Consumer complaint received 2015-10-08
Company: WELLS FARGO & COMPANY
State: GA
Product: Mortgage
Sub-product: Other mortgage
Issue: Application, originator, mortgage broker

Complaint:
I went to Wells Fargo Bank in XXXX Ga and applied for a home equity loan. This is after I called and spoke with XXXX XXXX loan officer with 27 yrs experience. I had explained XXXX over the phone that I was putting my home up for sale and I was going to buy a manufactured home with the money. I was going to use the manufactured home as a staging home to live in as I built another home. XXXX told me over the phone that they were running some great deals and that the interest rate would be 1.99 % with good credit as I have. After I got to the bank and applied for the whole loan XXXX stated that she just remembered that the bank does n't do bridge loans, which is the process of borrowing money to use to purchase another home at the same time you are selling yours. XXXX stated that they were going to ask when the loan officer calls my home what I will be using the money for. XXXX acted in a non verbally way first and encouraged me in a sense to not tell the truth to the loan officer. XXXX told me to Waite to put my home on the market until after the loan gets approved. I immediately told XXXX that I do n't lie and that I will explain what I would use the money for. I further questioned XXXX as to why she would have me drive down to the bank after making a appointment and having me fill out the entire loan if she knew that the bank would n't approve bridge loans. I also began to get sort of angry because the rate she quoted me over the phone of 1.99 % now had changed to 2.622 % fixed or 3.75 % variable. XXXX tried to calm me down by stating that the bank might just approve the loan anyway because of my good credit. I should also add as a side note that XXXX initially met me in the lobby and apologized by saying that she had double booked and that immediately became apparent as she had a XXXX phone conference going on the entire time that I was sitting with her so she was half listening to me and the phone conference at the same time ... .very professional! When I left the bank I found myself thinking that this loan officer had wasted my time. The very next morning I received a call from XXXX and she was now telling me verbally to not say to much when the loan officer calls me. XXXX stated that I should only give a short answer when asked a question and to not say to much. She went on to say that she saw a lot of loans be turned down from people that rambled on about things. I ended that call with XXXX thinking that something was very wrong and unethical about this person. I and my wife talked about this and decided that we were not going to proceed with the loan and I even called the phone number for customer service with banking that evening but it was after hours. I got a call from the loan officer the next day I believe and I spoke to XXXX who was very nice. I explained what XXXX had explained and not explained by getting me to come all the way to the bank to fill out a application when she knew at the onset what I was going to do with the money. I also read to XXXX from Wells Fargo 's disclosed packet that said if I in any way falsify or lie about or intentionally mislead the bank I could be liable and have to immediately repay the money. XXXX was very nice and stated that it sounded like I did n't want to proceed and that he would put the loan on hold for 19 days and I could change my mind if I wanted. Another side note, when XXXX was first going over the loan and telling me that I was conditionally approved he explained the rate to me and guess what, they were even higher again from what XXXX had said the second time ... Wow I thought. I also call the next day or so and asked to speak to a supervisor regarding this loan officer. I wanted them to know that they had someone working for them that I believe would mislead someone else and I did n't want that to happen. I spoke to superv

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with explanation