Consumer complaint received 2015-07-19
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Application, originator, mortgage broker

Complaint:
Attempted to get Equity Line increase to $ XXXX from $ XXXX for son 's college. House had additional equity between $ XXXX - $ XXXX. Started process in XXXX XXXX Credit rating XXXX. Income $ XXXX according to line XXXX of XX/XX/XXXX tax return XXXX. Wells Fargo customer for XXXX years. 

1st application -- ( 1 ) did n't give us proper rate discount, ( 2 ) lied about could n't do loan because it was in trust ( 3 ) then offered interest + principal loan at $ XXXX. 2nd Attempt at local bank where all options were discussed -- Loan officer took documents, then cancelled meeting and rescheduled No official application. Never got documents back despite numerous requests. 3rd Attempt -- contacted by bank to refinance again with bank requesting that I cancel the loan application with XXXX XXXX XXXX which had a teaser rate of 1.99 %. Guaranteed that loan application would be approved. XXXX XXXX left voice mail message said loan was approved. I cancelled loan, which was in escrow at XXXX which was in escrow relying on XXXX 's statement. Loan was denied due to house being in trust. XXXX had the application reinstated because house could be taken out of trust as it was a revocable trust. 

XXXX XXXX was the contact person. Left messages on Wells ' website that were unintelligible about what was needed. Between XX/XX/XXXX - XX/XX/XXXX called XXXX XXXX approximately10 times. Never returned my call. Sent e-mails to him and he never responded. XXXX XXXX contacted him and still he never responded. 

On XX/XX/XXXX I spoke to underwriter XXXX XXXX to determine what he needed. I provided him everything within 1 hour of what he requested. Never heard from him again. 

From XX/XX/XXXX XX/XX/XXXX made numerous calls to XXXX XXXX , XXXX XXXX and XXXX XXXX about the status. No one called me back. 

On XX/XX/XXXX spoke to XXXX XXXX. He looked into the status and told me that I needed to provide the XX/XX/XXXX P/L statement and XX/XX/XXXX P/L statement from my business. I provided it to him within the hour. He told me he would be in contact soon. 

XX/XX/XXXX sent e-mail to XXXX asking for status. No response. 

XX/XX/XXXX received notice that loan was denied due to " income insufficient for existing debt and/or terms/amount. Unable to verify income as stated on application '' Immediately contacted XXXX, XXXX and XXXX. No one EVER returned my call. 

Resubmitted my application with XXXX XXXX XXXX which was funded XX/XX/XXXX. 

I complained to Wells Fargo and over the course of the last three months I have been corresponding with XXXX XXXX. Wells Fargo will not acknowledge the following:1. They never asked for my XX/XX/XXXX tax returns2. They would not consider my XX/XX/XXXX P/L statement from my business which showed a profit of ~ {$30.00} more than the year before. 
3. Lied to me about we did n't qualify for an increase because the house was in trust. 
4. Why I was n't offered the California Rate on the XXXX loan. 
5. Why the local office would not reschedule the loan meeting or return my documents. 
6. My XXXX XXXX, the loan officer handling my loan would not return my calls. 
7. Why XXXX XXXX would not use the correct financial information in determining the loan application. 
8. Why XXXX XXXX said the Loan was approved when in fact it was n't. 
9. Why XXXX XXXX, XXXX XXXX, and XXXX XXXX never returned my phone calls when I wanted to discuss why the loan was denied. 

No matter what documentation I provide, XXXX XXXX of Wells Fargo refuses to answer questions, provides misinformation, fails to reexamine the situation with the documentation supporting our position. The phone calls are futile because she will not acknowledge the errors in the facts she is relying on. Then she provides a follow up letter that spins her unsupported conclusions. Wells Fargo has been dishonest from the loan through complaint.

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