Consumer complaint received 2020-11-11
Company: WELLS FARGO & COMPANY
State: MN
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
This is a follow-up to our original complaint with Wells Fargo, where they didn't address any of our concerns. I would like the following questions responded to in writing, as we are exploring our next steps. 

In the 2B Letter of Resolution : 1 ) In the 'Loan Processing Delays ' section, XXXX XXXX wrote the following : " In our examination of your application process, we did not find where there was a lack of communication with you and your loan team. We apologize if you did not receive the service you expected, if we did not meet your standards, and any frustration you may have experienced ''. Did XXXX review the several emails where I complained repeatedly about the lack of response, including on XX/XX/XXXX asking XXXX XXXX for a new processing officer as XXXX XXXX was non-responsive ( attachments included ). If so, please indicate how this is sufficient communication. 

2 ) In the 'Funds Charged at Closing ' section, XXXX XXXX wrote the following : " Please be advised that the final application closing was not completed until XX/XX/2020. The accounts Closing Disclosure will detail that the final Cash to Close was {$130000.00}. Included in the final amount needed to close, was {$6200.00}. We were unable to rework the final approved loan amount, and meet the deadline to close on XX/XX/2020. The final amounts required to close, were set and could not be changed after XX/XX/2020, once the accounts closing date of XX/XX/2020 ''. This is misleading. XXXX indicated final application closing was not completed until XX/XX/XXXX, but in reality we did not receive any documentation until XX/XX/XXXX. If we would have received the information on XX/XX/XXXX as indicated, we would have had plenty of time to adjust closing disclosure amounts. 

3 ) In the 'Funds Charged at Closing ' section XXXX XXXX wrote the following : " While we understand that you wanted to place an additional {$3000.00} in the closing loan amounts, however, we were informed your request when the Closing Disclosure ( CD ) had already been issued. Any changes to the loan amount, after the Closing Disclosure was issued would have delayed the accounts closing date past XX/XX/2020. Please note that the additional {$1000.00}, which you have identified in your Consumer Financial Protection Bureau complaint was not an additional fee charge. This was an amount of tax escrows that were required to be collected at loan origination. '' Again, this is misleading. If we would have received the Closing Disclosure within the 3 day period ( we did not receive it until after business hours within the 3 day close ), we could have made adjustments. And the additional {$1000.00} XXXX mentions was an error Wells Fargo made. They denied our request to update our closing numbers, and then afterward added the {$1000.00}. This invalidates his argument that the Closing Disclosure was not able to be updated. In addition, Wells Fargo lied and said that it was a federal requirement that any loan amount require a new 3 day closing period. This lie was first said XXXX XXXX, and again by supervisor XXXX XXXX. This is not true. There are specific instances where a new 3 day period is triggered, none of which met this criteria. Please see the attached email where they repeatedly lied about CFPB requirements. 

4 ) In 'The The Three Day Requirement to Review the Origination 's Closing Disclosure ' section XXXX XXXX wrote the following : 'Please be advised that the Closing Disclosure is required to be acknowledged, and signed by you three days before the loan can close. We are unable to waive the three day review requirement '. This is misleading. We received a notification of closing disclosure, but never had the option to sign.

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