Consumer complaint received 2016-09-09
Company: WELLS FARGO & COMPANY
State: NY
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Application, originator, mortgage broker

Complaint:
1 ) On or about XXXX of XXXX XXXX and XXXX XXXX applied for a rate term refinance with Wells Fargo to lowers the interest rate on our main home mortgage which was with Wells Fargo account # XXXX and our Home equity loan which was also with Wells Fargo account # XXXX. I have a copy of my application. 

2 ) On XXXX/XXXX/XXXX we received a commitment letter from Wells Fargo subject to the following closing conditions to be satisfied at the time of closing. I can have the commitment letter. 

Condition XXXX. 
On the commitment letter it clearly states that they must payoff the following debts : Amount {$630000.00} owed to : Wells Fargo Home Mortgage Acct # XXXX Amount {$240000.00} owed to : Wells Fargo Home Equity. Acct # XXXX Condition XXXX. 
Verify liens against subject property PAID IN FULL. 

Condition XXXX. 
XXXX Back to Borrowers not to exceed 1 % of new loan amount. 

Condition XXXX, B The new loan amount can not exceed 105 % of the existing loans. 

Condition XXXX C Incidental cash back to the borrower is not allowed except for an amount attributed to a difference between the closing cost estimate and actual closing costs. 

Additional conditions : The attorney assigned to close the loan on behalf of Wells Fargo Home Mtg is : XXXX XXXX XXXX XXXX XXXX XXXX XXXX, New York XXXX 3 ) On XXXX XXXX, XXXX XXXX and XXXX XXXX received a letter from the law offices of XXXX XXXX XXXX with copies of the Refinance papers. Also in the letter it states that they will handle and sign the documents on behalf of XXXX and XXXX and Wells Fargo since they have the Power Of Attorney provided to them. I have a copy of that letter. 

4 ) On XXXX XXXX, XXXX we refinanced our mortgages again with XXXX XXXX and XXXX XXXX " XXXX Bank '' paid off all open mortgages on the property which were XXXX loans with wells Fargo. 
XXXX Wells Fargo Home Mortgage account # XXXX {$600000.00} XXXX Wells Fargo Home Equity account # XXXX {$230000.00} And XXXX Mortgage became our XXXX Mortgage and lien on the property. 
Attached you will find a copy of a letter dated XXXX XXXX, XXXX stating that XXXX Mortgage is the first lien holder on this property. 

On XXXX, XXXX XXXX approximately XXXX year after our original refinance, Wells Fargo recorded a note account # XXXX in the amount of {$240000.00} on the property without the knowledge of the any party in this action. 

XXXX and XXXX XXXX are disputing the validity of this note on the property for the following reasons. 

1 ) Wells Fargo broke its own contract condition # XXXX by not paying off the XXXX XXXX account # XXXX with the payoff check for {$240000.00} at closing. 
2 ) Wells Fargo broke its own contract condition # XXXX by not verifying the liens on the property were paid in full at closing. 
3 ) Wells Fargo broke its own contract condition # XXXX by giving XXXX Back to Borrowers in excess of 1 % of new loan amount. 
4 ) Wells Fargo broke its own contract condition # XXXX, B by facilitating a loan greater than 105 % of the existing loans. 
5 ) Wells Fargo broke its own contract condition # XXXX, C by allowing cash back to the borrower. 
6 ) Wells Fargo opened a new line of credit signed by Wells Fargo 's attorney without the borrowers applying for such line of credit. 
7 ) Wells Fargo opened a new line of credit signed by Wells Fargo 's attorney without the knowledge of XXXX and XXXX XXXX. If you look at the notes signature page you will see Wells Fargo 's XXXX signature on the note and not the home owners. XXXX and XXXX XXXX never applied or signed for this note. 
XXXX ) Wells Fargo did not record this loan on the title until XXXX XXXX, XXXX which is approximately one year late and it is a couple of days before the XXXX XXXX " XXXX Bank '' Refinance.

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