Consumer complaint received 2017-06-15
Company: WELLS FARGO & COMPANY
State: FL
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
HORRIBLE EXPERIENCE and CUSTOMER SERVICE.
The application process started the first week of XXXX ( Application Number XXXX. ) with XXXX XXXX.
I was upfront with him about this HELOC being on my 2nd home and we even discussed the situation in detail. I offered to send in my entire tax returns and even explained to him I had a business although ALL of my income was via XXXX from my employer ( not my business ). He assured me we did n't need it and was specific in what was requested. After weeks had gone by, he came back and said they actually needed the rest of the return, which I provided. I asked him why and he flat out lied. This is all documented.
But I sent it anyway. Then after another few weeks, he came back and said the HELOC request was for a 2nd home and that the approval was under the assumption it was for our primary home. I then got upset because we had discussed it in detail.
He then turned me over to XXXX XXXX. She apologized profusely but said nothing could be done about it and it had to go back to underwriting after I wrote explanation letters, sent more current proof of income, etc. In the mean time, we have many email exchanges, phone calls, etc.
They came back a few weeks later and said it was DECLINED based on credit. I escalated it to XXXX XXXX at the executive offices and he/they did absolutely nothing other than tell me the same bogus reasons the other dept did.
I 've NEVER had a late payment, BK, tax lien, short sale, repossession, foreclosure, etc. Credit is PERFECT and always has been. She then said it was due to debt to income ratio and credit card debt. I explained AGAIN that the entire reason for getting the HELOC was based on the advice of WELLS FARGO THEMSELVES. They asked me to payoff my primary loan ( which I did ) and advised getting a HELOC to payoff revolving debt since the loan request was less than 50 % LTV on my home.
she then said the debt to income ratio was insufficient. It was based on $ XXXX /year income and I made over $ XXXX XXXX income in XXXX  and XXXX. This was based on my YTD paystub which is not reflective of my year end income since i 'm in a commission business with 75 % of the income happening from XXXX to XXXX  of the calendar year. This was ALSO explained upfront. Yet, that is what they are using and they say my DTI is too high.
I 've been a 20 year + customer of the bank, perfect credit, $ 200k+ per year income, only one mortgage on my credit report, no car loans, boats, motorcycles, etc. I 've taken on NO new debt in years basically. I even paid off my primary mortgage WITH WF in order to more easily qualify.
This experience has been HORRENDOUS. The incompetence and arrogance I 've experienced has been mind-boggling. I 've been LIED TO repeatedly. The underwriting guidelines are being unfairly used against me since they ignore my last several years XXXX income. The advice GIVEN TO ME BY W.F. was obviously bad advice which has put me in a bad financial position. UNFAIR, UNJUST, and FRAUDULENT business practices.

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