Consumer complaint received 2020-04-04
Company: WELLS FARGO & COMPANY
State: VA
Product: Mortgage
Sub-product: VA mortgage
Issue: Closing on a mortgage

Complaint:
To Whom it Should Concern, We received the second investigative response that no corrections would be made for our escalation. We understand that regulation allows you to commit to a rate lock but allows terms that you can later change. However, as far as customer service we do not feel this was fully investigated. There were a number of things that were mishandled in our mortgage process. I have provided a timeline and copies of emails to support. Its concerning to be notified that NOTHING was found to be incorrect from a customer service perspective and feel very strongly we were given a loan under false pretenses. Additionally, from the time that this began XXXX, XXXX boss informed us that the Executive team would not change anything. This process has proven that to be very true. 
We have not had anything further explained, the internal investigation explained, or even a new agent changed despite a request by phone to the escalations team, the 800 general number, or reaching out to our local branch. Our trust and confidence with Wells Fargo at this point is non-existent. Because of the lack of communication and resolution, well be sharing this with the VA and XXXX XXXX XXXX as well since this is the second internal investigation with the same conclusion. Were being asked to submit a third. We have little faith that this will be fairly investigated and resolved. 

Timeline of Poor Customer Experience from Wells Fargo ( XX/XX/XXXX to XX/XX/XXXX ) : XXXX Received confirmation of 3.25 % interest rate from XXXX On XX/XX/XXXX we received the emails to start the application process with WF and an email from XXXX with the preapproval letter. We submit the requested information. 
XXXX XXXX requests additional information. We provide within 24 hours. 
XXXX The pre-approval letter received does not contain the discussed interest amount and requires a down payment. XXXX follows up after a phone discussion to get the updated letter. XXXX confirms he is working on it. 
XXXX XXXX responds back to the same email stating that hes still working on the pre-approval letter but rates are different than what he first stated. 
XXXX Receive first email from XXXX XXXX requesting additional documentation for closing. The same day we answer questions and start requesting documents. 
XXXX Requested Tax Forms are sent via secure email. 
XXXX Additional documents are requested. The offer letter is requested for XXXX XXXX, the company relocating is XXXX XXXX and provided via email. W9s are signed and returned. This is also the first request for rental statements, XXXX sends an XXXX file downloaded from XXXX XXXX XXXX XXXX for 12 months. 
XXXX XXXX informs us that the XXXX sheet for rental payments is not sufficient. Outlines what she believes the underwriter will need. XXXX reaches out to XXXX XXXX to request statements for 12 months as they are not available online that far back. 
XXXX We receive an application update to sign the Intent to Proceed. We let XXXX know that XXXX has not yet updated the pre-approval with the correct interest rate for us to proceed. 
XXXX On XXXX, since we still do not have the 3.25 % locked we provide XXXX with a pre-approval letter from another lender who is also approved for direct bill for relocation closing costs. 
XXXX XXXX follows up to see where XXXX is with the updated rate. 
XXXX XXXX replies that the 3.25 % is confirmed. XXXX states that a new pre-approval can not be generated and provides us with a rate lock document. 
XXXX Janeine emails XXXX and XXXX to ask if the rate lock period will be extended from XX/XX/XXXX since the rate is new and just sent on XXXX. XXXX states that they lowered the rate and it can not be changed, we would have to pay to extend. We inform the other bank that we will be proceeding with Wells Fargo. The clock is now ticking. 
XXXX XXXX provides 12 months of XXXX statements and check numbers for payments made from checking account for requested rent verification via secure email. 
XXXX Email sent from XXXX XXXX introducing herself as our loan processor and requesting additional information. 
XXXX Information is returned within 24 hours. XXXX informs us that we now need 24 months of rent proof. 
XXXX XXXX  offers to reach out to the landlord to get a letter stating payments on time. XXXX suggests waiting to see if the underwriter accepts 12 months. 
XXXX Documents requested through secure mail. Send XXXX an email outlining what we previously discussed that documents were loaded on XXXX. He states he will follow up with XXXX ( shes not copied ). 
XXXX XXXX provides updates on the requested information ( His comments in parenthesis ). States he will follow up with a call once he has the forms we were not provided. Please note which requested items he stated are NOT needed. 
XXXX XXXX sends follow up email to XXXX as we have not heard back on the previous email or received required forms. 
XXXX We receive conditional approvals with another list of requested documents. It finally includes the VA Questionnaire and Amendatory Clause. As well as numerous requests for information we already submitted, clarified or were told we no longer needed. 
XXXX XXXX responds to the errors with the following note. XXXX replies that she will hold on further documentation requests until she hears back from XXXX. 
XXXX XXXX responds via secure mail to the initial request asking for landlord information instead. XXXX sends it to her. 
XXXX XXXX sends an email through XXXX to update the to do list. Again we are told to disregard some of the requests. We return the VA and Amendatory forms the same day they are sent to us. 
XXXX We request a breakdown of closing costs and return the documents for HOA costs via XXXX  email. 
XXXX XXXX sends an amended list of items still remaining, inclusive of the rate lock and closing dates. Half of them we were given different updates and direction from XXXX on. Specificially : Number 3 we were told to disregard. XXXX is relocating.

Number 5, we already explained and XXXX was following up with the underwriter. These would be done AFTER the sale of the house.

Number 12, we provided the name and email address of our landlord to XXXX at this point. 
XXXX XXXX responds through secured mail following me calling her to understand the repeat requests. I reply back with answers. She then asks for XXXX most recent paystub. 
XXXX XXXX informs XXXX that she can not confirm my employment with XXXX XXXX. I had just started on XXXX so the 3rd party did not have my information. I provided her information for the HR team that I worked with and it was verified via phone the same day. 
XXXX XXXX XXXX document sent as requested via secure mail. 
XXXX XXXX Paystub sent as requested via secure email. 
XXXX Request for XXXX to be resent the link for secured email as he does not have access. XXXX responds that he will have XXXX send. Sends via XXXX. 
XXXX We received the direct bill closing cost estimate requested on XXXX. 
XXXX Receive another loan tracker update of missing documents. Email via XXXX to request information be updated as documents were already submitted via secure mail. Receive a response back from XXXX that he will get them cleared out. 
XXXX Receive another update via secured email from XXXX requesting already submitted or incorrect information. Receive a response back from XXXX that he will follow up directly with XXXX. XXXX then requests to speak with us regarding the items requested by XXXX. XXXX speaks with him and he apologizes on XXXX behalf stating this is the first time theyve worked together. 
XXXX Upload remaining requested items based on phone conversation with XXXX with the exception of XXXX XXXX XXXX 
XXXX Send requested XXXX XXXX information via secured email. 
XXXX Follow up via email with XXXX to confirm she got all the documents already submitted. She responds with items that WELLS FARGO needs to complete. She states that she still needs verification from the landlord and the Amendatory Clause back from the sellers agent. She reaches out for the first time on XX/XX/XXXX and the sellers closing agent returns it the same day. She confirms she has not yet reached out to the landlord despite being provided information on XXXX. This is now 20 days later. 
XXXX XXXX is now also requesting a letter from Harrys employer stating hes allowed to work from home and his pay will not be changing, though his role is not changing at all. 
XXXX Despite follow up, no additional responses or updates from Wells Fargo. 
XXXX Receive email around XXXX XXXX EST from XXXX letting us know that we need to return final documents by end of day to close on time. Send email to XXXX and inform her that he lives in XXXX which is why we provided email. Send a follow up email to XXXX asking him to respond as quickly as he can, despite it being XXXX XXXX. XXXX confirmed. 
XXXX Receive an email from XXXX stating he will follow back up with the underwriter. Respond at XXXX to XXXX clarifying XXXX work situation again. Receive request for a letter from XXXXXXXX XXXX   manager instead. 
XXXX Receive the following email at XXXX EST stating that if we dont provide the information we will need to push back closing on XX/XX/XXXX. Not a lot of time to provide new information like a number from a landlord in XXXX or a letter from an employer on a Friday afternoon. 
XXXX Extremely concerned we reached out to XXXX and XXXX by phone and neither answered. We send the following email : XXXX I would like to request that further follow ups take place over the phone and followed up with emails in the essence of time. Either of us can be available by cell phone. 
We have submitted information promptly and repeatedly since the start of this process. It would be extremely disappointing if we have to push back our close date due to delays we did not cause. 
We provided my landlord 's email address weeks ago so not sure why we are just reaching out this week. Our landlord ( he ) is in XXXX, so not certain he will respond today. I will go online and download as many statements as I can in the interim and upload them to the tracker. If we need to request from XXXX XXXX the turnaround will be 48 hours at least. 
For the work location- again it is not changing from the XXXX XXXX NJ address. XXXX is reaching out to his boss to see if a letter can quickly be drafted to reiterate what we have explained via email and phone. 
I would not have guessed that with healthy credit scores and incomes that could singularly support the mortgage we were approved for, this would be such an undertaking. We have a lot of other things ( temp housing, move dates ) hinged on this closing date. 
XXXX could you please follow up with XXXX as soon as you're available? 
XXXX Around XXXX I sent copies of rent checks manually pulled from the online site to XXXX XXXX They were sent via email for XXXX and XXXX because the loan tracker was completed and there was no where to upload. He responded back requesting a call. 
XXXX During our call, XXXX personally apologized for the email from XXXX and stated that hed spoken to her and advised that she should not have sent a note threating to push the closing date back. He then followed up with an email at XXXX just before close of business. A very stressful day for the both of us while at work. 
XXXX XXXX  promptly responds to our email stating hes traveling but will respond on Wednesday, XX/XX/XXXX. We advise that theres no need. 
XXXX XXXX responds to an email we sent on XX/XX/XXXX asking about a new to-do item on the loantracker. We are informed we need to sign the VA form for XXXX. 
NOTE : This form was sent to him on XXXX by XXXX. This is also the date that Wells Fargo was notified of the regulation changes from the VA. 
XXXX We receive an email from XXXX confirming we have closed. 
XXXX Notified at XXXX by XXXX XXXX that the Survey fee direct billed could not be covered by the company and the closing cost we were sent had increased by XXXX. This is the first time we were notified. Respond at XXXX with company approval to cover the cost. 
XX/XX/XXXX XXXX reaches out to XXXX via phone to inform him 3 days before closing that the loan can only be financed 95 %. This leaves ONE business day before closing on Monday the XXXX. An ENTIRE WEEK after the new loan rates were released by the VA. 2 days after Wells Fargo made the LTV adjustment. 1 day after on loan was approved. Had we been notified in a TIMELY manner, we could have had our previous bank process the loan. 

Escalations Process with Wells Fargo : XXXX An escalation started with speaking to XXXX boss XXXX XXXX He stated that he would escalate to the Executive Board of Complaints but " he wouldn't expect a positive result from their review '' which was disheartening to both of us. These again, are words from YOUR representatives.

An escalations resolution specialist followed up, XXXX XXXX, stating that it would take a few weeks to review and follow up. Not in time for our closing. During the call with XXXX, he was again treated as though we were at fault for this egregious error and lack of accurate information provided to me. I was told that my complaint and concern was simply another case that needed to be reviewed and that there was nothing that could be done to help me before my approaching closing date. 

We were sent a survey during this, which XXXX completed and received notification that the case was being re-reviewed. 

XXXX We received a letter from XXXX stating the resolution. There were a number of misstated or misinformed assertions made : 1. You chose to lock your rate at 3.375 % on XX/XX/XXXX. False. Once presented, we asked for an update sheet with the correct percentage. 
XXXX. The lock rate was communicated as of XX/XX/XXXX, not XX/XX/XXXX. Further, documents show us following up for the correct interest rate to be communicated on XX/XX/XXXX and documents being incorrect until XXXX when he came back with the correct interest rate because we produced an approval letter from another lender who could honor what he initially promised.

3. The letter states we were provided a request for additional information on XX/XX/XXXX. As the email trail shows, we provided all original documentation within 24 of asks. XX/XX/XXXX XXXX sent an email stating he was getting with the loan processor to understand was TRULY needed as she was asking for documents that we had already provided or not relevant to our situation ( example : relocation information for XXXX who was NOT the person using relocation benefits. Janeines company was providing ).

4. We understand that the processes take time and require additional information but even XXXX, YOUR representative spoke about the processors errors and incompetence and had to follow up multiple times to clarify, review our situation and what still needs to be collected. This is NOT what we expect from a company as large and established as Wells Fargo. This is our frustration with the documentation process- Proactive, timely documents were completed on our side only to be met with requests for new information, the same information again, or information not relevant to our loan. If you dont find any issue with that in your review thats even more unfortunate than this lack of investigation. This was the case until XXXX the Friday before closing. Please see the timeline for proof.

5. We have determined the account was handled properly and no corrections are needed as no error has occurred. And this is why we will be sharing with the VA and XXXX XXXX XXXX. More alarming than your lack of true escalation and investigation is the fact that per your document, XXXX and XXXX follow the process exactly as your company directs. If that is the case we want everyone to know what to expect when working with Wells Fargo on a mortgage. 
Early XXXX During a call to escalate our dissatisfaction with still being assigned to XXXX XXXX, XXXX was transferred from account services to XXXX XXXX. She stated that I could not request an advisor change I would need to reach out directly to XXXX manager. We left a voicemail for XXXX and received no response. When we reviewed Janeines additional concerns with their findings, she stated she did not think the lag in notification was an error on Wells Fargos part and would reinvestigate my assertion that even XXXX admitted errors were made. 

XXXX We receive a cover letter stating that after review, no additional investigation is deemed necessary. XXXX was called the same day by XXXX XXXX stating that she would reopen the case. As of XX/XX/XXXX, this has not occurred. 

The worst part of this situation isnt the painful process, the surprise ending, or the lack of care about customer service identified by leadership and the complaint board. The entire point of the VA loan was 100 % financing and expanded limits. This was promised to us from the start, finally put in writing with the threat of not using Wells Fargo, and then defended across the organization with not one solution proposed to ease the pain even after the loan closed. Were not only stuck with a loan that doesnt achieve what the VA set it up to do, but leaves us with the same advisor as the person who put us in the situation to begin with. 
Regardless of regulation, a delay in conveying the new parameters set by Wells Fargo ( not legislation ) robbed us of the opportunity to select a different lender without risk of losing a home we loved. This lack of honesty and deceptive business practice cost us the ability to select a lender and loan that truly met our needs. The Wells Fargo team who handled our loan was unprofessional and lacked knowledge throughout the process causing us distress as we were forced to resend countless documents due to being told inaccurate information or simply because the documents had been lost by our loan officer or his team. Due to Wells Fargo 's lack of honesty on their policy of fully financing VA Loans at 100 % I was given an inaccurate closing cost estimate provided by Loan Officer of {$36000.00}. 
As a veteran and second time customer of Wells Fargo I have never been so disappointed in my life in this entire experience. The lack of honesty and character shown by this group in response to this internal mistake is alarming and our fear that this treatment could be given to other veterans simply looking to purchase homes, as well who trust the Wells Fargo team to give them accurate information throughout the home buying process. Not at all the intention of the loan program.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with monetary relief