Consumer complaint received 2021-01-26
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: WELLS FARGO & COMPANY (TX)

I decided to take advantage of refinancing my home given the historically low interest rates in XXXX. I started the process with XXXX XXXX. They lined up resources quickly and were willing to offer me a close date in XXXX. I had only spoken to XXXX XXXX so I decided to talk to other lenders and Wells Fargo offered me lower fees. I decided to move forward with Wells Fargo since they already had my existing mortgage and would simply refinance me. I completed a Notice of Intent to Proceed on XX/XX/XXXX. I was told it would take a maximum of less than 80 days to close. I submitted every document, every request and even spent money getting my HOA Insurance documents posted to their site when requested. I do not see any instance where I was the hold-up in moving the loan forward. 

I would get a call every week for check in. After the loan extended past the 60 day mark I would inquire on the closing date. I was told that the loan was in underwriting and was being reviewed. I received the same information almost every time I asked and was told that they would escalate the matter to underwriting via email to expedite the process. My loan was already with Wells Fargo for 11 years. There was no need to have to underwrite the loan as stringently as it was. Not to mention that Wells Fargo also has had my checking and savings accounts since XXXX so they have a good understanding of my financial position. This took so long that I had to resubmit paystubs on multiple occasions because the existing ones has expired. I also had to acknowledge the rate lock expiration documents and rate lock extensions because the process was taking so long. 

During this waiting time from XXXX through XXXX, Covid was ravaging my home town and I decided that I would need to consider a permanent move back to XXXX XXXX, TX to ensure the well being of my XXXX year old father. I made my move to XXXX XXXX, TX in late XX/XX/XXXX. There was still no close on the refinance nor a date settled. I did not know that this would later end up being a problem. Never through the loan process did the representative ask me if anything had changed. 

I finally escalated the issue by sending an email to an executive at Wells Fargo and very soon found myself with a closing date and being contacted by my loan officer who had not returned a previous call that I had made. I also received a call from a manager at the loan department. I went to close on XX/XX/XXXX which is 149 days from the day that the intent to move forward was signed. There was a clause that stated that I must reside at my home for a minimum of 60 days post the closing date. I did not know that and so much time was wasted waiting on Wells Fargo to close that had I known that and closed within the 80 days, would have been resided in my home past the 60 days or would have made arrangements to reside in my home for 60 days pat the closing date. Without knowing all of these details I was no longer eligible to close. I asked the Loan Officer what the next steps were and he stated that I could apply for a new loan that would be structured differently and that that would be extended at a higher rate. If Wells Fargo had closed my loan in a timely manner I would have resided at my home for the minimum amount of time and would have been eligible to close at the agreed rate. Wells Fargo has not ruined this opportunity for me and I will inevitably pay thousands of additional dollars because of how they mishandled my loan.