Consumer complaint received 2020-11-15
Company: WELLS FARGO & COMPANY
State: AZ
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
In XXXX of XXXX we decided to refinance our home mortgage. We asked both XXXX and Wells Fargo ( where the original mortgage loan was at ) for quotes. XXXX offered a way lower rate so we went with them. However, Wells Fargo blocked the refinance attempt. After several weeks of attempting to find out what the delay with Wells Fargo was, I filed a complaint with Consumer Finance. Wells Fargo then went into action to address my concern. On XX/XX/XXXX Wells Fargo Executive Resolution Specialist, XXXX XXXX sent us a letter admitting that Wells Fargo had held a lien that they should have released in XXXX, but they had not done so. In the XX/XX/XXXX letter they apologized for the 14 YEAR delay, and they informed us that the lien release had now XXXX in XXXX XXXX been sent to our county to be recorded. 

By that time, we had already lost the loan offer that XXXX had made us in XX/XX/XXXX. It was an offer that we had been approved for and quoted a 3.99 % interest rate which was way lower then the rate the existing loan with Wells Fargo that was at 7.375 %. We had also paid a {$500.00} appraisal fee for the home. We lost the {$500.00} because the appraisal was only good until XX/XX/XXXX. By the time Wells Fargo acted we had not only lost the XXXX offer ( due to the lien not being released ) but also had lost our {$500.00} that we had paid for the appraisal that did not result in a loan. In the same letter that Wells Fargo informed us that they had held the lien 14 years past the time they should have legally released it, and thereby blocked our refinance with XXXX, Wells Fargo declined to pay us what we lost due to their blocking of our refinance. They stated " We respectfully deny the request to provide compensation. '' I was very upset and ready to send another complaint, but a week after receiving Wells Fargo 's letter I contracted COVID-19. 

I work in a XXXX and was one of the XXXX XXXX XXXX XXXX  in our XXXX  to become very ill with XXXX. I was off work sick for 7 weeks and when I returned to work I was still ill ( but not contagious at that time ). Work was so incredibly stressful and busy. We literally had no time to do anything other than work, go home, shower, eat, sleep and return. So I did not have any time to follow up with this complaint. By the time things settled down in our state ( in XXXX ) I was informed that mortgages were going to start charging an Adverse Market Refinance Fee. This made me furious b/c the loan we had been pre-approved for in XXXX did not have this additional fee, and it should have closed in XX/XX/XXXX had it not been for Wells Fargo negligence and intentional blocking of our new loan. In addition to having to pay the additional 3.385 % interest on our mortgage this entire year, we lost {$500.00} from the first appraisal, will have to pay for another appraisal, AND will now have to pay MORE fees if we choose to refinance now. 

This is unacceptable. Wells Fargo admitted they legally should have released the lien in XXXX. Our refinance should not have been blocked. We should not have lost any money on this. I am asking that Wells Fargo be held accountable for this inappropriate delay that negatively impacted our ability to refinance at a lower rate and has now put us in the place we are having to face an additional fee, and another appraisal cost. Additionally, I am asking that Wells Fargo be made to return the {$500.00} we lost in our appraisal and drop our existing mortgage rate to the very least to match what we were offered in XXXX of XXXX by XXXX. With NO additional fees as this was their fault. 

It makes me wonder how many other mortgages they have done this to. It's almost as if they are intentional with abusing their customers. I ask that if similar complaints have been filed against Wells Fargo by customers, that they be fined for their foul actions.

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