Consumer complaint received 2016-07-07
Company: WELLS FARGO & COMPANY
State: NV
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Application, originator, mortgage broker

Complaint:
This complaint is in relation to a HELOC application that was denied on the basis of my switching jobs. Had I known that job changes are grounds for immediate, unconditional disqualification I would have never applied for the loan and would have made other arrangements to fund the business. The business I began to pursue was a franchise in the XXXX XXXX area to open a XXXX with my ex wife. In order to finance the venture I decided to explore a home equity line of credit as it appeared to be a worthwhile avenue that would allow for some tax deductions and ease of repayment through my WF account. I am successful in many XXXX ( so far! ) and I can easily get the money from my investment portfolio if needed but I thought it would be wiser to avoid capital gains and take out a small loan, which was an avenue that was suggested by a banker at the XXXX XXXX WF branch due to the over XXXX in equity I have in an investment property in XXXX XXXX. I would consider myself to be a pretty low risk loan as I have over XXXX invested in stocks and mutual, I have a pension with XXXX County in XXXX, I own XXXX property in XXXX XXXX, and have a portion of an XXXX in XXXX that brings me income from a land contract. I probably do far better financially than many other people ( who probably deserve to do as well or better ). I take no credit for a lot of my financial success as I have had many people help me along the way which has included WF bankers on more than one occasion. 
Since my previous property was financed through Wells Fargo, and with my banking and credit ( XXXX ) history, I thought it would be a logical to work with Wells Fargo again. After beginning the loan process with XXXX XXXX at the XXXX XXXX branch I was contacted by a loan specialist named XXXX XXXX. XXXX made arrangements to speak with me on a set time and date, which she changed at the last minute, then was unavailable at the rescheduled time. I spoke with a support rep over the phone and was contacted by another representative who assured me XXXX would be available at another set time. I finally spoke with her and she gave me a list of items to submit for my application, which I provided within a day or so. I did not hear from XXXX again for roughly a week before I sent an email telling her I am XXXX in XXXX XXXX as a XXXX XXXX ( XXXX XXXX XXXX XXXX ). I tried to stress that I needed to know as soon as possible whether or not the loan was could be completed in a timely manner so that I could make arrangements otherwise. I finally received a call on XXXX/XXXX/XXXX from a coworker of XXXX stating the loan was not approved and I would receive a letter in the mail explaining why. 
I called WF loan department on XXXX/XXXX/XXXX voiced my concerns to someone and to try to get an explanation but I was spoken to by a very condescending individual named XXXX XXXX who stated my XXXX per year proposed contract was not going to be a sufficient line of work to justify the loan as the contract may or may not be extended in the future. I have worked in government service for many years, including contract work for this same company ( which I left in XXXX because I had small children who I was reluctant to leave for long periods ). I was very surprised that XXXX XXXX would disparage a work opportunity like this one and she continually interrupted me and diminished my viability as a loan applicant. Had WF known that contract work was an immediate disqualifier then they should have stated it as such in the loan disclosure or, if it is not a disqualifier, then they should treated my situation as a loan exception situation and evaluated it accordingly.

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