Consumer complaint received 2015-11-14
Company: WELLS FARGO & COMPANY
State: TX
Product: Mortgage
Sub-product: FHA mortgage
Issue: Credit decision / Underwriting

Complaint:
I applied for an FHA mortgage with Wells Fargo , NA and on XXXX XXXX, XXXX, I received a ( pre-approved ) Priority Buyer Letter for the property incident to my loan. I am an XXXX recipient for the XXXX of my own and have been receiving such benefits for over five ( 5 ) years. During the income verification process, I provided Wells Fargo employee, XXXX XXXX copies of : 1 ) My original Notice of Award letter dated XXXX XXXX, XXXX, 2 ) An XXXX notice of the continuation of benefits and amount payable, effective XXXX XXXX, XXXX for the current year and, 3 ) Copies of my previous two ( 2 ) years ( XXXX, XXXX ) XXXX stubs which evidence the total year end earnings for those years, since I am not required to file taxes. Those documents should have sufficed since the Social Security Administration ( SSA ) will not provide a guarantee letter promising the income will continue for any duration, or otherwise forever. I received a phone call from Wells Fargo employee, XXXX XXXX during the income verification process where XXXX XXXX explicitly stated I would need a guarantee letter going forward, promising my XXXX benefits will continue for at least " three to five years. '' I informed XXXX XXXX that I have never received a promise from the SSA in the past guaranteeing I would receive the XXXX benefit in the future. I specifically informed XXXX XXXX that I have been receiving XXXX for my XXXX for at least five ( 5 ) years. I strongly objected to XXXX XXXX this documentation requirement on the grounds that it was an underwriting rule discriminatory toward those receiving XXXX, or any public assistance benefit, for that matter. I further asked XXXX XXXX if for employed persons similarly situated in the loan and income verification process if a letter from an applicant 's employer guaranteeing future employment and income were required and XXXX XXXX said it was not a requirement from employed persons. I was very offended that I was being treated disparately, but quickly rushed to a local office of the SSA to obtain any and all documentation the SSA would be willing to give me that might better justify my income and ability to repay the loan. I basically received identical documentation from the SSA and turned it into Wells Fargo ( XXXX XXXX ) the same day. I filed a complaint with Wells Fargo legal department in XXXX XXXX and my loan was then handed off to their Home Mortgage office in Iowa for review and investigation. I ended up getting conditionally approved for the loan, but rapidly became the subject of retaliation. I had been shopping for mortgage companies when I came to Wells Fargo, as I have my bank account there. I was already pre-approved by XXXX XXXX, but XXXX XXXX at Wells Fargo promised to " undercut '' XXXX XXXX to earn my business, giving me a slightly lower interest rate ( 3.75 % vs. 3.85 %, 30-year fixed FHA ). On numerous occasions, I kept seeing a higher rate appear on the Good Faith Estimate ( GFE ) than promised. On numerous occasions, XXXX XXXX instructed me to ignore the GFE and that at closing, I would in fact lock in the 3.75 % fixed, 30 year rate. XXXX XXXX, manager in Iowa kept claiming that my discrimination case was under investigation and she promised to " make things right, '' by seeing my loan through until it closes. Little did I know, my loan was never going to close, all the promises made were vacuous and I was lied to by a plethora of bank employees. XXXX XXXX claimed my loan could n't proceed due to my property not " meeting approval. '' I went to another company and closed in two weeks. Shortly after, Wells Fargo sent a resolution letter intentionally misrepresenting virtually every material fact subject to my discrimination claim. I have voice recordings, emails and texts to prove it. Wells Fargo bought my loan 33 days after I closed at 4.25 % from new company.

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