Consumer complaint received 2023-09-29
Company: WELLS FARGO & COMPANY
State: PA
Product: Mortgage
Sub-product: FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
Sub-issue: Application denials

Complaint:
This is my short story and complaint : I was a single mom with XXXX children for over 30 years. I rented a home for fifteen years until one day I received a notice from the landlord that we had thirty days to vacate because his home was in foreclosure. Thirty days after fifteen years we were devastated. So, let me back up eighteen years from today. My son and I applied for a loan together so we could purchase a home and never be thrown out on the street again. It took us several months, but we found a home and secured a loan. The mortgage has been with Wells Fargo Bank for the last ten or so years. The reason my son co-signed was to help me secure a loan due to my low credit score and income. In XXXX of XXXX my son bought a home, got married. Its long overdue and time to remove my son from this loan and take him off the deed. He has never made a mortgage payment for me or paid any utility bills. One of my buggiest reasons for needing my son off the loan and deed is to secure this home for my husband and my grandson. 
Six years ago, I remarried, and my daughter passed away. She left me with the biggest blessing, her XXXX son, now XXXX years old. My son and I have been estranged since his sister passed away, he wanted me to put my grandson up for adoption. My life has forever changed since the day my daughter passed. I have had a great job for over 16years in the insurance industry and make a reasonable living. I paid off all my dept recently and decided it was time to assume the mortgage and secure this home for my husband and grandson in case anything happened to me. 
I called Wells Fargo and asked if this could be done. I spoke to a man in the assumptions department. The mans name was XXXX XXXX Assumption Mortgage Specialist ( SAFE ) Consumer Direct Sale XXXXXXXX XXXX XXXXXXXX He took my application over the phone, ran my credit, and said I should have no problem that the requirements are a XXXX XXXX XXXXXXXX XXXX and above and verification of employment. I received the application in the mail around XX/XX/XXXX. I looked over the packet and noticed some mistakes. I was listed as single and as a XXXX. 
On XX/XX/XXXX I received a phone call from a XXXX named XXXX XXXX. 
Senior Loan Processor ( SAFE ) XXXX XXXX XXXXXXXX Centralized Retail Fulfillment Wells Fargo Home Mortgage Attn : Assumptions Department XXXX XXXX XXXX XXXX XXXX, MN XXXX XXXX : XXXX Tel XXXX ext XXXX | Fax XXXX Business hours : Monday Friday XXXXXXXX XXXX XXXXXXXX XXXX Central Time XXXX She said she was my loan processor, and she would be sending me an email with instructions explaining what I needed to do so we could move forward. I received the email as she stated on XX/XX/XXXX. I signed and dated all the documents and sent them back to her. After I sent her all my personal bank statements and W-2s via email, XXXX next email was sent to me as a secure email. I wondered why I didnt have secure email before when she asked for all my personal banking information, especially today with cyber breaches. 
On XXXX I received an email from XXXX XXXX stating she sent all my info to the underwriter for the initial review, and it should take 10-14 days to hear back from her. 
On XXXX I received another email from XXXX. 
Hi XXXX, I am just checking in on status of your loan. We should hear any day now. I will keep you updated. Have a great day! 
On XXXX I called and left a message in XXXX voicemail asking her if she heard anything. A few hours later she called me back asking me how I was doing and why I was so anxious about the loan going through, I found this odd. She then went on to say I dont have good news you were denied. I asked why? She said Well, your credit score is XXXX, and you had two lates on your credit report, and because of this you were denied, I said what credit card was I late on? She told me it was two credit cards it was XXXX XXXX and XXXX. I said impossible I have XXXX XXXX on automatic withdrawal and XXXX XXXXXXXX is paid in full. She said Im sorry you wont be able to re-apply for another twenty-four months due to the two lates. Then she said, however ; I will have XXXX call you and she can help you with a re-fi. 
I said a re-finance?? I am getting denied for an assumption for a loan I had with Wells Fargo for over ten years with not one late payment at 4.1 % and only {$120000.00} left on the loan and youre telling me that FHA loans have strict requirements. But I should try to re-fi at 7.5 % In conclusion I never received a call from XXXX. I did call XXXX XXXX today XXXX and received a voice message that she is out of the office until the middle of XXXX and if I need to speak to someone call XXXX XXXX at XXXX so I called and left a message. Then I called XXXX supervisor XXXX XXXX at XXXX and could get through to that person because the number was incorrect. I obtained these numbers off the voice mail of XXXX and XXXX out of office voice message. 
I had my credit re-run by a loan officer with another company and its a XXXX. I paid off all my dept except for 3 credit cards. My dept to ratio is under 40 % I want to know the real reason I was denied. Was it because Wells Fargo wanted me to refi into a new loan at 3.5 % higher than where I am? This doesnt sound right. So, I am hoping by filing this complaint I will either get the real answers or have the assumption reviewed by someone in higher authority. I have all the documentation attached and if need be, my credit report can be looked at again with a clearer pair of eyes. How do Banks get away with this stuff. 

XXXX XXXX XXXX

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