Consumer complaint received 2022-12-06
Company: WELLS FARGO & COMPANY
State: IA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
On XX/XX/XXXX, my husband and I applied to refinance our home with cash out to complete an addition we started on our home XXXX XXXX weekend. From the very beginning of the application, I explained to XXXX our loan officer exactly where we were on the addition. I told him what had been completed, including purchasing a larger XXXX system because of the SIZE of the addition, and what was left to be done on the project. He told me that would be no problem. I told him that when I originally took out the loan, I was supposed to be able to take out more money if I needed it. He informed me that our loan was NOT set up that way at all and that we would have to refinance to get the money we needed. I was not very happy about this at all since the first loan took us over 4 months to get completed. I was assured by XXXX that this would be a quick process since we just completed a loan with them. The first 4 weeks seemed to be fine, and then I started to get the run around. No calls back. No emails back. Then I was told that we were waiting on the appraisal to come in. The appraisal was done 5 weeks ago. Then he said the XXXX said he needed to talk to the builder. That was a lie because he never did call or speak to the builder. I spoke with the processor XXXX and she had me talk with her manager because I was upset on how long this was taking, no call backs, and he was not being truthful on things. The manager was not helpful either. In fact, he said, well, so you even want to do this loan? Really! I told him how important this loan was and how we really needed this money so we can finish the addition. It is winter. It is cold. So of course I said yes, I really don't have a choice at this point. Finally the appraisal came in. It came in just fine, but then XXXX said that the underwriter said the addition is too big and they won't fund us until we complete the build. Are you kidding me? Everything was told to him up front! He said that they don't have any products they can give us to complete the build. He said he thought we were remodeling. That is NOT true. I was VERY upfront in everything that was said. I paid {$690.00} for the appraisal. I was robbed of my money. XXXX should not have a job if he doesn't know what products he can give to his customers. He should learn how to ask the right questions. Especially when I stated we built an ADDITION not remodel. those are two completely different words. I feel like this company has taken advantage of my husband and I. We are elderly people that do our best to understand everything. I know what I heard. I know what I was told. I don't appreciate being taken advantage of. I know my rights. At the very least, we should get the fee for the appraisal back. Shame on them for what they have put us through and the position they have left us in. I don't know how we are going to pay to complete it now. So many lies. I hope you can help us at least get this back. They have already made it so I can't see my documents so I can't see my loan number.

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