Consumer complaint received 2020-04-27
Company: WELLS FARGO & COMPANY
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I just closed on my primary residence with Wells Fargo, paying off the account above. I understand that with the evolving COVID-19 issues, the process was extended. However, my initial application was XX/XX/2019. I waited through five months, three weeks, at least two processors, and submitting double documentation to get this complete. While I know absolutely nothing can be done, I would like for the company to acknowledge the issues and take steps to resolve them so other customers do not have such a horrible experience. 

My initial process started in XXXX when my credit was first pulled. I received a credit score disclosure on XXXX/XXXX/2019. The loan took so long that another credit report had to be pulled. Im not sure of the date since I never received the second disclosure. But I did see the two hard pulls on my credit report. I know a third will drop my credit score which is going to prevent me from doing a refinance on my rental property which is with another bank. I had wanted to take advantage of lower interest rates, but I value my credit score more. 

I submitted the online application, my tax documentation, and other documentation to the first processor. I also paid an appraisal fee. He told me that a physical appraisal would not be necessary. Then I was told that the loan had to be restructured and was assigned another processor, XXXX. I had to resubmit all the documentation a second time. I was also told that I would have to pay another appraisal fee which would then be credited to my loan. Since this would have been over {$1000.00} I refused. 

The first processor had sent me some tax forms via secure e-mail to sign and return via secure e-mail. Then XXXX sent me the exact same tax forms through unsecure e-mail. The problem was the form included my full name, address, and social security number. 
When I reported her to her supervisor, another division started investigation. I was told it would take a few weeks. Then I kept getting notices of extension. Mind you, this was all BEFORE COVID-19. Well over six weeks later, I finally got a call from someone who said something to the effect of well we cant change that your information was sent out. We will retrain the processor. 

I explained no less than three times that my tenant was on a month to month lease as per the last lease. Yet I kept getting told I had to provide a current signed lease. For some reason, I had to write a letter explaining about the XXXX that handles my leasing. The words coming out of my mouth didnt seem to make sense. Maybe I wasnt saying things correctly. But I couldnt provide a signed lease when my tenant is on a legal month to month. I was happy to provide bank statements to show the consistent income flow. 

I had made it clear to both processors that I did not want to pay closing costs, to please roll them into the loan. The first time XXXX mentioned a dollar amount, I reminded her that I would not pay that. Then I received my first Loan Estimate which listed Cash to Close as {$1000.00} ( I believe ) and my second Loan Estimate listed Cash to Close as {$2500.00}. I seriously wasnt being listened to at all. After that was corrected to be {$1.00} to close, I checked my pay off amount against what my new loan was paying off. Imagine my surprise to learn that I still owe over {$2200.00} to pay off the loan. Jokes on me, I guess. 

There are so many times I wanted to just stop the process and go to another bank. Then the longer this went on, I was afraid the process would be even longer. Then when COVID started, I really got panicky. 

Ive had a home mortgage with Wells Fargo since I purchased this house about eight or nine years ago. I went through a painless refinance a few years ago. I shouldnt have had to wait nearly six months to close on what should have been a simple re-finance not a long time customer with excellent credit. Again, I understand the COVID extension, but since I started the process in late XXXX, I should have closed in XXXX. 

Mortgage Loan Processor XXXX XXXX, XXXX XXXX Home Mortgage Consultant XXXX XXXX, 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 monetary relief