Consumer complaint received 2016-10-07
Company: WELLS FARGO & COMPANY
State: NY
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
Applied for Mortgage application with Wells Fargo on XXXX/XXXX/16. Had contract close date with the seller on XXXX/XXXX/16, mortgage company was well aware of it. All information requested on my behalf was submitted in a timely matter. Borrower did not start reviewing my application until I ran past the original contract date XXXX/XXXX/16 ( email communications on file ). Appraisal was not scheduled, my employment was not verified, and this information was not communicated to me until XXXX/XXXX/16, even though I made several attempts to reach brokers both via phone and email. 
Also, received unreasonable requests such as : My loan was approved, and was supposedly pending finalization from the underwriter. And the underwriter came back with the request to show proof of repairs that needed to be done, based on the home inspection he/she reviewed. Firstly, all the repairs were minor like a chipped wall, and an exposed wire. Secondly, they wanted me to do repairs on the house I did n't buy yet because of the application they did n't finalize yet. By this point I was fairly stressed, and I answered them saying that this is beyond insane, I 'm not fixing the house I do n't own yet. Also, I put it in writing, signed and dated. After reviewing, they came back with saying to have seller fix the house. Which I refused. And only then, they settled on a contract addendum that read nobody is fixing the exposed wire, both seller and buyer and ok with it, signed and dated. 
After doing absolutely nothing for some more days, and me calling and emailing on average 5 times a day, they came back saying they ca n't verify my employment. This is one of the main things that need to happen in the beginning. We are now 2 months, and one week into the process. They were not getting a response from XXXX, they reached out to me. To which I said this sounds about right because XXXX does n't work for us. And gave them the information of the person who does work for us. Then had to continue following up to make sure it was received. After 3 business day of them reviewing one piece of paper, and me escalating this to management, the form was approved. 

By this point seller puts the house back on the market because they 're tired of waiting. I am pleading with my mortgage brokers for mercy ( email communications available ). And finally I get a response that my loan is denied. This is the reasoning they gave me ( as understood by me ) : since my current lease begins in XXXX, they do n't have proof of residence for the last 12 months. The fact that I have another lease from before gets dismissed. And because I do n't have proof of residence for the last 12 months, I need to provide proof of additional income from the business I have n't been telling them about, with XXXX. And since I do n't have this business, the loan to debt ratio is too high, and the application will be denied. 

To which I said fine, just provide me with Loan Denial letter, and I 'll re-apply through normal bank. After again ignoring my emails and phone calls for 2 days. I just received a phone call from the broker telling me after review by one underwriter this goes into review for another underwriter and then it will be denied in 5 business days, or maybe 7, who knows. 

I just want this to be over.

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