Consumer complaint received 2021-07-23
Company: WELLS FARGO & COMPANY
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Originally submitted a refinance application with my existing mortgage lender on XX/XX/XXXX. All information that was requested by underwriting was provided within 8 hours of request. Additional charges I believe were included in my loan for the extended underwriting time period, along with unethical practices were being used. Closing dates were moved 4xs over a 2 month period AND an additional credit score was pulled caused another hard hit, that couldve easily been avoided. Below is a rough timeline of events : XXXX : Application submitted XXXX XXXX : Spoke with Mortgage Consultant regarding the initial loan cost estimate XXXX : Agreed to move forward. Submitted recent paystub, w2 and brokerage / bank statements as requested. 
XXXX : Was notified of the expected closing date : XX/XX/XXXX ; Also submitted preferred title companies information ( Title Name, Agent, Phone #, Address and Email address ) XXXX : I was notified that the loan is under initial review and that underwriting was requesting a copy of property survey. All requests were sent immediately. 
XXXX : I reached out to Mortgage Processor and inquired about when an appraisal will take place since that was paid for on XX/XX/XXXX. 
XXXX : Response was received from Mortgage Processor indicated that we are waiting for the underwriter to review documents submitted on XX/XX/XXXX. No appraiser has been assigned to the loan yet. 
XXXX : I reached out Mortgage Consultant requesting all cash to close to be rolled into the loan. I was also informed why {$9900.00} had been sold out of my XXXX  account. Explained that my checks are automatically deposited into this money market account and that with every deposit there is a distribution to my checking account to pay my monthly expenses, so nothing is being sold. 
XXXX : I was notified that information was requested by underwriting regarding the sale of a previous home in XXXX, along with more recent bank statements. All requests were sent immediately. 
XXXX : I was notified that Information was requested by underwriting regarding employment verification and details were provided to schedule an appraisal to be completed. All requests were sent immediately and the appraisal was scheduled for XX/XX/XXXX. 
XXXX : Appraised was completed. However, I was notified that Information was requested by underwriting for my most recent bank statements ( XX/XX/XXXX-XX/XX/XXXX ). All requests were sent immediately. 
XXXX : I was notified by my Mortgage Processor that my Closing date may be pushed back from XXXX because they are waiting on some documents from title. She also sent the house appraisal to my personal email for review. 
XXXX : I contacted my Mortgage Processor inquiring if something was needed because the close never happened on XXXX. Was informed that no documents were showing needed from me and that we are waiting on underwriting to give the clear to close. Projected closing date : XX/XX/XXXX. 
XXXX - I was updated by my Mortgage Processor that no information is needed and they are waiting on information form title. 
XXXX : I was notified that Information was requested by underwriting regarding needing my most recent paystubs. All requests were sent immediately XXXX : I contacted my Mortgage Processor inquiring when the new closing date is expected since it never happened on XX/XX/XXXX. Was informed that the closing date was pushed to XX/XX/XXXX. 
XXXX : I contacted my Mortgage Processor to express my concerns about my closing date being pushed a third time and my lack of comfort moving forward with this process. I was told that the internal team had to wait on title to send updated documents + they are waiting on verification of employment which is done about 2 to 3 times during the application. And since my loan has been in process/underwriting for so long, my loan was in a rush request which means they are moved to a higher priority in the pipeline to review for clear to close. 
XXXX : I contacted my Mortgage Processor for an update. I was told that nothing was needed from me and that the loan is still being reviewed by underwriting. 
XXXX : I was updated by my Mortgage Processor that underwriting is backed up on rush loans do to the workload, but they are working as quickly as possible to get the loan to clear to close. 
XXXX : No close has taken place. I was updated by my Mortgage Processor that underwriting is still working on my loan and she is hoping to hear back from them within the next 24 hours. 
XXXX : I was notified that Information was requested by underwriting needing a signed letter from me explaining income inconsistencies. ( Needing clarification on current even split of base and commissions compared to XXXX small base and large commissions. ) Requested this issue to be escalated to the executive team. Informed my Mortgage Processor that underwriting will need to contact same 800 # for employment verification to ask specific questions regarding income inconsistencies. 
XXXX : I contacted my Mortgage Processor with the concern that Wells Fargo did a second credit score check on XX/XX/XXXX, without my authorization, which resulted in a hard hit. 
XXXX : I was notified by my Mortgage Processor that my loan was marked clear to close today. She also informed me that she contacted executive management about the credit score pull and they told me there was a consent form that was signed at the beginning of the process that states Wells Fargo could re-pull my credit if needed and due to the current report on file expiring before close, a new credit pull was completed. 
XXXX : I was contacted regarding a closing date of XX/XX/XXXX.

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