Consumer complaint received 2022-05-02
Company: WELLS FARGO & COMPANY
State: GA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Initial refinance application made on XX/XX/XXXX at that time I had almost zero debt other than an existing mortgage on one other property and student loans. I had a XXXX credit score as well and an annual income of {$150000.00} per year. I was only attempting to refinance a remaining balance of just a little over {$100000.00} on an investment condo. On XX/XX/XXXX my loan cleared the initial document request phase and was passed on to underwriting for their initial risk review. On XX/XX/XXXX XXXX XXXX the mortgage processsor stated : We are very close to finishing up this refinance so hopefully the appraisal report comes in soon. 
The appraisal report came in shortly after well above expected appraised value, thinking that we were close to closing like I had been told many times before the endless document requests just kept coming until XXXX ( 5 months later ) After paying the upfront mortgage fess, I was told that they would be able to do a desktop appraisal and I would not need to pay for an on-site appraisal, 2-3 months into the refinance process and after endless document requests, when I complained about the endless process to XXXX XXXX in the loan management department and to the XXXX  and HUD he said he would escalate it to the executive complaints office, once that occurred they switched my mortgage processor to someone else his name is XXXX XXXX, my previous processor was XXXX XXXX. XXXX XXXX asked for all the same info over again and he went on to say that no they could no longer do a desktop appraisal it would now have to be an in person appraisal which I would now have to pay for, when I asked why it had to be in person since the original processor said a desktop appraisal would be sufficient, per XXXX XXXX ( Loan Administrator Manager ), he emailed me and said - Appraisal o I show that your file is no longer eligible for the appraisal waiver and a full appraisal is now required o Just let XXXX know when youre ready for that to be ordered and he can place the order right away which I obviously felt was retaliatory based on my complaints to the loan management dept, HUD and XXXX. 
After a successful in person appraisal was done in XXXX that showed that I had equity of over 25 % in my property well above what they needed, the endless document requests continued. Instead of my business account which showed adequate reserves for closing costs and which they initially said was all the documentation they needed, they now wanted statements of all my bank accounts month by month for the last two years and explanation of large deposits etc. It just seemed like they were asking for one document request after another with no possible end in sight. 

Well into XXXX of this year and after over 5 months since the process started they were still requesting the same documents often over and over. It was as if they were trying to exhaust me out of the process while the low interest rate that I had been promised last year kept increasing due to all their delays, just to refinance a remaining balance of around $ XXXX on a condo it was the most exhaustive process that Ive ever gone through with any bank. 

Ive bought properties before that were significantly more expensive and have never gone through such a long and laborious process of sending endless documents in, usually 30-60 days at most. I feel that it was intentional on their part to exhaust me out of the refinance process. Even after 5 months in, a closing date still had not been set, preventing me from taking advantage of the historically low interest rates last year and putting me at a major financial disadvantage due to no fault of my own.

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