Consumer complaint received 2018-02-11
Company: WELLS FARGO & COMPANY
State: IL
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
My wife and I submitted a mortgage application to Wells Fargo Bank for an Investment Loan in early XX/XX/XXXX. The mortgage was approved by Wells Fargo Bank per a commitment letter dated XX/XX/XXXX. The letter noted that as a Condition of Loan Approval Lender to receive a Satisfactory HOA Certification/Form 921. The condition was noted as SATISFIED. 

In XX/XX/XXXX I received notice from the HOA that my wife and I were in violation of the HOA CCNRs. At the time I reached out to Wells Fargo Bank for assistance and for a copy of the completed HOA Questionnaire Form 921. After several months and multiple follow up requests I received a copy of the Form in XX/XX/XXXX. The form indicated that Wells Fargo were informed that the property could not be sold and meet the conditions of my mortgage application. However, Wells Fargo Approved and Funded my Loan in violation of the HOA CCNRs. In the months I waited on the document from Wells Fargo I incurred significant Legal Fees ( {$37000.00} plus {$2300.00} in travel costs ) in working through discussions and arbitration with the HOA. 

On XX/XX/XXXX I submitted a complaint to XXXX XXXX XXXX, CEO Wells Fargo Bank. My complaint reflects that Wells Fargo did me wrong in approving the mortgage loan in light of the information that the Bank received from the HOA. However, the Bank approved and funded the loan and I since incurred significant legal fees as a result. My legal fees were also higher as a result of the time it took Wells Fargo ( over six months ) to provide me with the requested HOA documentation.

My complaint therefore asked Wells Fargo to compensate me for the legal costs I incurred as a result of their failure to perform their due diligence and fiduciary responsibilities entrusted to the bank. Since submitting my complaint to XXXX XXXX I have received similar updates as I did in XX/XX/XXXX with the bank continuing to push out the expected response date to my complaint : Summary of Correspondence : 1. My Complaint Letter to XXXX XXXX XXXX XX/XX/XXXX 2. Update from XXXX XXXX SVP WF Home Lending XX/XX/XXXX Response Due XX/XX/XXXX. 
3. Update from XXXX XXXX, Customer Care Recovery Group XX/XX/XXXX New Response Date pushed out to XX/XX/XXXX 4. Update from XXXX XXXX, Customer Care Recovery Group, XX/XX/XXXX New Response Date pushed out to XX/XX/XXXX XXXX. Update from XXXX XXXX, Customer Care Recovery Group, XX/XX/XXXX New Response Date pushed out to XX/XX/XXXX This is the same type of delay I experienced from Wells Fargo in XX/XX/XXXX when I was simply looking for a copy of the HOA Questionnaire/Form 921. Wells Fargo continued to delay, delay and ultimately the response cost me incremental legal fees, frustration, pain and suffering that I fear will continue again without the CFPBs help and support. 

I believe I should be compensated for the costs I incurred as a result of the Bank errors and I would very much appreciate your help to bring this matter to a resolution.

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