Consumer complaint received 2022-08-29
Company: WELLS FARGO & COMPANY
State: NV
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Hi, i would like to file a complain against Wellsfargo. About XXXX of XXXX  i started the process of buying my first and finance with Wellsfargo bank. Prior to my house buying i did applied for a pre-approval letter and the amount i was approved for which is XXXX. 

For months of searching for the right house. i had found the home of my dream. I started the process of submitting all requirements document per request. 

My initial offer to the seller was i put XXXX percent down on the house of XXXX XXXX dollar. The seller excepted my offer. I then proceed with the paperwork with Wellsfargo. 

While working with the loan office to get all the requirement documents. After review my income and tax return. Wellsfargo had turned me down because they said my income/debt ratio is not enough to cover my monthly payment. Even if i have 20 % down. 

Wellsfargo had dragged out to my closing date which is about a month later, then tell me on the closing date that they don't have a loan for me. 
I had put down XXXX for my earnest money. 
At this point i can back out and get my XXXX earnest money back. I had communicate back and forth with the loan officer because i really wanted this house. 

They suggested me put more down which is 50 % cash down on a house of XXXX. And add a co-sign to my loan it would help. I was desperate for my first house. I asked for my family to help and come up with the XXXX cash and my sister and XXXX agreed to have their name on the loan. 

We then start a new loan with with XXXX down on a XXXX house. 
The seller asked for another XXXX for the earnest money, which i have held their house off the market for more than a month. They're willing to hold it off another month but the require another XXXX. If i don't have this loan i will lose the total of XXXX of my earnest money.

I shared this with my loan officer and he assure me that this will work. Because i put XXXX down. 
Starting a new loan and uploading all the documents all over. I had submitted all the requirement documents that they asked from me. 

3 weeks went by, i was so frustrated working with the wellsfargo team. They don't respond their email or my phone call in the timely manner. I was under so much stress waiting for the answer. Despite i expressed my concern of losing my XXXX earnest money. 

I called my loan office everyday even after business hour. He said my file is being review by XXXX different underwriter. And hoping that i will get the answer before my closing date which is XX/XX/XXXX. XXXX. 

I couldn't sleep or function waiting for this loan to go through. I had submitted all requirement documents. There is nothing they ask from me. 

On closing date i haven't hear anything from them so i reach out to the loan XXXX. 
He then told me they do not have a loan for me. I was so devastated. 
XXXX long months of working with wellsfargo and the team, i lost XXXX in the process. Not just that wellsfargo ordered an appraisal and charged me for it My question was, if you don't have a loan for me why would you pre-approve and order an appraisal? 

Please help me get some answer and justice here. 

P.s i didn't download the letter of the loan requirement of XXXX. I can only access the file up to 45 days after. I didn't know about this website until my client suggested me. therefore, there are files i couldn't access. But i will provide as much i have saved. 
Please help.

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