Consumer complaint received 2018-03-13
Company: WELLS FARGO & COMPANY
State: GA
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I purchase my home in XX/XX/XXXX and have been a customer with Wells Fargo for over 22 years. Currently my mortgage balance is about {$6500.00} and will reach its maturity in XX/XX/XXXX. On XX/XX/XXXX I requested a refinance from Wells Fargo for {$40000.00} to do some home renovation. During this phase I felt I was asked for unnecessary documentation considering I had been with Wells Fargo, for over 22 years. 
I was asked to provide a letter on why I moved from my previous address XXXX XXXX, XXXX to my current home address 22 years ago, I was asked to provide my XXXX, to justify my unreimbursed items that I filed on my XXXXtaxes. I had to justify why I had one overdue payment to my credit union for the entire year. I currently have payment arrangements with Ga State and I had to provide them with the history of my payments. When I was informed that the appraisal would need to be done, the items I stated in my cash out statement on what I was going to do with the cash XXXX XXXX stated that I made need to have some of these items fixed before they could approve my loan. This was an appraisal not a home inspection. I also had to provide XXXX XXXX with documentation showing how much I payed Wells Fargo for my Wells Fargo monthly mortgage. 
On XX/XX/XXXX XXXX XXXX informed me that two leans came back on my title search and she was sending an email to the title company. After researching it was discover that the original loans had been transferred and had past the statute of limitations, therefore they never showed on my credit report. On XX/XX/XXXX, I received a request from XXXX XXXX requesting me to sign an authorization form, so they can speak to XXXX. ( A month since application Submitted ). On XX/XX/XXXX, Wells Fargo and I received payoffs from XXXX XXXX concerning XXXX, ( Two weeks after I sent authorization form ). Once these leans were identified, I sent XXXX XXXX an email on XX/XX/XXXX asking if I could include the leans in my refinance, since I had about {$150000.00} equality in my home. I figured if the loans total about {$80000.00} and I was requesting {$40000.00} this would total about {$120000.00} leaving me with about {$30000.00} equality after fees and expenses. 
On XX/XX/XXXX I received the loan estimate from XXXX XXXX which included paying off the two loans and giving me a cash out of about {$52000.00}, even though my request was for only {$40000.00}. The loan payment went from {$390.00} to {$1100.00} a month. 
On XX/XX/XXXX XXXX XXXX sent me and email stating that they may not be able to give you additional cash out after paying off the 3 mortgages. I responded back to XXXX XXXX ; If I am not able to get the additional cash out I do not wish to continue with the refinance. It would suit me better just to pay Wells Fargo off in XXXX and make payments arrangement with XXXX, take out a loan with my credit you for the home renovations. 
On XX/XX/XXXX, I received another email from XXXX XXXX stating that they could only approve the loan for the liens and they could not give me any cash out, at which I requested the refinance application be cancelled. 
On XX/XX/XXXX I received my Notice action letter on XX/XX/XXXX from Wells Fargo stating they were unable to approve my loan due to : Not enough combined assets to close this loan and a Issues with the property title can not be resolved at this time. 
My last request for the refinance was to include the liens and the home renovation which total about {$120000.00} and this option was never offered to me, they increased the cash out amount which caused the combined assets to increase and disqualify me for this loan.

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