Consumer complaint received 2016-07-07
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: WELLS FARGO & COMPANY (NJ)

My husband and I have a mortgage with Wells Fargo. We have had that same mortgage for nearly 10 years. We received a mailing from Wells Fargo with a refinance offer for a fixed rate that was more than 1 % less than what we currently have for less years than we have left on the loan. We applied, were approved, provided all documentation required of us and then were given the run-around. The mortgage company ordered an appraisal that was supposed to have been completed within a week. It took 3 times that amount of time and when it came back it was low, which was acknowledged by the closing agent, XXXX XXXX, who said " all appraisals have been coming in very low. '' She said that we should not worry about it because their actuary was using our original purchase price and not the appraisal amount. This seemed logical since they were the ones who gave us the original loan based on the original purchase price! Not only was the appraisal low it was missing an entire bedroom, bathroom and fireplace. I was told that a request was going to be put in for the appraisal to be revised based on those details. The loan amount that Wells Fargo had on the paperwork was also incorrect, which I pointed out at least 7 times. These XXXX factors put us below the XXXX % required in order not to pay PMI. At the correct loan amount and with a revision for the additional bedroom, etc we would be fine. Numerous emails, and phone calls to the mortgage consultant, XXXX XXXX and the closing agent, XXXX XXXX, went ignored. We were told during one conversation that they doubted the appraisal would be adjusted, but yet had no proof that it would n't be. We called for a status update every other day and were ignored. Then when we did get in touch with XXXX she told us there was a backlog at the appraisal company and that we my need to reapply because the lock-in rate would most likely expire before the revision was done and closing could take place. And then there was ZERO follow-up until we received a letter saying our application had been denied. We called the number on the letter in order to receive the details of this decision and did not receive a call back. XXXX people, three voicemails and 4 days later we got a call back from XXXX XXXX who was not able to provide us with a logical reason for the denial and acknowledged that our appraisal had not been adjusted and that the process had just stopped, for no reason that he could explain. We asked to speak with a supervisor and were told that there was no supervisor. When we asked for the details behind the decision in writing, we were told he did not know who to contact. The letter we received said that we were entitled to the details of the information used in the decision to deny our refinance, but there is no contact information and no person to whom a letter should be addressed to obtain that report and no one we have spoken to at Wells Fargo is able to tell us how to obtain that information. This process is not just bad customer service. This is a scam. Wells Fargo took nearly {$500.00} of our money and then did nothing at all to make our refinance happen.