Consumer complaint received 2021-07-28
Company: WELLS FARGO & COMPANY
State: IL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
On XX/XX/2021, I contacted XXXX XXXX ( XXXX Ext : XXXX, XXXX, XXXX ID XXXX ), a loan officer at Wells Fargo Mortgage Company. I did so for two reasons : 1. I wished to place a sales offer on a residential home in XXXX, Il. and the seller required a pre-approval letter from my lender. 
2. I have had a mortgage on my XXXX condo with Wells Fargo for 15 years, never missing a single payment. 
XXXX XXXX asked me for income and expense information, which I provided. He also obtained my official credit score of XXXX. I noted that I am XXXX years old and retired. XXXX XXXX stated he was from XXXX, XXXX and while his accent was difficult at times to understand, we discussed that my XXXX condo would eventually be sold. He joked that I would have to stay in a hotel for a few nights. I received the pre-approval letter ( exhibit # 1 ) of a 5 % down payment loan and made an accepted offer on the house for {$450000.00} ( exhibit # 2 ). 
I contacted XXXX XXXX and submitted the offer to him to begin the loan process. It was at this time he announced that my XXXX condo would have to be sold before the loan process could begin. I was stunned. I explained to him that the condo was not even on the market and that it would be physically impossible to market, sell and close on my condo before the closing date agreed to in my XXXX home contract. Furthermore, neither the pre-approval letter from Wells Fargo nor any correspondence made any mention of this critical requirement. I asked XXXX XXXX what could be done. In a series of recorded ( by Wells Fargo ) conversations XXXX XXXX stated he was working with his team to see if there was a way to make the loan work. Over the course of days, XXXX XXXX said the expected closing costs ( including down payment ) would be from {$100000.00} to {$120000.00} to {$85000.00} and that the loan process would take until XX/XX/2021. He introduced me to a Wells Fargo online tool called Your Loan Tracker where there are two tabs. One is for To Do which is a list of required documents and the other tab Done is a record of each uploaded document. Throughout this entire ordeal, all required documents have been uploaded within hours of receiving notification from XXXX. 

On XX/XX/2021 I received a Wells Fargo email ( exhibit # 3 ) asking me for feedback on my loan experience ( exhibit # 4 ). I replied to each question with Very Dissatisfied and submitted the form. Later that day, I was called by XXXX XXXX ( XXXX, XXXX, XXXX ID XXXX ) who described himself as the email questionnaire originator and is responsible for the management of the loan officers. He had trained XXXX XXXX. Again, the call was recorded by Wells Fargo. We spoke at length and I described in detail my experience with Wells Fargo and why I reached the Very Dissatisfied conclusion. XXXX XXXX stated he understood my position. I mentioned to XXXX XXXX that I hoped my answers would not jeopardize my loan application and he assured me that that would not be the case. 

Later that same day, I received a call from XXXX XXXX XXXX XXXX extension XXXXXXXX XXXX ID XXXX ) who described her task as being my point of contact for the conclusion of the loan process. We spoke for almost an hour and I brought her up to date with my experience thus far with both XXXX XXXX and XXXX XXXX. She reiterated that my concern for the negative feedback would not affect the loan outcome. I was concerned with meeting the estimated loan date the following Monday and she mentioned that that date might be as soon as tomorrow, XX/XX/2021. Coming from an experienced person in her unique position, I considered her comment as very good, encouraging news. XXXX XXXX stated that my loan will be {$350000.00} with an interest rate of 3 % and an APR of 3.104 %. This interest rate is up from a previous interest rate quote of 2.875 % which is the same rate as shown on the WellsFargo.com mortgage calculator page today, XX/XX/2021. The down payment would be {$90000.00}. Closing costs would be ~ {$16000.00} without appraisal cost ( which was waived by Wells Fargo ). The total closing would be ~ {$100000.00}. In an email to XXXX XXXX on XX/XX/2021 ( Exhibit # 5 ), I asked why her quoted closing cost of XXXX {$16000.00} ( minus the down payment ) was double that of the closing cost estimate of {$6900.00} ( excluding {$480.00} appraisal cost ) as shown on the Wells Fargo mortgage calculator which takes into consideration, Location, Purchase Price, Credit Score and down payment. She has not replied. 

On XX/XX/2021 after hearing no word on the loan outcome, I emailed XXXX XXXX ( exhibit # 6 ) asking her for any information on my loan status. I stated that all required documents had been uploaded. She did not reply nor call me. 

Later that same day, without any notification, I noted that two more documents were required on the Wells Fargo website. I again emailed XXXX XXXX and explained that I had uploaded these documents in the past and was uploading those same copies again. I pointed out that one of the requested documents which had been uploaded was my mortgage statement from, of all places, Wells Fargo. 

As I state in my email ( exhibit # 6 ) on XXXX XXXX, I again saw a demand for documents that had been uploaded at an earlier date. I called XXXX XXXX, XXXX XXXX and XXXX XXXX on XX/XX/2021 and left vmail asking for a return call. I also stated my concern that since Wells Fargo was demanding documents that had been uploaded I asked, where were the originals? Were they lost? Misplaced? These are personal financial documents that are highly confidential. I have not been contacted. 

I believe that I am a victim of a bait and switch process by Wells Fargo. I have been led to believe that my loan was not only being process, but that the outcome would be in my favor and the loan granted. Considering it took, literally, hours to compute my pre-approval process, surely a loan that is being processed by experienced professionals would know within weeks of work what the outcome would be, yet they refuse to contact me in any way. Because of their behavior, I was bound by my home sales contract to deposit {$5000.00} in earnest money which will now be forfeited, as well as a required home inspection of {$630.00} and a Well Fargo processing fee of {$17.00} for a total of {$5600.00}. I believe Wells Fargo knew well in advance that my loan was in jeopardy and that when I replied to their questionnaire, they took revenge and refuse to contact me. 

I further believe that I was victimized by their bait and switch calculation that penalized me from previous quoted interest rates and closing costs as well as those shown on their current website calculator. 

I also believe that Wells Fargo discriminated against me because of my age. Regardless of my considerable net worth, few expenses and many assets, they determined that this loan could not be paid off in my lifetime and tried to dissuade me with the higher costs of this loan. I repeatedly offered to increase my IRA distribution to whatever level they required to meet their criteria. Given the level of detail in their required documents and my complete and total openness about my financial situation, they searched for every possible negative that would allow them to decline my loan and cause me great financial harm and they did so knowing this outcome for days if not weeks. 

I believe both of my charges were brought on by deliberate actions on Well Fargos part and that proof of these charges can be derived from their recorded phone conversations and the demand for financial documents up to this very day. Considering my proof of loan date is XX/XX/2021 and the time wasted by Wells Fargo, I have no time left to secure financing at another mortgage company leaving me in extreme emotional distress. 

I hope that your office will investigate these events and charges and that Wells Fargo will be punished for their actions by paying {$5600.00} in damages to me.

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