Consumer complaint received 2016-10-07
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Settlement process and costs — 
Company: WELLS FARGO & COMPANY (NM)

I applied for a refinance of my existing mortgage in early XXXX, 2016, and over the course of the following 4 weeks I provided a substantial financial information to the Wells Fargo officials handling the application. The refi loan rate was locked and at no time did any Wells Farho official advise that there was a limit to the loan lock. 

Requests for data from my accountants & bank were submitted on a timely basis on a number of occasions.. I was asked to provide payment for a credit report & an appraisal which I agreed to but requested the official to advise that the refi was likely to be approved prior to spending {$450.00} on an appraisal. This request was not forthcoming so I delayed the appraisal aapproximatly 2 weeks pending tentative approval. I provided all data as requested & " XXXX mid XXXX I sent several emails requesting a reason as to why the approval was taking so long. Normally a refi is handled by mortgage companies and bank within a 6 to 8 week period. I finally closed the agreement on XXXX XXXX after several weeks delay as Wells Fatgo official claimed they had not received any documents from my title company. In fact the title company in XXXX XXXX, NM sent documents no less than 3 occasions. 

When I checked the closing statement on line I discovered a penalty of {$2800.00} for breaching the loan lock period. In the interim period I switched form a 15 year fixed loan to a 30 year loan with a 7 year ARM. On receipt of the new offer I inrejected the interest rate offered of 3.125 % and finally agreed 3 %. My argument was I had changed tack and this was a new loan negotiation. Wells Fargo rejected this and I spoke with a manager who agreed that I had a case and offered a discount on the fees. On receiving the Closong Statement from my Title Company I observed a credit of approx 15 % which was a lot less than I had come to expect. I again contacted the official handling the loan and was advised the Mamager would call me on Monday XXXX XXXX. Thus did not transpire and when I complained I was told either sign the new loan agreement or withdraw. Well at the XXXX hour and after 4 months negotiations at considersble expense I capitulated as I did not want to replicate the exercise with another bank. I also noticed in the closing documents ( XXXX pages ) that my income was greatly understated, which led me to assume that was the reason for the continuous delays in finalizing the new loan as each time I asked I was told underwriters were still reviewing my status. I was paying {$2700.00} per month on my existing mortgage and asked how could I possibly pay this monthly sum plus my car loan, medical insurance plus living expenses on such low income. I received no response from Wells Fargo even though the new payment was reduced to {$1200.00} per month! 

I was treated contemptuously by the officials and would suggest this type of practice is not what the general public should expecfrom one of the Nations largest mortgage providers. I fell I should be refunded the fees that were overcharged.