Consumer complaint received 2018-08-01
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Closing on a mortgage

Complaint:
On XX/XX/XXXX, I first approached my Sr. Relationship Manager XXXX XXXX at Wells Fargo regarding my upcoming loan maturity with Wells Fargo on XX/XX/XXXX. I wanted to find out ahead of time about my options to refinance and when to start the process. At that time I was told it was too early and to wait. Upon that advice, I waited and waited for Wells Fargo or my Sr. Relationship Manager to contact me. Finally, on XX/XX/XXXX, I contacted my Sr. Relationship Manager XXXX XXXX since I havent heard back from anyone at Wells Fargo. At that time, I got introduced to my new Sr. Relationship Manager XXXX XXXX. After my approach XXXX started the loan process and in fact, everything he asked from me to provide was done promptly within a day or less so as to get the refinancing on time. Unfortunately, XXXX and the underwriters couldnt get the refinancing done on time and my existing loan matured on XX/XX/XXXX. XXXX told me that since they couldnt get the process completed on time XXXX would give me an extension till its done. Previously, XXXX and I had discussed the amount that I should consider refinancing or pay off the entire balance which I was able to and not to worry about refinancing. The refinance amount was approximately {>= $1,000,000} and I decided to paydown the {$880000.00} ( since I already had this amount and more sitting at Wells Fargo account ) and refinance the remaining {>= $1,000,000}. My loan was finally funded 37 days later on XX/XX/XXXX ( It took Wells Fargo about 3 months from beginning to finalize it ). This 37 day of stretched out waiting time wasnt my fault, it was out of my control and it was totally determined by Wells Fargo. In fact, it worked against me and I ended up accruing unnecessary hefty interest charges which I didnt know, I wasnt aware of, I was never consulted and it was never mentioned by my Sr. Relationship Manager even though we had many opportunities to discuss during that time. 

To that end, I specifically asked XXXX on at least one occasions, when I was finally signing the loan papers on XX/XX/XXXX, whether I would accrue anymore interest while waiting for the first scheduled payment date of XX/XX/XXXX and XXXX told me No. I believe XXXX didnt know and his answer wasnt intentional to mislead me but I was misled. That conversation took place in Wells Fargos conference room in XXXX XXXX. In fact, XXXX specially said " it would work to my favor ''. XXXX and XXXX also knew that I was extremely upset after my original loan matured and occurred interest charges without my consent and knowledge. And XXXX office knew, I had the money at Wells Fargo to pay down the portion of the loan. Instead my Sr. Relationship Managers still let me incur unnecessary interest charges even on the paydown amount and no one from Wells Fargo bother to warn or advise me to pay the portion of the money that wasnt going to be refinanced. These are my Sr.  Relationship Managers and I dont understand why in the world both failed to communicate these very important costly issues with me? I feel betrayed and disappointed because I did not receive their Sr. professional assistance and attention when I needed it. They were not looking out for my best interests but they were looking out to increase Wells Fargos revenues at my expense. 

Why dont Wells Fargos Sr. Relationship Managers verbally discuss and disclose this very important information up front with their customers about how interest charges would occur during the refinancing process? This would have been in my best interest and millions of other Wells Fargo customers best interests. 

At the end, I ended up paying unnecessary and unfair amount of interest to Wells Fargo, first while the underwriters delayed the refinance process for 37 days and second after signing the loan documents of waiting period of 54 days for the first scheduled loan payment. Total of 91 days of stretched out processing cost me {$12000.00} in interest charges per their statement. This is on top of all other loan fees and charges that I already paid. 

If I was explained even briefly at the beginning by Wells Fargo that I would incur all of these interest charges and the steps involved, I would have sought refinancing elsewhere or simply I would have just paid off the entire loan without going through this terrible and unfair costly experience. 

I have tried to file a formal complaint within Wells Fargo but my Sr. Relationship Managers resisted to put me in touch with their dispute resolution or compliance department instead I ended up talking to their manager named XXXX?. XXXX and XXXX pretty much shut me down and said there is nothing they could do for me. This is one of the reasons I am seeking help from CFPB. 

Reasonably, Id like Wells Fargo to reimburse me for half of the {$12000.00} in interest I incurred during this ordeal. Given the circumstances, that is more than fair to resolve this matter amicably. 

Sincerely,

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