Consumer complaint received 2018-10-01
Company: WELLS FARGO & COMPANY
State: PA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
OnXX/XX/XXXX, we confirmed with Wells Fargo our settlement date for our new home to be XX/XX/18 which was arranged and accepted by all parties. 

My wife is a XXXX XXXX, and I am an XXXX practicing in multiple offices and also a faculty at XXXX  school. 
We are both extremely busy therefore we sat the date well in advance to be able to arrange accordingly. 

OnXX/XX/XXXX we received an appraisal from the lender which was showing the house would be XXXX square feet which seemed high therefore we requested the builder to disclose the size and on XX/XX/ the builder responded XXXX sf. 
On the same day I sent an email to the appraiser demanding an explanation regarding XXXX sf. difference. 

OnXX/XX/XXXX the appraisal responded A review of the sketch indicated a miscalculation, and the corrected appraisal was sent to the bank last night. The amended total gross living area is XXXX. 

In the same morning Wells Fargo informed us there has to be 3 days between appraisal and closing date unless we sign a waiver which we signed instantly, then at XXXX PM the evening before closing date they emailed As of right now, our earliest close date would be Tuesday, XXXX, due to this appraisal coming through. 

It should be considered the main reason for this delay is the appraisal mistake which was hires by Wells Fargo and they should take responsibility for their action and try to correct their mistake ASAP. 

As you can imagine we arranged many events to happen simultaneously that Friday, and the weekend after. 
Movers, Utilities, Return of the keys to our apartment, delivery of new appliances, just to name a few. 
And now we have to arrange everything for next Tuesday. 
This created a great deal of inconvenience for my family, myself, the office that I work that day and the patients who needed to be rescheduled and some of them made their appointment in a month advance. 

On the morning of FridayXX/XX/XXXX we postponed all the arranged events to the middle of the next week. 
Around noon one of the managers at Wells Fargo scaled back and declined to even confirming the new date of the settlement forXX/XX/XXXX. 

At XXXX PM the manager at Wells Fargo emailed us I just received a call from our compliance team confirming Monday we will receive feedback regarding the next steps in moving towards a new close date. They confirmed the review is currently with the appraiser and in process.I will provide feedback to all as soon as I receive additional information Monday. 

Today is Monday, we have not been contacted by Wells Fargo and still dont know when if we will settle.They are playing with our life and taking their time and make us suffering in our apartment fully packed in the boxes with a small children. 

This is absolutely unacceptable, they have hired an incompetent appraiser, they should have caught the mistake early, which they never did, and even after we signed a waiver they took their time to review one piece of document in our expense and citing The Dodd-Frank Act. 

XXXX XXXX XXXX XXXX XXXX XXXX. APPRAISAL INDEPENDENCE REQUIREMENTS. 
Paragraph ( 3 ) one of the EXCEPTIONS.to the APPRAISAL INDEPENDENCE is Correct errors in the appraisal report. 

That is the only reason we contacted the appraisal and we are not in a breach of the law. 
They should have been allowing us to close onXX/XX/XXXXand if not, immediately confirming XX/XX/ for the new date.

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