Consumer complaint received 2023-07-05
Company: WELLS FARGO & COMPANY
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I received a call from a Wells Fargo representative indicating that the company, as part of a federal (? ) ( or legal ) mandate was offering customers who held a mortgage with Wells Fargo a chance to lower their interest rates on their current mortgages, with Wells Fargo covering the closing costs. The representative indicated that the offer was what was owed to the customer and this was the company 's way of making reparation. He also stated that customers had the right to refuse, in which case Wells Fargo would document the offer and the customer 's refusal.

I was one of the customers identified as qualifying for this offer, and was therefore offered the opportunity to refinance at the lower rate ( with an option to shorten the remaining time left on the mortgage ). The process was tedious as a lot of documentation was requested from me, some of which caused me to incur fees to obtain. 
I spent a lot of time and energy gathering the documentation requested in order to meet every deadline that was set forth since the estimated closing was XX/XX/2023. As we continued the process I noticed that the closing costs were built into the loan amount and queried this with both of the representatives that were assigned to work with me. They both assured me that it would be removed before the closing. 
Approximately 2 weeks before the closing I received a letter from Wells Fargo denying the request for the refinance.The reason for the denial was due to a foreclosure on an investment property that occurred over seven years ago. The letter from Wells Fargo was worded as though I initiated the request for the refinance, but in actuality I was solicited by the company with the aforementioned information. 
This solicitation caused me to incur monetary fees which I am out as a result. Had they not approached me, I would not have incurred fees, thus they should be liable for the fees. Moreover, I have been a long term customer/mortgage holder with Wells Fargo and have consistently paid my mortgage on time. If the underwriters want to look for payment trends, they could start with my payment history with them and also take into account that this is my primary residence. 
Another consideration would be the amount of the mortgage refinance, which was approximately {$210000.00}. The house appraised for {$850000.00}, thus it is unlikely that I would default on a mortgage of {$210000.00}, with the amount of equity it holds. My lowest credit score of all the reporting agencies is XXXX thus I am puzzled by the decision that they made and believe it is unfair. I would like to be compensated/reimbursed for the monies I expended during this process. 
On another note, during the pandemic my mortgage payment was 1 day late and Wells Fargo charged a late fee as a result. This fee was never refunded to me even though it should not have occurred. I would also like this late fee to be refunded. This company is disgusting.

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