrible. they lies all the time because they know you can't talk to senior management. if you do, they give you an warning as insorbodination. I really got sick of my manager's lies."
Current Employee - Home Mortgage Consultant says"The hiring process is a joke, archaic and bureaucratic. The pay alone deters top talent, and you’re flat out lied to about what you’ll realistically make. The scoring metrics that affect your pay are set up to make you fail. You have to depend on incompetent and apathetic fulfillment partners to make a loan go through. But my role’s pay is adversely affected by their poor performance, but my performance has no negative impacts on their compensation. This leads to a combative and toxic work environment. Work life balance is a joke, and this is not a good fit for working parents. You’re pressured into working overtime every week. You’re bound to an inbound call schedule that will prohibit you from taking breaks that are required by law, and management constantly expects more production for no benefit to the worker. This schedule is also subject to change daily so you can never effectively plan your day or week. Expect to make about $50k a year, and this business is extremely detailed and complex to learn, so there’s a heavy ramp up period. The complex is rodent-infested and often smells like decay. Don’t eat at the cafeterias. The culture and work environment is pretty toxic. The sales people are so underpaid that they are unwilling to play as a team and help each other, management does nothing but track reports. There’s no real coaching or career planning opportunities. The whole company agenda is to bring in as much business as possible without having to pay out for it. There is no reason why an employee who brings in $25+ million worth of business annually for a company should have to scrape by to pay their bills."
Former Employee - Home Mortgage Consultant says"Terrible Leadership, It starts at the top and goes down to the market managers and even the Branch Managers. There is so much turn over that home mortgage consultants bounce from manager to manager. Branch managers play favorites with one or two people on their team and the rest of the team is left fighting for scraps. Management does a terrible job of coaching up and teaching new hires or helping long term employees get better. They only care about trying to clean up their act and fix all the compliance issues they have had. In truth, they haven't fixed anything. they still treat customers and employees as just a number and worry about how much they can make off of you. Its not about what is the right thing to do it is about who is right there. My personal experience was terrible. Many of my team members voiced the same issues and concerns. I had to file a complaint with HR which did nothing to help me or my team members. I was lied to on several occasions by management. Wells Fargo also robbed one of my customers. They took a payment there weren't supposed to. I filled several complaints and the customer was still waiting for his money back 2 months after it happened. If i am being honest I was very embarrassed to call myself a Wells Fargo employee. I am so happy to be moving on."
Former Employee - Home Mortgage Consultant says"Toxic environment, management disconnect and favoritism."
Current Employee - Home Mortgage Consultant says"Many. Favoritism is the biggest con for Home Mortgage Consultants (HMC's). WF has many leads and access to these leads is only provided to certain HMC's who are on a "fast response team". These HMC's are not required to obtain any outside referrals, or complete the required 10 weekly sales activities, and are given accolades for their production. Also, some HMC's have several banks that they cover that produce many mortgage leads, and others have 1 or 2 slow locations producing no leads. In my office, there are 11 loan officers, and the top 3 producers are on this fast response lead pool and have 3 or more busy bank branches that they cover. When management has asked about this difference in leads and branches (at least 4 of us have asked that I am aware of), their answer is that the playing field is level and nothing will be done. Another form of favorism is the assignment of processors to the HMC's. Favored HMC's have 1 assigned processor that they work with on every loan. All others are randomly assigned processors, who all have different ways of working. It makes the process awkward and difficult. Due to all bad press WF receives, you encounter realtors every day refusing to do business with the company. Also, many realtors refuse to work with WF due to past bad experiences they have encountered. I have worked for 3 other lenders and have never received so much negativity when cold-calling to obtain business referral relationships."
Former Employee - Home Mortgage says"Low commission and pay."
Current Employee - Home Mortgage Consultant says"Executive team only cares about themselves. Will cut anyone anytime to save a buck to increase the stock price and their pay. Everyone feels like it could be their time every day. They also aren't big fans of hiring from within the company across departments, and if it is your department they probably have someone picked so you're out and won't even get an interview. That's if they even list the job when it opens. They'll probably just add it to someone's plate and not pay them more. Seen it happen too many times."
Former Employee - Home Mortgage Consultant says"Terrible management, cut throat, managers do not help grow business in the branch which is the main purpose to work for a company like Wells Fargo"
Former Employee - Home Mortgage Consultant says"Micromanagement Bad reputation Unreal goals Hard to move up Weekend shifts."
Home Mortgage Consultant says"Poor management and support after initial training"
Branch Manager (Former Employee) says"They rip off customers and team members from fees and compensation. Leadership is a complete joke here. Learn what you can or apply at a real bank..Great clientsDMs are the worst."
Technical Support Specialist, Transcom, (REMOTE) says"They took away all incentives for performance because terrible employees abused the system now it is just a customer service job. Company treats employees like poorly management is terrible."
Complaint Remediation Rep (Former Employee) says"They make you work in covid19 in Orlando on lake underhill. They try to convince you that your safe as the work from home You have to work 90 days exposed then work from homeNoneShort breaks dumb managers"
Manager (Current Employee) says"No work/ life balance, leadership is very poor and no strategic vision, no accountability/responsibility at most levels, tons of co-ordinators, very heavy meeting driven culture, burn out rate and anxiety very high"
Customer Service Phone Banking (Former Employee) says"Although my time with wellfargo was not all bad, there are major fundamental work culture problems that exist within wells Fargo. Even when ignore the extremely toxic work culture you are still left with a company that has defrauded the American public time and time again...I would not recommend even being a customer much less and employee.They have moneys to pay you.Everything else."
Financial Crimes Specialist III (Current Employee) says"Company lacks ethics. Need proper people on management. No room for growth. Bank has documented proof of being untrustworthy. Still implies unrealistic goals."
Phone Banker (Former Employee) says"the call center was the worst job i’ve ever had. you are verbally abused & do not get paid enough to deal with the customers and the supervisors bull that they give. they do not support you. you will not enjoy this job."
Teller/Lead Teller (Former Employee) says"Too much stress, too much pressure, managers and service managers crazy. You have to concentrate on transactions, and a line never ends. Under pay to staff, specially to Tellers.Nothing. Many employees and former employs were happy the CEO, PRESIDENT AND CHAIRMAN( one man holding 3 posts) responsible of account opening scam, is gone.Still nothing is changed in a positive way."
Software & Hardware T1/Employee Inbound Call Center Support Specialist (Former Employee) says"Company does not comply with ADA. They refuse to accommodate in the work place and then if you complain about it. You will be let go and no reason ginice campusNO ADA compliance"
Personal Banker (Former Employee) says"Run, don't walk. Far, far away. Managers attempt to pressure you into unethical selling practices to exceed their branch goals. Ridiculous culture, and not surprised they were busted."
Teller, Lead Teller, Service Manager (Former Employee) says"If you work for this company and expose any of their wrongdoings you will eventually be terminated at will with no justification. Even the Human Resources Department is crooked. They hire the worst individuals into management causing a toxic environment. I would recommend doing a lot of research on this company as they have tons of wrongful termination lawsuits filed against them. They in no way care for any of their employees and are all about scamming the public. Advise with a licensed financial advisor before placing funds with this company. Good medical benefitsLow pay and crooked management"
Lead Teller (Current Employee) says"All management cares about is themselves. The are quick to call HR instead of educating you & reviewing with you! For the longest time, we were understaffed and over worked and the branch manager would hardly assist. Instead she pressured us to always give customers a great experience meanwhile she never cared about employee experience. & at the end of the day the regional manager or other branch managers would always tell her she was doing a great job & she would take the credit for things she didn’t do. Nobody but 1 person on our team likes her (they happen to be friends). She treats you & speaks to you in a condescending manner. & if you call HR, they do absolutely nothing. So many people have left the branch quietly but the reason they have transferred or quit is because of her. The relationship she has with us is so surfaced & only about work. I’ve never worked for a company that they manager constantly calls in, is out on pto, & leaves people in charge who don’t know what to do. I also remember when OTW would pay you if you found fraudulent activity, we were so busy that day she grabbed all the fraud items I had before I could submit it & she later came and told me she submitted it for me. (When you submit it you get most of the money and your assistant only gets $15 I believe) management just truly sucks. They don’t care about you there. The only thing I took away from this is some friendships. If I learned anything, it was owed to the bankers."
Lead Teller (Former Employee) says"Do not trust them they put policies in place then change them to meet their needs the management is poor and not willing to do their job and reprimand anyone who is not doing theirs Cover ups are a must if someone is not doing their job someone else picks up the slack and the management team gets the glory None"
Sr. BSC (Former Employee) says"no way I would work here. They have super high turnover and when you resign from the company because you have nothing to say to anyone at work as management does not listen."
Customer Service Representative (Former Employee) says"Unethical no integrity worst 10 months of my life couldn’t wait to get out no direction scammers all around the goals and expectations are also expected and they encourage the unethical behaviorNothingEverything"
Financial Crimes Specialist (Former Employee) says"It pays bills but after awhile they look for reasons to make you hate your job. They monitor your bathroom breaks and when you can get food. If there is a lot of work to do they leave you alone but once the work is caught up the managers start tracking how often you use the restroom.It pays billsYou’ll hate your life"
Personal Banker I (Former Employee) says"Horrible work environment, petty drama, and no opportunities to advance unless you are on good terms with senior management, the worst thing of all is the management has a culture of he said she said and they love to instigate fights between employees and take 2 hour lunches and rarely show up and do their jobs. HoursNo room to advance, constant micromanaging, predatory sales goals and tactics"
Teller (Former Employee) says"Customer service m, sales, forced to sale to give the manager 4k dlls you would only get 300 the most for all your work! Lie to customers in order to sell.BenefitsEverything"
Applications Systems Engineer 5 (Former Employee) says"Basically if you have a family or a life outside of the office, you need not apply. They expect you to work 12 - 14 hour days, you are "on call around the clock". Management is micromanagement and the developer lacks the freedom to be creative in his own work. They have no initiative to incorporate newer technologies and discourage the use of anything new, therefore degrading your skill set so you have less opportunity to leave. Most of the day spent in meetings and not enough time to do the actual work. In my opinion, this is not a place I would recommend anyone work. I have nothing good to say about Wells Fargo."
Operations Analyst 4 (Current Employee) says"Wells Fargo is a joke. The managers have zero clue how to lead, the decision makers are confused and do not take other areas of the bank into consideration, it’s all about “me” attitude.Remote workPoor pay"
John says"@DonLDay I would not be surprised to see more of this. Wells Fargo has relocated many of their mortgage staff out o… https://t.co/IbpR9b5bSH"
Ann says"@trish_regan I’m a victim of the largest wave of #fraudclosures in history, orchestrated by our Gov. and TBTF Banks… https://t.co/CNq0v61lBY"
ReneeHutch says"@AScottWF @BLBraxtonWF @WellsFargo Financial considerations? Well please explain how wells fargo closes a good stan… https://t.co/PQ11yskHLO"
List'n Sell Realty says"First-Time Home Buyer Loans and Programs | Wells Fargo https://t.co/OZ619NTYGt https://t.co/0NEu3P34Sn"
In The News
USA TODAY reports"Homeowners hurt by COVID-19 can delay mortgage payments, but some say they're anxious and confused about the real cost"
The Philadelphia Tribune reports"Advocates say a Philly public bank could be key to addressing systemic racism"
The Motley Fool reports"This Lifeline for Homeowners Is Hard to Come by During Coronavirus"
MarketWatch reports"This banker says big banks are getting it wrong by tightening their mortgage-refinancing standards right now"