Consumer complaint received 2017-08-28
Company: WELLS FARGO & COMPANY
State: MI
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
RE : XXXX XXXX XXXX XXXX Client XXXX XXXX AND XXXX XXXX My Buyer/Your Client was purchasing a Waterfront Condominium and choose to take out his Mortgage with Wells Fargo. I the RE Agent accepted the PRE APPROVAL and submitted all the necessary Purchase Agreement and Doc 's ( dated XX/XX/XXXX) to XXXX XXXX at Wells Fargo and spoke to him while doing so on the phone at length about their process about my Buyer and Seller ( In Florida ). The Buyer received a Letter onXX/XX/XXXX, that his condo was in a Special Flood Plain. I had a Seller that owes nothing on his Waterfront Condo and a Buyer that had a very substantial down payment. My Seller was buying a Cash Condo with his proceeds and had one to purchase immediately. XXXX assured me that they could close early if everything in place. So we immediately got the inspection which went perfect and Wells Fargo ordered the Appraisal and that was completedXX/XX/XXXX and it appraised a little above the value. We had a LOMA in the process which the Buyer submitted to Wells Fargo. It takes about 60 days to get the elevation cert back and there is no way of expediting, so then had an elevation done and flood insurance ready to be put in place. Now there are 17 Condos in this complex with 11 Units that had their certifications in place. ( My Seller paid Cash ). I have been on top of this file since day one. 

XX/XX/XXXX, Wells Fargo knew this was in a flood plain and clearly dropped the ball on this by NOT ADDRESSING THIS ISSUE AND THEIR REGULATIONS THEN!! Buyer - Had a Loma Application and Elevation with Flood Insurance in Place -STANDARD PROCEDURE. 

ONXX/XX/XXXX ( Friday ), Now Ending of our Contract between Buyers and Sellers we receive the SELLERS STATEMENTS to review to CLOSE. On Monday Afternoon I RECEIVE AND EMAIL that this Loan is NOT LENDABLE.. Totally Unacceptable!!! 

I spent the next many hours, days and weeks holding this together with Hostile Buyers and Sellers which affected 4 deal 's. Finally after going to another LENDER, they find me the Rule Stated BY FEMA that we can close with an individual Policy in which I forwarded to WELLS FARGO and having a Civil Engineer speak to your office it took 68 DAYS to Close this LOAN. 

IT COST EVERYONE ( Realtors, Buyer, and Seller ) so much money for WELLS FARGO LACK OF CONCERN and PROFESSIONALS. I am requesting that money is paid back to everyone involved, to help relieve the undue stress in which they have been subjected to. 

I do not feel that WELL FARGO by making excuses for their timeline should be allowed to just walkway. They NEED TO BE ACCOUNTABLE AS A LENDING INSTITUTION and have key people and procedures in place to close a LOAN they Clearly Accepted. I have pages of emails to prove their Unprofessional and Uncaring Employees along with my Client and Myself that did NOT received call backs and/or emails and always being told that they were in a meeting, to address our Extensive Frustrating Situation that they CREATED!!!!

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