A Tale of Two Banks: Chase & Wells Fargo

Some real estate agents and buyers are being given the run around by folks representing REO bank-owned sellers. To quote from Aretha Franklin, “Who’s zooming who?”

We continue to receive complaints by numerous agents telling us that they are being directed to specific settlement service providers as ordered by banks.  So we decided to do a little outreach of our own.  We emailed several major banks and asked about their relationship with settlement services.

Interestingly, Chase’s VP of Media Relations replied, “Thank you for your email and consideration.  However, at this time I must decline your inquiry.” Why would anyone decline this inquiry, could they have something to hide?

But not everyone is so off-putting.  Kudos go to Wells Fargo, who tells us, “Wells Fargo does not direct which settlement services provider a buyer must use.”

This is exactly the way we want banks to handle settlement services. We wish every bank could make the same highly ethical and commendable statement as Wells Fargo.