Consumer complaint received 2022-04-23
Company: WELLS FARGO & COMPANY
State: NC
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
On XX/XX/XXXX, I applied online to Wells Fargo Dream. Plan. Home. program with the goal of getting a mortgage that offered assistance for first-time homebuyers and/or closing costs. After completing the online application, a Wells Fargo representative did call back, but I was at work and couldn't talk. I returned the call later that evening and spoke with a mortgage consultant ( XXXX XXXX XXXX ID : XXXX ) that preapproved me over the phone. After that, I began shopping for a home in conjunction with completing the steps required for the program. Because I lived in XXXX, NC but was seeking a home in CT, I contacted a real estate agent, XXXX XXXX with XXXX XXXX, whom I knew of from a local volunteer group I was part of previously. 

I signed a contract with the realtor later that week and started shopping for homes. I was able to find a property on XX/XX/XXXX and submitted my offer. The seller accepted my offer on XX/XX/XXXX and I notified the lender of the news. The property is located in XXXX, CT. I started working diligently on trying to secure the loan for the property. Despite the hurdles and obstacles that were set before me, I worked with the realtor, mortgage consultant, and loan processor. I was even assigned a closing agent. I provided all of the requested documents in a timely fashion, I paid for the appraisal and credit report, and I submitted my earnest money. I paid for a home inspection. I completed the first-time homebuyer program and secured a closing attorney and mortgage insurance binder. I read every document completely and had to correct the consultant several times regarding information that was listed on the loan estimate that was incorrect. The loan moved from origination to loan processing to commitment letter, finally underwriting with a potential closing date. 

I was connected to another agent, XXXX XXXX Loan Processor, whom I left several messages but rarely received a call back from. All information that was requested was submitted promptly. I was given a loan estimate and was instructed to start the process of securing the funds needed for closing. I was in contact with the bank on a daily bases. Each time I inquired about the original program that I had applied for and was told by XXXX XXXX that I met the eligibility requirements and I should be fine. He stated to me that I would not know until the end of the loan process if I would get assistance from the program until right before closing on the loan. The week of XX/XX/XXXX, I received a commitment letter with contingency. I supplied all documents requested to satisfy what was asked. The lender also requested all documents related to the purchase of the home along with receipts for the findings/repairs that were discussed with the buyer. On XX/XX/XXXX I received an email from XXXX XXXX, that all documents that were needed were received. There was an anticipated closing date set for XX/XX/XXXX and the underwriter was doing the final review. 

On the morning of XX/XX/XXXX, around XXXX am, I spoke briefly with XXXX XXXX regarding any updates he stated that he was pleased to tell me that it looks like the loan should be moving to approval and has been in contact with my attorney and realtor. I received another call @ XXXX pm from XXXX XXXX stating that there was a problem with the loan. The child support that I received could not be verified, but I will be able to show I had 3 years ' worth of continuous support from the date of my first payment of the new loan. He states that because my daughter who is now 18 support obligation could not be counted, even though my ex-husband provided a letter stating that he would continue his support at the same level of $ XXXX until my son turns 18. I was told that they had to go off of the court documents provided. So since my son was turning XXXX in XXXX. I could not show that I would be receiving 3 years of continuous support of {$100.00} dollars from the date of my first mortgage payment. XXXX states that I would only be able to show 2 years and 10 months of support. He further goes on to state that there was a problem with the receipts that were submitted for repairs done by the seller. And after having a deep conversation with the realtors and the underwriter that the loan will not be proceeding to close. XXXX XXXX told me to give a message to my realtor, XXXX XXXX, that the loan was no good and we will not be proceeding to close. ( Which I found extremely strange. ) Wells Fargo never reached out to my closing attorney regarding any issues with the process. They were fully aware that I had retained an attorney. And even had communicated with my attorney the day prior with the same info regarding an anticipated closing date. 

I requested for XXXX XXXX to provide me with the info regarding this " deep conversation '' that took place with the realtors without my knowledge. I inform XXXX XXXX that all communication between the realtors, Wells Fargo, and myself will no longer take place via phone and I wanted everything in writing. I notified both of them of that via email also. I immediately contacted my attorney that was completely shocked and was not aware that there was a problem with the loan. 

After I had notified Wells Fargo and my realtor not to call me but send an email only, XXXX XXXX called me back at @ XXXX that even to try to explain what had happened with the loan. His excuse did not make sense at all. He mention my XXXX being off, and my letter or proof of child support could not be verified, despite the fact that they have proof of my ex-husband paying his support regularly at the local Wells Fargo branch in XXXX, SC. I informed XXXX XXXX several times of my past mortgage professional experience and I was a prior HUD certified housing counselor. After XXXX XXXX gave me his rendition of why my loan did not close. I once again reinform him of my past experience in loan origination and counseling other homeowners out of the mortgage crisis from XXXX XXXX, and out of all of the loans I assisted with modifications never have I ever heard a story that was given to me. I said some colorful words to him and hung up the phone. 

I immediately reached out to several other lenders to try to see if I can get approved somewhere else. I also reached out to the seller 's realtor to find out what she knew about the " deep conversation '' that took place with the lender. She was also baffled and had a concern about what Wells Fargo was asking for related to the repair receipts. I did not reach out to my realtor because of previous communication with my realtor that I was displeased with. 


Since the last discussion with Wells Fargo on XX/XX/XXXX, I have received 2 XXXX letters from Wells Fargo Enterprise Complaints Management Office dated XX/XX/XXXX stating that I had " filed '' a complaint and it was being reviewed, and I should get a response back by XX/XX/XXXX. I never contacted anyone at Wells Fargo to file anything. I have received calls from their executive department, but I refuse to speak to anyone from the bank without having an attorney. My closing attorney did send a notice to Wells Fargo regarding the matter. But have informed me that I would need to proceed with filing my own complaint and seek additional legal counsel. 

I've also received subsequent letters from Wells Fargo regarding why I was denied on XX/XX/XXXX. The first reason was " We do not offer the product or program requested ( referring to the original program that I applied for online- Dream.Plan.Home. ), the next reason was- Amounts owed are too high relative to your income ( aka my DTI front/back end ratios ) and finally... The income state on the application can't be verified ( aka the {$100.00} dollars of child support from my ex-husband, since they only could count XXXX of the court order $ XXXX support ). 

I received another letter on XX/XX/XXXX, from the Home Lending Executive office regarding my " complaint '' ( which I never requested ). It goes to further states their finding related to the Loan Qualification process and how my DTI was evaluated and determined in addition to child support income and self-employment income that was verified. The letter references that the verification of funds was in reference to the " gift funds '' that were given by my daughters. It references paying off debt during the application process, which never took place. It also references that the source of my gift funds was questionable despite the fact that my daughters provided all of their information as required. The letter also referenced a request for the detailed conversation that took place between the mortgage consultant and realtor. It states that the details of the conversation were sent to the realtor and I have to follow up with the realtor directly. Despite the fact that my issue is with Wells Fargo regarding the mortgage process. I can't understand why if I requested the details that Wells Fargo did not send the info to me or my attorney. 

I was able to secure another lender ( Evolve ) on XX/XX/XXXX and successfully close on the home loan for the same property on XX/XX/XXXX. I used the same exact information and verification that I provided to Wells Fargo. None of my documentation changed other than I found a different insurance company. I verified my child support payments and all of my assets just as I had done with Wells Fargo. And provided full documentation of all of my " gift '' funds. I got the house reappraised and the value turned out to be $ XXXX more than what Wells Fargo valued the house at. I was also able to close the loan as a conventional mortgage and put down $ XXXX rather than the $ XXXX that Wells Fargo was asking for. 

When I went to the Wells Fargo branch on XX/XX/XXXX to find out the process to wire my funds out for the closing of the home with Evolve mortgage, The teller informed me that I may not be able to get an appointment on the date that I was requesting XX/XX/XXXX. I inquired about how I can close my account then, and the teller stated that I will need to make an appointment and she was not sure of the availability. I asked the teller to provide me with a copy of my child support transaction that was deposited into my account on XX/XX/XXXX at their SC branch location. She was extremely rude but reluctant. She printed the information but inform me that Wells Fargo does not stamp or sign any of their printed documents. 

I waited for several minutes to speak with a staff member- XXXX XXXX regarding my desire to wire or withdraw my money from my account for my upcoming closing on XX/XX/XXXX. I was questioned about what I was needing my money for. I told her that I was using my money to close on the loan that Wells Fargo denied me. I explained to the staff member that my closing was set for XX/XX/XXXX and I needed the first available appointment on that day to obtain my funds. She did accommodate me, so I have no complaints with her other than the fact that I should not have been questioned in the first place. 

To this day I'm still getting emails and letters from Wells Fargo including a survey about my experience. My health declined rapidly shortly after the call on XX/XX/XXXX. Overall I'm shocked at why or how this had happened to me. Prior to this, I was a loyal customer since XXXX. And then prior to I was an original customer of XXXX until they were merged into Wells Fargo. I can't understand why I click on a program on their website, was falsely misled. If they did not offer the program that should have been clarified in the beginning and I could have made a choice to seek a loan somewhere else. 

Please note : All of the information that I had submitted to Wells Fargo in their portal and documents that I had saved on my XXXX are no longer available in that portal. All information has been removed by Wells Fargo. Shortly after receiving their denial, I started experiencing issues with my email messages. Not to say that it was directly related but all of the information I saved on my XXXX, now comes up with an error message. I do have documents saved on a flash drive and can print, fax, or mail info directly to your office for review.

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 explanation