Consumer complaint received 2019-07-15
Company: WELLS FARGO & COMPANY
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Good afternoon everyone : We just can not get Wells Fargo Mortgage to come to an approval decision and loan " Commitment Letter '' for the new home we are building in XXXX, XXXX, Wells Fargo loan application # XXXX. 

We are into the 13th week since our application was submitted and " pre-approved '' by Mr. XXXX XXXX at Wells Fargo ( WF ) Mortgage, XXXX XXXX XXXX XXXX, XXXX Fl XXXX. His phone numbers are XXXX, XXXX XXXX, Fax XXXX, and email XXXX. In addition, we have also contacted all of these Wells Fargo employees at their email addresses or telephone numbers : XXXXXXXXXXXX.XXXX, XXXXXXXXXXXX.XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX Despite numerous WF promises via letters, calls and emails from various WF staff up to Senior Vice President XXXX XXXX, we have rarely heard from anyone as promised AND have heard nothing now since the first week of XXXX - unacceptable nearly 3 months since applying! Even the US Congress doesn't take this long to do something. 
We have fulfilled all requests and explained all details as requested by WF - submitting a total of over 87 documents via their " LoanTracker '' website and by emails and faxes. There should be NO REASON our loan can not be approved and a firm loan approval Commitment Letter issued at this time. Our builder needs to set a firm XXXX / early XX/XX/XXXX closing date and we have to make down payment progress payments before then ... difficult to do if we don't have a loan commitment. 

If for some inexplicable reason WF is unable to approve our loan, then they need to provide us proof as to why, immediately refund all of our 'rate lock ' and any other funds submitted - with interest - to our Wells Fargo checking account, and remove any and all credit report checks made by WF on behalf or either of us. 

In our lifetimes, we have never experienced a mortgage loan process as convoluted as this WF process is. Within the past 2 years, we financed a new home via XXXX XXXX  in XX/XX/XXXX, and refinanced the same home via XXXX  XXXX  in early XX/XX/XXXX - and neither process was anywhere near as convoluted as Wells Fargo 's. Our application for this new home under construction just 4 miles away has been met with excessive delays, demands for unusual documentation, and numerous excuses / failed responses by WF employees. They even asked " ... provided documentation why you moved from XXXX to XXXX in XXXX ... '' ( I RETIRED! ). 

While the new home will not be complete until / about XXXX XXXX, the sheer length of time this has taken and lack of a firm loan Commitment Letter has placed great stress on us, and jeopardized our non-refundable deposit money down payment schedule ( which we've already had to renegotiate ). The lack of confidence we feel in Wells Fargo - a bank we thought reliable, trustworthy, and efficient, and where we have a small account - is just disgraceful. In discussing loan alternatives with other mortgage loan firms, they say they " ... are not surprised ... '' by Wells Fargo 's inability to efficiently process mortgages! Had we known this, we would never have applied at Wells Fargo at all, and the WF " advertised '' promises of smooth and easy mortgage loans is simply untrue and false advertising in our experience. * The Federal Reserve - U.S. Department of Housing and Urban Development ( HUD ), the Federal Housing Administration ( FHA ) - and of course the Consumer Financial Protection Bureau ( CFPB ) * to name a few, and for certain, social media, would be astonished at the way we've been treated by Wells Fargo, an experience so far that we can well document. There can be no justification for all the delays and excuses with our application, nor should there be any good reason to deny it in fact. 

We expected numerous responses promised us by emails, calls and letters. Few arrived. Today is the latest " deadline '' promised by Wells Fargo for a response, due TODAY - XX/XX/XXXX - promised by WF Senior Vice President Ms. XXXX XXXX in her XX/XX/XXXX letter. And also by " Executive Resolution Specialist '' Ms. XXXX XXXX on XX/XX/XXXX. Nothing has been received so far at XXXX. 

Perhaps you can look into this matter and get our loan approved. Thank you, - XXXX XXXX ( XXXX & XXXX XXXX ) XXXX XXXX XXXX XXXX XXXX, XXXX, XXXX XXXX Home XXXX XXXX XXXX  Cell XXXX XXXXXXXX XXXX Cell XXXX Email > XXXX XXXX Note : Reference CFPB website article : Most-complained-about mortgage companies : The four companies about which the CFPB received the most mortgage-related complaints between XX/XX/XXXX to XX/XX/XXXX were Wells Fargo, XXXX XXXX XXXX, XXXX, and XXXX XXXX.

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