Consumer complaint received 2020-03-03
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Closing on a mortgage — 
Company: WELLS FARGO & COMPANY (IA)

I have been a Wells Fargo customer for over 10 years. On or about XX/XX/XXXX, I went to Wells Fargo 's home mortgage web page and used their loan comparison tool to see about a home equity line increase and about lowering my current rate. Using the tool, it stated I qualified for a 4.625 % rate and XXXX closing costs. Since I had an existing HELOC with a XXXX balance, I called and asked about just increasing the line from {$27000.00} to {$50000.00} and about decreasing the rate. 

I spoke with an XXXX who stated my excellent credit and low mortgage balance qualified me for a 4.75 % rate. I did not ask why it was higher than 4.625 % at the time because I know that they have offered discounts for things like automatic payments in the past. He also suggested I close out the old account and apply for a new one with a {$100000.00} limit. I was told the more you borrow, the better rate you get. 

I provided Wells Fargo processor XXXX with all the information they needed on a timely basis. All went well until a date for closing was set. XXXX explained we could go into a branch to sign or have a mobile notary, but with the notary you could not ask any questions about the paperwork as they are just the notary. We wanted to be able to ask questions so we set the closing for XXXX XXXX on XX/XX/XXXX, at one of their branches. As soon as we arrived, we were told that they had been trying since the day before to get the documents from the processor. We waited over 50 minutes with no paperwork in sight before we finally left. Note - my wife had to take off work for this and the branch is about a 30 mile round trip drive. 

We heard nothing until around XXXX in the XXXX  when XXXX called and said " sorry we couldn't close this morning ''. I explained that WE were ready to close and he offered no explanation other than to mumble something about the paperwork. He pushed us to return that day but I explained my wife went back to work and we were not going to go back. Because of this, we decided to do a mobile notary on a Saturday so we would not be inconvenienced if they weren't able to do their jobs again. The notary came out XX/XX/XXXX and left without leaving us any paperwork, including the 3 day right to rescind. We didn't think out it until right after she left, but then assumed the documents would either be emailed or mailed overnight. As of today, XX/XX/XXXX, we have never received any of our loan paperwork despite repeated requests. 

When we reviewed our loan online, we discovered our interest rate was 5.375 %. We were never notified by anyone of this rate. I immediately called XXXX, who said I had to call a different number ( which was the wrong number ). No one could tell me why my rate was what it was and why I had a {$10.00} charge on the account that says " customer requested advance '' when the loan was to have XXXX closing costs. After two or three more calls, I was contacted by XXXX on XX/XX/XXXX, who said she would contact me by XX/XX/XXXX with a resolution. At XXXX XXXX. on XX/XX/XXXX, I received a call from XXXX stating she now needed until XX/XX/XXXX for a resolution. When I asked why, she would only say they needed to review the information. She also claimed she promised an " update '' on the XX/XX/XXXX, not a resolution but that there would be a resolution on XX/XX/XXXX. 

At XXXX XXXX. on XX/XX/XXXX, I called XXXX back and left a message about the phantom {$10.00} charge, saying it was to be auto-paid from my account on XX/XX/XXXX and what was going to be done about that. XXXX 's voicemail message said she call back within 24 hours or the next business day. I did not hear from her again until XX/XX/XXXX, despite the fact that I left her a second message on XX/XX/XXXX. I immediately returned her call on the 2nd and left a message. After not hearing anything all day on XX/XX/XXXX, I called her again at XXXX XXXX. Now she tells me they need until XX/XX/XXXX for a resolution. I tell her to forget it and I just want to close the account. She says I can not until I receive the resolution letter I've been promised since XX/XX/XXXX! How is that possible that I can not close an account regardless? I then asked if there is any way I can get a copy of our loan documents that I have been asking for for weeks and should have received at closing. She said she could only fax them to me, but I do not have a fax machine. If I had been told this a month ago, I could have arranged something. In addition to our dealings with XXXX, I have not received any sort of response from XXXX since mid-XXXX, despite sending emails and asking for his supervisors name. 

After calling, I again went to the Wells website and it still shows I qualify for 4.625 % with no closing costs.