Consumer complaint received 2021-08-01
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: WELLS FARGO & COMPANY (NY)

My husband and I started a mortgage application with Wellsfargo on XX/XX/21. 
The representative completing the application was great, competent and professional. 
Once the application was completed and all the documents had been sent to the original representative it was turned over to a loan processor. 
This is where the communication with Wellsfargo went south.

The loan processor was informed that all the requested paperwork we submitted had been entered into their loan tracker.

The loan processor did not update our loan tracker as expected and continued to request documents we had submitted 3-4 times. 

At this point and after numerous submissions we asked for a supervisor, but the supervisor was not responsive to calls or emails. 

This failure to update our loan tracker and lack of communication continued throughout this process. 

As time went by I emailed and called the loan processor as well as her supervisor and could not get an answer or a time scheduled where I could discuss the status of our loan on the phone. 

When I was finally able to discuss the loan status with the loan processor she assured me everything is on time and proceeding as expected. 
I had every reason to believe our closing would happen on the expected closing date of XX/XX/21 because the loan processor assured me this was the case. 

We were buying a home with a gust house that is a mobile home. 

This property had been fully explained to Wellsfargo and they received to MLS listing to confirm the property details. 

After more than 30 days into the application process the loan processor said there was a problem with the mobile home part of the property. 

The loan processor requested info. from my insurance agent and my realtor which was supplied immediately. 

My husband and I have been snowbirds for about 3 years now and were purchasing a property in XXXX XXXX. 

This would require us to leave XXXX  and travel to XXXX. ( XXXX miles ) with all of our belongings and our XXXX  dogs, in time for a final walk through of the property as well as to be present for the closing. 

The seller of the property had made arrangements to close on her new property the same day we closed on her home. 

I made numerous attempts to speak with our loan processor to verify we were going to close on time as expected on XX/XX/21. 

The loan processor failed to answer her phone, did not reply to emails and continued to ask for paperwork we submitted numerous times. 

The loan processors supervisor was also unresponsive to calls and emails. 

I filed a formal complaint with Wellsfargo which was received on XX/XX/21 outlining the problems we were encountering with the mortgage application process and the lack of communication we were experiencing on a daily basis.

( This investigation is ongoing ) I informed the loan processor on Friday XX/XX/21 that we needed to verify our loan status was in order and that we would be closing on time because we would be on the road to travel the XXXX miles to XXXX  with our belongings and XXXX dogs on XX/XX/21. 

The loan processor said everything was on track to close and she had no reason to believe otherwise. 

On Tuesday evening at XXXX XXXX. While we were traveling through Georgia we received an email and a phone call from the loan processor. 

Email : I hope all is well on your end! 

I am sending this email with all of us on it to make sure we are all in the loop. So our collateral team could not clear things on their end due to the guest manufactured part of the house. With the information XXXX sent in last week a follow up report was ordered however they did not receive the report back on time today as planned for us to get clear to close on the file. Since the loan is not clear to close today the borrowing closing disclosure did not go out for us to be in compliance for the XX/XX/21 closing date. The specialist working on this stated that the report is now scheduled to be delivered tomorrow so hopefully we can get all of this cleared tomorrow. I am sorry for the delay this has caused in closing but I am hoping we are only being delayed for 1 day. We are going to need an extension now. I am not sure if the title company is able to handle closing on Saturdays but if we are able to get clear to close tomorrow then the earliest closing date can be 3 business from then. Please let me know your thoughts. 

This was also the content of the phone call I received. 


Needless to say I was not at all pleased with this news! 
Less than 48 hrs. before our expected closing date we get blindsided by this information while driving to XXXX!

This not only effected me and my family but three other families as well. 

The seller had scheduled the closing on her new home on XX/XX/21 and movers scheduled to move her to her new home on XX/XX/21 directly after the closing. 

We were on the road traveling through XXXX  in order to be present for the closing on XX/XX/21. 

Now we are being informed that the closing will not happen as promised on XX/XX/21 and that we were in need of an extension! 

We are now effectively homeless, traveling through XXXX  and are carting all of our belongings and XXXX dogs headed to XXXX  with no closing date in sight! 

My realtor called me and was also very angry and stated the realtor for the seller is angry as well. 
When we tried to call the loan processor back to clarify the status of our loan she had left the office for the evening. 

The next day Wednesday XX/XX/21 I called Wellsfargo and requested to speak with the loan processors supervisor, she was unavailable, I then asked to speak with supervisors of supervisors until I reached the Loan Administration Area Mgr Fulfillment Site Leader. 

She was very professional and responsive to my concerns, obtained all the information I supplied and stated she would investigate the circumstances and call me back. 

This manager did call me back and stated that the specialist handling the mobile home problem mistakenly left the information on their desk and it was overlooked. 
Therefore our loan and the problem with the mobile home was being held up due to an employees mistake! 

I inquired about the required extension and how the seller must agree to the extension and how if she did not agree to the extend we would be in breach of contract and would possibly lose our {$20000.00} in Ernest money!

The manager assured me that she was going to file a complaint on our behalf with Wellsfargo to possibility get our Ernest money back if this should happen! 

I also inquired about our unnecessary expenses we were going to incur due to this oversight. 
Lodging, food, gas, etc. 
She stated that she would file for reimbursement of extra expenses we would incur due to the closing date being moved. 

She stated that there is a federal CD Timing requirement that requires commitment to close three business days prior to closing, therefore unless we could close on Saturday the earliest we could close would be Monday XX/XX/21. 

However, she said, another manager at Wellsfargo knows how to file a request to waive the three day timing with the legal department and she was going to have her call me and walk me through writing this letter to see if the legal Dept. would consider waiving the CD timing due to extreme financial hardship if the seller did not agree to the extension and the Ernest money was forfeited.

This manager did call me and verified the information that needed to be written to the legal department in order for them to consider waiving the three day CD timing.

I wrote the letter Thursday, copied and sent it to this manager who presented it to the legal department for review. 

We waited all day Thursday for an answer from the legal department. 

We were scheduled for our property walk through at XXXX on Thursday. 
At XXXX XXXX. We received the call from the manager who presented the letter to the legal dept. stating they had not approved the waiver and that unless we could close on Saturday, we would not close till Monday at the earliest. 

In conclusion, my husband and I have lost all faith in Wellsfargo banking company. 
The lack of professionalism and communication, and the mishandling of this mortgage from when the loan processor took over is unacceptable. 

This process has caused me XXXX XXXX  and severe XXXX! 
I have not been able to eat or sleep since Wednesday XX/XX/21. 

We are returning to XXXX  to see my XXXX  and no longer want to pursue any business dealings with Wellsfargo.

We have removed all of my money out of Wellsfargo bank and will close the accounts as soon as everything clears.

I would like this information published to help others learn from our experience!

I will be contacting an attorney for further compensation and to represent us in any litigation that may arise from our forfeiture of this mortgage.