Consumer complaint received 2019-04-03
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
Pls ref below compliant letter we send to WELLS FARGO, all details are included -- -- -- -- -- -- -- -- -- COMPLAIN LETTER AND LOSS RECOVER REQEUST FOR XXXX XXXX LOAN Timeline & events XXXX XXXX open escrow, total 45 days XX/XX/XXXX XXXX, we had a meeting we XXXX XXXX from WELLS FARGO 1. We told him we already opened escrow on XX/XX/XXXX, so base on our current financial situation we need him to give us a pre approval 2. We already have a loan company with will do the loan for us, but we want to check with WELL FARGO to compare the rate, since most of our money are in WELL FARGO accout. 
3. During the meeting we gave all of our information, including our financial details and money sourcing. 
One thing need to be addressed is that our total house purchasing price is XXXX, and we are planning to put the down payment of XXXX, and loan the rest of XXXX from WELLS FARGO. However, XXXX XXXX gave a concept that is BANK wants us to loan more money, then we can get a better interest rate, and after we get the loan with good interest rate, we can do the recap to put the rest of the amount back in, and lower the monthly payment also we can keep the low interest rate. Also BANK dont charge any money if we do the recap ( what he said is recap not refinance ). Base on this, XXXX XXXX made us to down only 10 % ( not sure with the percentage but our loan doc could show ) and 3.875 %, if we could move reset of the money from other bank to WELLS FARGO, so we followed his direction by moving rest of the money to WELLS FARGO, in order to get the best interest rate XXXX XXXX base on comparison we told XXXX XXXX that we will work with WELLS FARGO to do the loan XX/XX/XXXX we have the email confirm from other loan company that they can give the same rate with WELLS FARGO and we showed to XXXX, saying that we still want to work with WELL FARGO since the bank is more trustworthy then loan company, and again, we told him our case need to be closed within 30 days, what he said is we have a solid case, he usually dont promise anything but he said we dont need to worry about ours as the case is clean and should be done within time So escrow open on XX/XX/XXXX and within 30days, our loan doc should be ready around XXXX, so we could move in early XXXX but as the loan did not perform, we paid one month rent till the end of XXXX, and we lost 1 month rent money The loan started on XX/XX/XXXX 1. We have been very cooperation with the processor and XXXX, as long as they request the doc from us, we always send over within 30 mins, 1 doc tooks 10 hours is because they request the doc from XXXX in afternoon time, and we send to them at XXXX the same day 2. We almost contacting XXXX and XXXX every day, to check the status, and every time we have the answer is very positive and optimistic, both XXXX and XXXX told us dont worry our case is clean and easy, we should close it within time 3. At the last week of closing escrow there still no progress, so I texted XXXX as below, but he still not tell me the truth, keep saying no issue at all. Pls see below XX/XX/XXXX it is already pass the 30 days, both seller agent and us are very worried and we call and email XXXX and XXXX every day, and their story is : all of our doc are reviewed with no issue and we are waiting for the underwriter to review and approve, but our case is being assigned to a very irresponsible underwriter who works at very low efficiency, and XXXX told me dont worry the scary part has gone, right now is just the normal process for the approval signature, and he promise to apply to waive the 3 day waiting time in order to avoid the per diem charge, this keeps us believing him until XX/XX/XXXX. 

XX/XX/XXXX, last day of our escrow, and in the afternoon, XXXX suddenly send me email and ask us to explain for the conditions, and show proofs as you know it is the LAST DAY of closing escrow, so my wife and our buying agent went to WELLS FARGO load office in XXXX, XXXX who is the manager of XXXX told my wife that he heard of the case but not really going into details, so he reviewed the explanations that the underwriter request, My wife gave the explanation as we did it when we met XXXX at the first meeting. He said the result will come out on XX/XX/XXXX morning, with is 1 day overdue the escrow time. Total 46 days XX/XX/XXXX, me and my wife went to WELLS FARGO LOAD OFFICE in XXXX, both XXXX and XXXX are avoiding us, and we have the final result on XXXX that day by a phone call from XXXX, said WELLS FARGO reject to loan us The abv is the basic timeline for our LOAN case, so our question as below 1. From XX/XX/XXXX the bank starting to work on our case, and with XXXX full confidence during text, email and phone call, to the result of the Bank reject to loan, total 45 days, at what exact time the Bank raise the flag of our case, or to say, at what time the bank has the doubts about our case? 


2. We are the first time buyer to purchase the property, but I believe WELLS FARGO is not the first time to do the loan to buyer, you run our credit to make sure we have decent credit and trustworthy, but the loan officer who work for WELL FARGO keeps cheating us, gave us wrong information, keeps us totally in the dark until the final result came out, does the bank has the credit!!!??? 

3. If the bank has the doubt of our case why they did not rails the question earlier, so we can have time to explain and get the doc to proof, we have nothing to hide, as long as you ask we can give you a very reasonable explanation with supporting documents, it is our right give our explanation, isnt it? And why bank through me bunch of questions and conditions at the very last day of the closing of my escrow? We need a fully investigation from WELLS FARGO Other than that, during the whole process we have occurred the unexpected cost, WELLS FARGO must cover it for us 1. Appraisal fee 2. ESCROW did not close within 30 days as promised, so the per diem XXXX /day, total 6 days of XXXX 3. We paid 1 month of rent, XX/XX/XXXX open escrow per 30 days we should close on XXXX, then we could move right away, but this incident caused we move on XX/XX/XXXX, we paid whole month rent, the rent is XXXX 4. My wife did not go to work for 2 days and went to WELLS FARGO office to solve the loan issue, total 16 hours, her salary is XXXX per hour, total XXXX 5. I did not go to work and went to WELLS FARGO office on XX/XX/XXXX, so total 8 hours, my salary is XXXX per hour, total XXXX 6. Because of late of closing, seller rent the hotel for 6 more days, total XXXX XXXX. Because the bank did not perform the loan, we find other loan company, and paid XXXX to get the expedite loan Out of all these unfortunate incident, we have found a reliable loan company and get the loan at last, so you are lucky, you dont need to cover the ESCROW DOWN for {$20.00} Last we want WELLS FARGO to do the thorough investigation and give me a proper explaination, meantime, I will file the complaint to the below agency and websites WELLS FARGO failed me big time, this case to you is just a case, to us is our family and my kids, we have been using WELLS FARGO since the very beginning and we put all of our money in WELL FARGO bank, and look what we end up? I will never have any connection with WELLS FARGO 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