Consumer complaint received 2019-01-07
Company: WELLS FARGO & COMPANY
State: OR
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
On XX/XX/XXXX I emailed Wells Fargo in response to a mailed flyer about refinancing my loan. I was contacted by XXXX XXXX on the same day by email. I wanted to know if I qualified for refinancing the house and consolidating loans. XXXX identified himself as mortgage expert. I let XXXX know that I work for XXXX   and that I did not think my income was enough. He asked for me to let him decide. I also expressed concerns about my credit score being hurt if I tried for a loan. I was assured that there would be no hit on the credit score while in the process of applying for the home loan. I followed the procedure and eventually received a preapproval for the loan on XX/XX/XXXX. In the process XXXX asked for me to close all open credit card accounts. There were three. By XX/XX/XXXX I had the accounts closed. I had the closing statements faxed to XXXX to show that the accounts were closed. I note now that in a letter dated XX/XX/XXXX, that the credit card accounts only needed to be closed at final closing of the loan. The letter was from XXXX XXXX at Wells Fargo. I was misled by XXXX into closing the accounts prematurely. 

One of the closed credit card accounts was with Wells Fargo and was used to secure the checking account. Not all my accounts pay in a timely manor, so the credit card was used to protect from overdraft. Also, in the process I paid for an appraisal of my residence, {$690.00}. Eventually the application was refused. We received notice of that in a letter dated XX/XX/XXXX. Wells Fargo had my income tax returns for XXXX and XXXX but made assumptions on a retirement account that I no longer had and never claimed to still have while communicating with XXXX. I only claimed social security and the XXXX income for personal income. 

One, I am now unable to get the credit card account with Wells Fargo reopened. I am told it is company policy not to reopen credit card accounts. I escalated the complaint for the account to be opened only to eventually be told accounts over 90 days closed can not be reopened. That was from a XXXX in the resolution department at Wells Fargo on XX/XX/XXXX. They created the 90 days. I would like the account reopened. 
Two, Wells Fargo had my income tax provided at the start. I should not have been asked to pay for the appraisal as my income disqualified me for a loan. They made the assumption that the retirement account existed though in conversations with XXXX I never mentioned a retirement income. I want the {$690.00} credited to the closed account. 
Three, even though I was told, and I have a letter, stating that my credit score would not be affected, XX/XX/XXXX. It has been. The letter stated their decision wouldn't affect the credit score. That may be true but the request to close the accounts did affect the scores. On XX/XX/XXXX my credit score was XXXX with XXXX XXXX. On XX/XX/XXXX my credit score with XXXX XXXX was at XXXX. That is a lowering by 32 points. Wells Fargo asked to have the accounts closed, without final approval of the loan. 

I would at the least like to have all three items rectified. At the most I would like the loan that I was preapproved for at the approved interest rate. This action by Wells Fargo has created some financial hardship. What they did was misleading from the start. I only claimed XXXX  income and social security income in communicating with Wells Fargo.

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