Consumer complaint received 2015-07-05
Product: Mortgage — Home equity loan or line of credit
Issue: Application, originator, mortgage broker — 
Company: WELLS FARGO & COMPANY (PA)

XX/XX/XXXX, I closed on a mortgage from Wells Fargo Bank, N/A but was never provided the terms of the mortgage from Wells Fargo in direct violation of Title 15 US Code Section 1637a. Not only was I not provided the terms of the mortgage at the time of application but I was not effectively provided the terms of the loan at the closing of the loan. I did n't discover that I was not effectively provided the terms of the loan not even at loan close until recently. I have previously complained about not being provided the terms of the loan at application ( a violation of Section 1637a ( b ) to the Controller of the Currency which is documented in Case # XXXX. Now I assert that the loan identified by reference number XXXX issued by Wells Fargo was fraudulent and that Wells Fargo violated Title 15 US Code Section 1637a ( a ) and ( b ) when they made the loan. 
The new evidence for my assertion that I was not provided with the terms of the loan at loan close XX/XX/XXXX surfaced when I applied for a cash-out refinance mortgage this year on a house located in XXXX, Pa that I owned ( without a mortgage ) to pay off the XX/XX/XXXX fraudulent loan on the house in XXXX, Pa. The evidence was provided by Wells Fargo in correspondence dated XXXX XXXX, 2010 that they sent to me and the Controller of Currency. 
As background, when I applied for the cash-out refinance mortgage on the XXXX, Pa house, one of the documents that I was as asked to provide was a copy of the note ( for the XX/XX/XXXX mortgage on the XXXX house ) to the loan processor for the cash-out loan. I told the bank which was going to loan me the money that the purpose of the money was to pay off this 2006 mortgage on my XXXX house so they wanted evidence of it. I could not find the mortgage note in the documents that I was provided by bank after the 2006 close date. However, I did find it in a copy of one of Wells Fargo 's responses ( dated XX/XX/XXXX ) to my complaint to the Controller of Currency. The copy of the note that Wells Fargo sent to me was XXXX pages long and had no initials or signature on the XXXX page which was the only page that provided the terms of the loan. The only signature or acknowledgement from me was on page XXXX of the document. I did determine that I was provided by the bank ( after the 2006 close date ), pages XXXX - XXXX of the fraudulent note in my package of documents but not the XXXX page with the actual loan terms. Pages XXXX - XXXX are just boilerplate language typical of any mortgage plus information about the notary. 
I contend that I was never told that this mortgage ( part of a XXXX loan package ) to purchase a house in XXXX, Pa XX/XX/XXXX with no money down was a home equity loan with a balloon payment at the end of 10 years and that the payments were set so that at the end of 10 years when the balloon came due that only about 3 % of the principal would be paid down. I was approved by at least one other bank for a 100 % loan to purchase my XXXX house in addition to Wells Fargo but Wells Fargo 's monthly payment was {$20.00} - {$30.00} less than the monthly payments predicted by the other bank so I chose the Wells Fargo loan only because I was unaware of its terms. If I had understood those terms then I would have accepted a loan from the other bank and not from Wells Fargo which could have been refinanced in total by the Making Home Affordable Act or by FHA Short Refinance Program. I was denied those options because the fraudulent loan was not eligible for either.