Consumer complaint received 2023-04-28
Company: WELLS FARGO & COMPANY
State: NJ
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Wells Fargo Home Mortgage I have a mortgage with Wells Fargo that is a XXXX ARM. The rate was fixed for the first 7 years and then adjusted every year thereafter. I was sent an advertisement for a " special program '' whereby I would receive a fixed rate in the amount of 3.75 % for the same term of the current loan. My current loan is to be paid in full in XXXX/XXXX. My re-financing/closing was initially to be completed on XX/XX/XXXX. However, they failed to get me the closing disclosure documents on time so the date was re-scheduled for XX/XX/XXXX. They did not get my consent for the new date. I informed them I was unavailable on that date due to work mandates ; therefore, we consented to Monday, XX/XX/XXXX. Unfortunately, once again they failed to send me the disclosure documents on time and the date was pushed to Thursday, XX/XX/XXXX. According to them regulations require that I have the documents three ( 3 ) days before the closing. I was initially told the documents were sent via a portal ( online ) but I was also told the documents were being sent by XXXX overnight. I arrived home on the evening of XX/XX/XXXX and I had no documents in the portal on Tuesday, XXXX XXXX, I left a message for the closing officer, XXXX XXXX and sent her an email but I received no response. By Wednesday, XX/XX/XXXX, when I received nothing in the mail, I reached out to XXXX XXXX the individual that took the initial application and was told that the XXXX package for whatever reason was not delivered ; therefore, I would have to pick another date for the closing. My closing for the 5th time was scheduled for Monday, XX/XX/XXXX, at XXXX XXXX  once I returned from out of state. I had a three ( 3 ) day right of rescission that would have expired on Thursday, XX/XX/XXXX. On the evening of Wednesday, XX/XX/XXXX, I left a message for XXXX XXXX stating there was an error because the amortization chart on the new loan went through XX/XX/XXXX thus extending my mortgage by ten ( 10 ) months. Thursday, XX/XX/XXXX, I received a call from XXXX XXXX stated that he waited to the evening to call me because he knew that was a better time to call, I agreed. He stated that he needed to talk with a supervisor about the loan term issue. He placed me on hold for several minutes. He stated that the option would be instead of a loan payment of {$1500.00} per month it would be {$1500.00} per month. I stated not a problem. He also advised me that I did not receive the cash owed to me because that is not sent until your right to rescind the contract period is over. I stated glad to know but please note that is not stated in the paperwork. On Friday, XX/XX/XXXX, at approximately XXXXXXXX XXXX EST, I received a call from XXXX XXXX stating that he can not adjust the loan payment so I either need to accept it with the additional ten ( 10 ) months or I will not be able to get the 3.75 % fixed rate. I stated why not when I was told my rate was " locked '' until XX/XX/XXXX. He stated I just couldn't. I reached out to a XXXX XXXX who is allegedly XXXX 's supervisor and he stated the same thing that I either had to take it or leave it as the loan was to be " funded '' as of XX/XX/XXXX. I called the Wells Fargo escalation team but was told they have two ( 2 ) days to reach out to me and ten ( 10 ) days to respond. I stated I need help immediately. Therefore, I am hoping you can help. All I want is the loan rate at 3.75 % through XX/XX/XXXX which is what it should be.

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 non-monetary relief