Consumer complaint received 2020-09-18
Company: WELLS FARGO & COMPANY
State: MN
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
-This summer, we decided to move homes. 
-End of XXXX I asked Wells Fargo for a preapproval letter in the amount of {$480000.00}. We wanted to make an offer on a home. This is the 3rd mortgage I've worked with Wells Fargo on. The previous two were smooth. 
-We made an offer, negotiated, and came to terms, with a close of XX/XX/XXXX. We then put our house on the market. 
-We accepted an offer on our existing home with a close of XX/XX/XXXX. 
-Wells promised we had plenty of time to close and review documentation. 
-Communication from Wells Fargo in XXXX became increasingly spotty. We would only get updates when asked for them. I eventually asked to be reassigned to a new processor as I felt we were not being taken care of. 
-Thursday, XX/XX/XXXX arrived, and we had still not heard anything. I emailed them demanding I have my clear to close and final numbers by Friday, XX/XX/XXXX. 
-They responded that 'they made it happen, and we are good to go '. 
-I still didn't receive my final numbers, so Tuesday, XX/XX/XXXX evening I asked where they were. 
-It was clear they had forgotten to send them, because within 10 minutes I received them. 
-I reviewed the closing disclosure for the first time, and noted they wanted additional funds to close. I immediately asked they adjust our loan amount up by {$3000.00}. 
-The supervisor noted they will work on it. 
-Wednesday, XX/XX/XXXX came and I didn't hear anything. Finally when I checked in they said 'it 's too late, you can't make changes '. The closing agent in email said it was against gov regulation, which is completely false. Your site indicates the only 3 categories that require a new CD and 3 day period ( ex. large APR change over XXXX, new loan product such as moving from fixed rate to ARM, new prepayment penalty ). I've attached the email evidence. 
-Later that day, our closing agent caught an error in their calculations. Instead of updating us, he just re-emailed the disclosure with no notice of what changed. He added ~ {$1000.00} to our closing less than 36 hours before close. 
-We were essentially bullied into either delaying close and incurring non-refundable moving expenses, or taking their draft and paying out of pocket. Adding the {$4000.00} to our mortgage would have added a measly $ XXXXmonth to our payment, easily within our LTV and allowing us to keep more funds in savings in case we were to be impacted by COVID down the road. My wife is XXXX XXXX  XXXX   and this has added significant stress to the move. 
-I complained to the closing team, asking reimbursement for our loan charges. They said they would have 'the Executive office ' contact us to resolve the issue. 
XXXX XXXX with 'the Executive office ' contacted me on XX/XX/XXXX. I provided all information and noted that if I didn't get a prompt response, I would file a formal CFPB complaint. 
-No response happened, and today, XX/XX/XXXX, I received another 'Executive Office '  phone call acting like we were at the beginning again and 'letting me know we had received a complaint and would like to look into it for me '. 
-I have called other banks and explained my situation, and they noted that Wells broke the law. A Wells employee we know of noted that 'Wells Mortgage is so busy right now with the low rates that they are being pushed to close on time even if it means breaking laws '. It's like the checking account scandal all over again.

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