Consumer complaint received 2020-11-01
Product: Mortgage — VA mortgage
Issue: Closing on a mortgage — 
Company: WELLS FARGO & COMPANY (MD)

Before I respond to WF, I would like to include news stories about just some of the news WF has made in no particular order : New York ( XXXX XXXX ) XX/XX/XXXX Wells Fargo has fired more than 100 employees for misrepresenting themselves to obtain money from a relief fund for small businesses, and whose actions may have amounted to defrauding the US Small Business Administration. 

In a memo to some staff Wednesday, which was obtained by XXXX XXXX, Wells Fargo ( WFC ) human resources head XXXX XXXX wrote that the bank identified employees whom it believes may have " defrauded the U.S. Small Business Administration ( SBA ) by making false representations in applying for coronavirus relief funds for themselves through the Economic Injury Disaster Loan program, which is administered directly through the SBA. 

( XXXX ) - Wells Fargo & Co 's WFC.N profit plunged 57 % in the third quarter, missing Wall Street 's expectations as persistent costs tied to its years-old sales practices scandal continued to haunt the bank. 

XX/XX/XXXX XXXX, XXXX ( XXXX ) - Wells Fargo & Co agreed to pay {$170.00} XXXX to resolve allegations it charged XXXX-Americans and XXXX higher rates and fees on mortgages even when they qualified for better deals during the housing boom, the U.S. Justice Department said on Thursday. 

A government investigation found 34,000 instances of Wells Fargo charging XXXX Americans and XXXX higher fees and rates on mortgages compared with XXXX borrowers with similar credit profiles, according to documents filed in the U.S. District Court for the District of Columbia. 

XXXX XXXX ( XXXX XXXX ) - Wells Fargo, the nation 's fourth-largest bank, agreed Friday to pay a {$3.00} XXXX fine to settle a civil lawsuit and resolve a criminal prosecution filed by the Justice Department over its fake account scandal. 

Under pressure to meet sales quotas, bank employees opened millions of savings and checking accounts in the names of actual customers, without their knowledge or consent. Since the fraud became public in XXXX, the bank has faced a torrent of lawsuits. The scheme lasted more than a decade, Justice Department officials said, and was carried out by thousands of Wells Fargo employees. 

XXXX XXXX ( XXXX XXXX ) - More Wells Fargo customers say the bank decided to pause their mortgage payments without asking XXXX later learned what had happened. Without her knowledge, the bank had put her into a program that suspended payments on her federally backed loan. Known as forbearance, it is a CARES Act program that aims to help borrowers who are having trouble making their payments because they've been hurt by COVID-19. 

While in forbearance, XXXX and her husband almost certainly can't refinance their mortgage, because most banks won't underwrite new loans for borrowers whose mortgage payments are suspended. As long as the forbearance notation remains in their credit report, the XXXX can't take advantage of rock-bottom interest rates and are stuck at Wells Fargo. 

OB - I raised the question about the interest rates I was offered after learning about another Wells Fargo scandal where they offered different interest rates to XXXX and XXXX borrowers compared to XXXX borrowers with similar financial backgrounds. 

Did WF respond to my question? - No Why? - WF lies again! 

OB - ( This statement was in response to XXXX XXXX ) I believe she may have been responding to my email to the Board of Directors about a XXXX XXXX story that enlightened me on more bad behavior from Wells Fargo. Based on what I read about a XXXX lawsuit on how Wells Fargo mistreated XXXX and XXXX borrowers, I began to question if those practices were still in play. I did question if the fees AND interest rate I was offered were the same as someone of a different race with similar financial numbers. I do know that I dealt with two mortgage consultants in the beginning and received a lower interest from the second one. 

WF - In your inquiry you advised you felt you were being discriminated against because of the interest rate you discussed with a Home Mortgage Consultant. 

OB - Did I advise I was discriminated against or did I request an explanation as to why the interests rates were different from one representative to another? 

WF - On XX/XX/XXXX, the same representative reached out to you via email to advise you that the VA had lowered their interest rates and wanted to go over the changes that had occurred. 

OB - If you read the email from XXXX XXXX, you will notice that he did not reach out to me on XX/XX/XXXX to advise me the VA lowered the interest rate. After speaking to him on an earlier date when he suggested to wait to see if rates would go down, he emailed me on XX/XX/XXXX to let me know the rates had dropped. He verbally told me that the rate was 3.5 %. On XX/XX/XXXX, he contacted me via email to confirm the time that we would speak which was supposed to be XXXX. 

WF - Due to an unforeseen circumstance you were unable to speak with this same representative and spoke to a different representative on the following day and were able to discuss the new interest rates. 

OB - It was during this discussion that I was quoted a lower interest rate. As I previously noted, I did not think anything more about the difference in interest rates until I learned about the XXXX lawsuit against WF. 

XX/XX/XXXX XXXX, XXXX ( XXXX ) - Wells Fargo & Co agreed to pay {$170.00} XXXX to resolve allegations it charged XXXX-Americans and XXXX higher rates and fees on mortgages even when they qualified for better deals during the housing boom, the U.S. Justice Department said on Thursday.

A government investigation found 34,000 instances of Wells Fargo charging XXXX Americans and XXXX higher fees and rates on mortgages compared with XXXX borrowers with similar credit profiles, according to documents filed in the U.S. District Court for the District of Columbia. 


WF - We found no evidence of discrimination. 

That is an easy thing to say when you provide no evidence to support your claim. What evidence did you provide in XXXX?