Consumer complaint received 2017-07-27
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: WELLS FARGO & COMPANY (NC)

To whom it may concern, This experience with Wells Fargo has been a roller coaster ride from my the beginning. I started this process on XX/XX/XXXX when I was Pre-approved for a mortgage loan. From that point on I found a realtor, house, got inspections, and the appraisal. I have been jumping through hoops to please the team at Wells Fargo to ensure that they had everything needed to proceed with the purchase of the XXXX XXXX XXXX XXXX, N.C. Throughout this experience I have provided my pay-stubs, XXXX and tax returns for XX/XX/XXXX and XX/XX/XXXX, checking account statements, savings account, deposits and endless copies of checks. Through out this process Wells Fargo has know that the closing date is XX/XX/XXXX. After mass confusion with the processor XXXX XXXX, Friday XX/XX/XXXX I refused any verbal contact with this agent to avoid any more confusion. His response was " Right now without enough assets to verify we can not proceed to the underwriters initial review. '' On Monday XX/XX/XXXX due diligence day I called Wells Fargo on recorded and monitored line to discuss this email. I spoke with XXXX XXXX on speaker phone also with my realtor XXXX XXXX, and my mother XXXX XXXX. Before we paid our due diligence we wanted to be ensured that this loan was going through. XXXX ensured me that I had sent in everything I needed and that everything looked good. I proceeded and paid the Due diligence with his recommendation. He was so sure of himself that he sent me an email confirming that I was set and ready to close XX/XX/XXXX with the underwriters approval. Note that I have not sent any new documentation since Monday XX/XX/XXXX when I had spoken to XXXX. On Wednesday XX/XX/XXXX I again spoke with XXXX and he told me that the under writer was not going to approve the loan because of over drafts in my account. I am incredible confused at this point for Wells Fargo has had a copy of my bank statements for over a week. Why is it just being brought to my attention that the over draft and my line of credit is a problem? I am literally in panic mode now for I am 19 days away from closing. I have spent money on inspections, appraisals not to mention my time most importantly on this process. If I had known that Wells Fargo was not going to accept my loan application I would have NEVER continued with this process. This being my first time trying to purchase a house I thought the confusion was normal. I firmly believe that someone has dropped the ball. Today XX/XX/XXXX I received a phone call from XXXX XXXX XXXX I asked him if it was normal to pre-approve, confirm approval than two days later decline loans. His response was that this was normal and unfortunately some people have less than 19 days till closing when they get denied from a loan. Coming from a managerial stand point, I think this shows very poor business practices. I manage a very successful kids retail store and have for nine years. I would never ensure or tell a customer to proceed with a process that I personally was not confident in. So again I stand her confused and frustrated wondering why would Wells Fargo have me waste my precious time going to look for a house, getting inspections on a house, pay Due diligence, and get an appraisal on a house that I was not going to get? I know the ball was dropped somewhere along the line and I want to know where it was dropped? Why have I been for weeks trying to send more documentation to appease the under writer if he did not look at my case till Wednesday XX/XX/XXXX. Why is this excepted behavior? This process has caused me financial harm and hardship do to Wells Fargos negligence. Something needs to be done about these business practices! XXXX XXXX