Consumer complaint received 2015-10-05
Company: WELLS FARGO & COMPANY
State: NJ
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
On XXXX XXXX I submitted an application to Wells Fargo bank to refi my Wells Fargo 6 % mortgage which I had been paying for 8 years with no missed payments. The balance is {$380000.00} I have an equity loan for $ XXXX am retired with a pensiion and SS for both my wife and myself. I have been paying my bills for over 55 years with no missed payments. My FICA score is XXXX. The house was appraised for {$950000.00} using a Wells Fargo recommended appraiser. The main mortgage which is what I tried to Refi would have lowered my monthly payment from {$2500.00} per month to {$1800.00} .I submitted all the documentation to show that I had sufficent assets in my 401K, IRA 's for both my wife and myself, as well as annuities, personal stock portfolio, US bonds and cash. I submitted all this info in a timely manner as requested, sometimes XXXX times as WF " could n't find '' the information.I have received over XXXX letters from Wells Fargo, sent them over XXXX Emails during this 6+ months time period.I was told by Wells Fargo that I should not apply for other credit, as it would effect the Refi, so I was kept from applying elsewhere. I have been in the XXXX XXXX XXXX for 12 years, worked as a XXXX for 30 years.I owned and ran a XXXX for years, as well as achieved XXXX and been XXXX for over 20 years. 
I am very competent with management and numbers. I have copies of all the mail sent to me, as well as copious notes from all my discussions with Wells Fargo, which were on a recorded line. Wells Fargo does not know how to Refi a mortgage from a person that does not have a standard XXXX. Over the first five months I received different information from different Wells Fargo employees. All of which I have in my notes, and which follow the recorded line info. 
I emailed XXXX XXXX the CEO and they turn it over to an employee who was put in placeto keep anyone from bothering the Chief Executives. 
At XXXX point on a late Friday afternoon, I was told the application was approved. The following Monday morning, I was told the application was denied due to not enough income to debt. 
Wells Fargo does not recognize that a retired person controls their income through RMDsand Distributions. Wells Fargo tied my life up going on 7 months. As part of their responses to me, they sent me a check for {$500.00}, that is after they have collected over {$4700.00} extraby not approving the Refi, They have tried to roll over me by virtue of their size. 
My FICO score is XXXX. I have had credit cards with monthly payments paid on time with XXXX and XXXX XXXX for over 55 years. I believe I have a proven credit history. 
I do n't know why they are discriminating against me. Perhaps they do n't want to give loans toXXXX year old Senior Citizens.As a backup, I also have {$500000.00} worth of life insurance payable to my wife in the event of my death. I try to cover all my bases.

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with monetary relief