Consumer complaint received 2020-12-29
Company: WELLS FARGO & COMPANY
State: MO
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
On XX/XX/20, I set out to request a simple rate and term refinance with current lender Wells Fargo Home Mortgage. I have had my mortgage with WF, for the past 14yrs, i can say for the past 12 years all payments made on time, and in the past 5 years I lost my spouse of 25 years suddenly, and all the burdens that go long with losing a life partner fell on me but I pushed ahead and kept moving forward to take care of my obligations. My loan officer is XXXX XXXX, he made the choice to take my right to choose away from me, when he started our conversation, I explained to him I was looking for a lower rate that the one I currently have at 5.375, and a short term, he said great our rates now are down and he could get me a good rate, and with rates being in 2 %, this would lower my monthly payment, we proceed with application, we discussed 15 yr term and 20 yr term, he stated that the 15 yr had a rate of 2.250 % and a 20 yr 2.625, which one would I be interested in I stated 15 yr@2.250, he then ask me what did I think my credit score and I gave him a round about area, and turned out my score was higher than I thought it was a XXXX middle score which is the score he stated they used and he would need to obtain the following documents 2 yrs of W2 and my most recent pay stub he did not ask me for any other documents and made a comment about various alias listed on credit report, explained to him it's my maiden name, I have 2 names listed on credit report and on file with WF, so that should have been a no brainier, since my current mortgage documents reference both names since they are combined and my full legal name. Here 's why I am writing this Mr XXXX sent over my disclosure package as I was reviewing package I noticed loan had points, I ask why am I paying points he said so you can get the lowest rate, I never ask for the lowest rate I ask for a rate lower than I currently had, what gave him the right to decided to spend my funds for me, instead of what I ask far, which was a lower rate. At this point he felt he knew what was best for me and he didn't I would have been happy with any rate below my current rate, this was not his choice to make for me. I called him back next day and changed terms to 20 yr he said no problem. Now less fast forward to XX/XX/20, I received a call from Mr . XXXX, to find out if I had any assets, or other income, told him yes, I do I have the following and ran it off to him, he stated oh I didn't know, I polite said you didn't ask, he proceed to tell me my backend was high and I need to reduce and that I had several credit cards that had {$3900.00} balance and would I payoff one, I said sure I can do that, but I changed my mind because we are in the middle of Pandemic and nothing is certain at this time, and I want to hold on to my funds in case I lose my job or have emergency and paying off a credit card is not emergency not for me at this time. He stated okay, I will get with processor and closer and I am not quite sure what they would have to do with me not wanting to payoff a credit card, this would be underwriters call, I assume he forgot I have done this type of work for past 27.5 years, On today at XXXX XX/XX/XXXX, I receive email from WF, asking me to provide all the documents, he didn't ask for and requesting a I payoff credit card. I feel I am being treated unfairly, for the following reason I am older adult, female and XXXX XXXX, i am only asking for a lower rate to finish payoff off my home, and being denied for reason a white person would have had exception provided, for if this would make things easier, XXXX and white people are not treated the same working class and lower income people are not treated the same when it comes to home financing, we are made to prove beyond a shadow of a doubt that we deserve the right to have lower rate and a better life. I have not always been the type of person I am now but that's were age and wisdom comes in to play. At this point my loan is going to be denied because I will not payoff credit card, I am not going to provide them anymore docs because they are now asking for the same information again, I am unable to obtain a refund of {$500.00}, even though no one has contacted me about and appraisal, this has not been the experience I thought it would be with lender.

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