Consumer complaint received 2021-02-26
Company: WELLS FARGO & COMPANY
State: NJ
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
XX/XX/XXXX I spoke on a recorded line at great length with XXXX XXXX from Wells Fargo Mortgage Refinance. We discussed refinancing my home mortgage to a 15 year fixed mortgage. I currently have a 30 year fixed Mortgage and have been a Wells Fargo client in good standing for 3 1/2 years. I purchased my home, in my name, in XX/XX/XXXX. I married my wife in XX/XX/XXXX. I have been currently furloughed from work due to COVID. However our total family income is in good shape and we have no problem paying our bills. We wanted to take advantage of the improved interest rates being offered. Because I was furloughed, XXXX said I could not refinance unless my wife was added. I told him she had a lower credit score and had a Foreclosure in the last 7 years from her prior life. XXXX confirmed he could still offer a 2.5 % 15 year fixed rate given our credit history. My goal was to minimize closing costs and secure savings with a reduction of interest from 4.125 % ( current mortgage ) to the 2.5 % ( 2.6 % APR ). Originally XXXX said I would NOT need a home appraisal which would save me about {$500.00}. That later changed and I would need to get an appraisal. I was comfortable moving forward with the outline of expected costs. I was transparent with our financial situation and XXXX was thorough with the details and had that outlined in writing ( I have that in my possession ). XXXX recommended I get the appraisal ASAP as well as the other paperwork work including details of the Foreclosure, payroll details, bank accounts, etc. I paid {$490.00} to Wells Fargo to execute the appraisal which was done on XX/XX/XXXX. We completed our paperwork submissions immediately online as requested. A few weeks I was contacted by XXXX XXXX to say they could not due the refinance because of the previous foreclosure of my wife. I asked why he moved forward with this knowing that fact from the very beginning? HE SAID UNDERSWRITING MAKES THISE DECISIONS. He offered another type of refinance which would add thousands of dollars to the closing costs as well as minimize my benefit to refinance. I told him I did not appreciate the " bait and switch '' when Wells Fargo had all of our information up front. I then requested the refund of the appraisal fee since it was a waste of time given the " bait and switch ''. He said he would see what he could do - not optimistic about it - he empathized with what had happened. 
I requested to speak with his Supervisor - XXXX - who was not helpful at all - said there was nothing she could do. I then asked for someone higher up. XX/XX/XXXX I received a letter from XXXX XXXX explaining why I needed an appraisal but did not address the issue. XX/XX/XXXX I received a letter from XXXX XXXX basically saying they need to follow policies and procedures, apologetic, but no resolution. I then spoke with XXXX XXXX reviewing all of the above and she said she would get back to me by XX/XX/XXXX. I left VM on XX/XX/XXXX and XXXX ( no return calls ). On XX/XX/XXXX I received a letter from XXXX XXXX with no resolution. I promptly called to give one final attempt before reaching out to YOU, FOR HELP. 

XXXX ( XXXX 's supervisor ) from Wells Fargo said that the appraisal fee was not wasted because I could go to another financial provider to refinance ( it should be good for about 6 months - she said ). I did do just that - and within 10 minutes of speaking to XXXX XXXX from XXXX XXXX he indicted that he could not do a conventional refinance and that having an appraisal ordered was a waste of money given the circumstance. He indicated that whomever required that, was not doing their job. 

Yes I am frustrated. I have spent a lot of time and energy providing documentation to Wells Fargo and they failed to do their jobs, which resulted in me paying them {$490.00} for something that did not need to be done given the information originally provided. 
Thank you for your assistance in getting this resolved.

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