Consumer complaint received 2017-03-07
Company: WELLS FARGO & COMPANY
State: NC
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
XX/XX/XXXX approved for a refinance my primary home pending the appraisal by Wells Fargo Mortgage Company. Appointment made through XXXX system and Appraiser # 1 came to our home and completed an appraisal in the amount of $ XXXX. XXXX, Wells Fargo Mortgage Company rejected this appraisal indicated there was " Undo Influence '' We asked WF for explanation and was told the " under writing department '' made this determination and would not be allowed to share this information. 
WF ' Mortgage Loan Officer said a 2nd appraisal will be ordered at their cost and all locks and extensions would be paid for by WF. 
Appraisal # 2 ordered and Appraiser # 2 came to our home and completed appraisal XX/XX/XXXX for a value of $ XXXX. WF rejected the 2nd appraisal and asks Appraiser # 2 to change items in the appraisal. Once Appraiser # 2 changed his value and a reviewer paid for by WF came by our home and reviewed the changed appraisal, he reported back to XXXX that this appraisal was approved and nothing found wrong. The changed value was changed by appraiser # 2 from $ XXXX to $ XXXX I spoke with Appraiser # 1 on XX/XX/XXXX and asked him if he had filed a complaint. His answer was NO, if there was any undo influence he would have not completed the appraisal and was not subjected to any undo influence. 
We spoke with the reviewer on XX/XX/XXXX and he reviewed the appraisal of $ XXXX and not the one for $ XXXX. He also indicated that he left the value blank but confirmed the content of the appraisal he was reviewing. 
We have a letter from Appraiser # 2 written to Wells Fargo who clearly points out in capital letters the following " I HAVE REVIEWED YOUR REQUEST AND QUESTIONS, I HAVE MADE THE ADJUSTMENTS WHERE NECESSARY AND THE MARKET VALUE HAS CHANGED, THANK YOU FOR ASSISTING ME ''. 
We want the following communications from Wells Fargo Mortgage and XXXX. 1. We want to know the questions and what assistance was giving to Appraiser # 2. 
2. Who made the determination that the appraisal # 1 was rejected and why 3. Want all communications between XXXX and Wells Fargo Mortgage. 
4. All communications from the executive level complaint department regarding their process for determining the value of my home and why my request was rejected for $ XXXX. All of our communications were recorded and we would like a transcript of all communications. 
The outcome cost me out of pocket expenses of over $ 20K in principle and interest payments. Additionally, the Mortgage Loan officer asked me to pay down my mortgage balance with a payment of $ XXXX before the 1st appraisal was rejected. I agreed and did but the 2nd appraisal came in at $ XXXX. I asked for the original loan amount from the first appraisal of $ XXXX and it was rejected. XXXX had determine that value for this loan would be $ XXXX and I appealed to their executive level complaint department working with a lady from XXXX who would not share any information with me regarding Under Writing Departments rejection of my appeal for the value to be $ XXXX and or why. 
I was told from the executive level complaint department that the last lock and extension would be XX/XX/XXXX. So were forced to accept the value of $ XXXX or lose our locked in interest rate and WF would not pay for anymore extension in order to resolved this matter of value of our home and rejected the idea that WF had influence on the value of our home, so we signed and settled the refinance of our home on XX/XX/XXXX for the value of our house being $ XXXX. I think that this process was flawed by WF and Core Logic and we think this action should be reported to the proper agency to determine the action of WF and XXXX working together instead of independent of each other who clearly influence the appraiser # 2 and in his own words, changed the market value of our home with assistance from WF.

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