Applied for a loan at Wells Fargo Bank. Locked in to a rate of 4.375 %. After I paid for the appraisal out of pocket, the mortgage representative stated : '' Unfortunately I have some bad news and I wanted to get it to you before I left the office this evening. When we had first taken the loan application the appraised value that was entered was based off of evaluations by pulling property profiles. Upon speaking to you regarding the conservative appraised value, I changed the number in our system to reflect a {$270000.00} value we had spoken about. The unfortunate news centers around the system not saving this new {$270000.00} value which in turn change the pricing. Today we received your appraisal. The value came back higher than anticipated at the number of {$290000.00}. When this information was entered into the system, it in fact did change the pricing which is making it so we would need to charge you, or decrease the cash back by {$1000.00} in order to get you in at 4.375 %. I have begun putting together a request to reduce this amount as low as we possibly can to keep you at the desired rate. '' 
