Consumer complaint received 2019-12-31
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
To help frame this complaint, please consider the following facts. 
I had been a client of Wells Fargo for over 18 years, with impeccable record, no bankrupcies, no defaults, a credit score of over 800, low debt ( no car payments ), a combined income of over $ 250K per year ( including rental income ) and over $ 1M in equity in my home. I also had refinanced twice with Wells Fargo/ Early XX/XX/2019, I was contact by Wells Fargo XXXX and aggressively pitched an HELOC ( Line of Credit ) and quickly thereafter a whole refinancing on my Loan which was a 7 years variable loan ( at 3.25 % ) and coming up on 6 years. I was told that this refinancing would take about 50 days, and that I would get the best available rates. 

Important to note that at the time, I was fully employed ( making over $ 150K/year ) and my spouse as well ( making over $ 130K/year ). Net/Net : 1 ) I believe Wells Fargo violated its fiduciary duty to present to me and offer the best available rate. I was pitched a " great '' rate, to find out a week later that in fact I could easily have a lower rate {$0.00} cost in corresponding to approximately 0.2 % savings which over the course of the loan represented north of $ 25K! When I confronted Wells Fargo XXXX CA office. Mr. XXXX XXXX ( XXXX XXXX XXXX Branch Manager - NMLSR ID XXXX ) I was told that indeed! Rates could be lower and was offered a lower rate, I also received a letter a week later outlining a " repricing fee '' in the amount of over {$800.00}! Shameless ... Keep in mind that I reacted just a week after so cold " closing '' ... In fact nothing was closed as you will understand in my points below. 
2 ) I believe that Wells Fargo mis-represented the condition of this refi, and mislead me on its timeline. We provided 2 years tax returns, all my pay stubs and all proofs of income, and my wife 's income alone would have qualified us easily for this refi ( the amount was roughly $ XXXX ).  Our Debt to Loan ratio was well under 50 %. After 85 days of little to no communication and responses to my various emails, and despite receiving a pre-approval letter, I firmly asked when the loan would close? Keep in mind we provided all the documentation, and went above and beyond all requests and acted in good faith! After seeing that we seemingly had made no progress, I asked for a firm answer. Wells Fargo 's response ( this is roughly day 90! ) was that they wanted more paperwork. I notified them that I was on XX/XX/XXXXXXXX due to a XXXX XXXX. And to my surprise, their shame and what I consider a clear example of discrimination, they refused to get the loan refi approved and even lied about the reasons, claiming that I asked for the loan to be cancelled! 
3 ) I believe that Wells Fargo lied and exhibited discriminatory behavior toward my me and my family based on my health status. After confronting them, they acknowledged that I never asked the loan process to be cancelled. I do not have the time, the resources and the energy to file a law suit against this massive bank, they have dozens of lawyers on payroll and expect people like me to just shut up and give up! 
4 ) I believe they are unethical and should be denounced. They charged me {$800.00} for an appraisal, and they refused to reimbursed me. After I refinanced and asked for the transfer of this appraisal they ignored my request and refuse to make that transfer. How evil can you be! Eventually the transfer was ill-transferred and could not be used. 

I do feel that this Bank and this individual ( XXXX XXXX XXXX Branch Manager - NMLSR ID XXXX ), should have their licenses removed or be heavily fined or reprimanded for their disgusting actions. They do not care about people, even clients of 18+ years, they are predatory, misleading and clearly do not have your best interest in mind! Wells Fargo For the record, I have refinanced this loan with a broker with XXXX XXXX, the loan was immediately approved just on my wife 's income at a great rate and pretty much {$0.00} cost. The closing time was 45 days! Transparency and decency! I have closed all my accounts with this piece of XXXX XXXX XXXX (! Bank and URGE YOU TO DO THE SAME! 
Thank you for reading! 

ps : If you know a good lawyer that will take this case on a contingency basis please let me know

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