WOW!! Look at the myriad of complaints online re. Wells Fargo holding onto insurance money and not dispersing it? So far, they have NOT RELEASED ANY of the 215k I sent them from my insurance. They keep making excuses about how the forms are not properly signed, or there's a name, or an address missing, but they won't tell you that until AFTER you submit the document, yet there is NO PLACE on the document asking for the information. VERY SHADY!!
Wells Fargo policy is to only release 40k. And with that paltry amount, they want the project halfway done. After it's inspected by one of their own they will release "additional funds". They will not release "the rest" of the funds until after the renovation is complete. The nightmare people are up against is Wells Fargo DOES NOT release the rest of the funds!! Contractors are forced to put liens on properties, etc, and now contractors WILL NOT finish projects unless they are paid ahead of time.