Consumer complaint received 2016-07-06
Company: WELLS FARGO & COMPANY
State: KY
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
My family and I are being XXXX and, as part of the relocation package, we were given the option to work with XXXX of XXXX " preferred '' lenders '' ( " preferred '' meant the processing of the loan was going to go more smoothly granted we met all the underwriting requirements ) and in our case, and we now know it was the worst decision, we chose WELLS FARGO and it has been a nightmare. Instead of the " efficiency '' we were promised, we have gotten only disappointments. TOTALLY THE OPPOSITE EXPERIENCE WE EXPECTED! WHAT A HORRIBLE EXPERIENCE FOR ME AND MY FAMILY! 
Once we went shopping for our home and found the XXXX, we decided to go with Wells Fargo even at the opportunity to go with my own employer ( I work at a big national Bank that offer me THE SAME RATE ) and that because we assumed the preferred lender status would make a difference with a more expedient process. We were wrong. SO WRONG! 
It was decided back then that the best date for us ( and for the sellers ) to close on our new house was early XXXX ( XXXX XXXX ... key date from which all other major dependencies of the process = moving company logistics, contractors, inspections, flights back and forth and even baby sitters for our kids ). 
The process started well and with the normal and " heavy '' required documentation to prove our income ( my wife and I responded to and fulfilled each document they requested within 24 hours ). 
It was only until the last two weeks prior to closing that we found out that there were issues with the third party appraisal and we found that out ONLY because our realtor kept on asking about the date the appraisal was to be done and NOT because Well Fargo were on the ball or being proactive to meet their deadlines. They apparently had sent out a request to the appraiser on XXXX XXXX, but Wells apparently never followed up ENOUGH or pushed the vendor to make sure it was happening at a reasonable date to meet deadlines so it was only until last week that we found out that the appraisal was only actually scheduled for XXXX XXXX. That meant our closing date of XXXX XXXX was almost impossible to meet. By that time my wife and I had already purchased airline tickets ( at a premium cost because of the uncertainty ) and arranged all the other dependencies around XXXX XXXX. They kept telling us they were doing everything they could and that they were STILL trying to make the date. Well, they did not, and on XXXX XXXX late at night after frantic back and forth calls ( with very little follow ups from their end ... we were always the ones reaching out and begging for updates ... not proactive whatsoever ) we learned that our closing date was not going to be met because the appraisal did not come so the closing disclosures could not be sent on time to meet the 3 day window RESPA requirements. They told us that Friday that because of the XXXX XXXX weekend they were going to send us the documents on Tuesday XXXX so we could close only until Friday XXXX. 
Well, once again, we changed our flight tickets AND all other dependencies accordingly ( baby sitters, contractors doing some improvements in the house, inspections, law office appointments, etc ). Now, Tuesday XXXX arrives and we only hear from them via email around XXXX saying that the appraisal was ready and that they were expediting their internal appraisal review for us. 
After 3 hours and not having received an update we called again ( again we reached out - they never called us proactively to follow up ) we found out they have left the day and that our disclosure document was not going to come our way to meet the 3 day RESPA deadline so we could close on Friday XXXX. ANOTHER DISSAPOINTMENT!! Now, we have to wait who knows for how long for WELLS to give us the document, we have to change our flights ( cost now XXXX $ XXXX ) and all our other dependencies. NEED RESOLUTION. HELP

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