Consumer complaint received 2020-09-16
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: WELLS FARGO & COMPANY (NJ)

On XX/XX/XXXX I applied for a mortgage with Wells Fargo and during the application process I provided full disclosure with my private mortgage banker that I most recently moved into an apartment and was in a one year lease agreement with the complex. The condominium I was purchasing was going to to be a semi-primary residence until the end of my lease and primary residence after the lease ended. On XX/XX/XXXX my interest rate was locked in for my XX/XX/XXXX settlement. When the mortgage request to went to the underwriter which was approximately on XX/XX/XXXX new rate locks were generated on XX/XX/XXXX and again on XX/XX/XXXX. The new rate lock now indicated a 15 % down payment was required versus a 5 % down payment initially as an option and 3.5 points were required to be paid at closing, increasing closing costs to approximately $ 10,000- {$11000.00} dollars, because the underwriter indicated the condominium to be purchased had to be  categorized as an " investment property ''. So, 17 days before settlement I had to look for other options to purchase this condominium. I attempted to reach out to the President/Manager of private mortgage banking and never received a return phone call or response to my test message. I have contacted other banks regarding their mortgage lending policies and understand why the underwriter classified the condominium purchase as an " investment property ''. However, the issue here is that XXXX XXXX, the private mortgage banker and face of Wells Fargo should have provided full disclosure during the mortgage application process - XX/XX/XXXX, the disposition on the mortgage and the full costs to be realized for the mortgage and closing costs, not 17 days before settlement. This ordeal had caused me extreme stress and a need to scramble at the XXXX hour to look for alternative options to purchase the condominium. In my final e-mail to XXXX XXXX and cc : to XXXX XXXX XXXX on XX/XX/XXXX I requested a refund of the money I paid for the condominium appraisal. Please note, when I applied for a mortgage in XX/XX/XXXX, it was to give Wells Fargo a second opportunity to handle a similar transaction they mis-handled in XX/XX/XXXX. In XXXX, I filed a complaint with the CFPB regarding my refinance of my secondary home. On XX/XX/XXXX I received an acknowledgement letter from XXXX XXXX, Senior Vice President Wells Fargo Home Lending indicating they were going to research my complaint and provide a response by e-mail no later XX/XX/XXXX. At this time I have not received a response or telephone call for the way I was treated about this mortgage transaction. I was fortunate and was able to find an alternate option to purchase the property. It wasn't an option I wanted to pursue, but had no choice based on the way I was treated by Wells Fargo. I hope this complaint serves a red flag for other customers who may want to consider Wells Fargo for their mortgage lending needs. If this is the case, future customers may want to make sure other options are available to support a home purchase, because you can't put your  faith and confidence in Wells Fargo to handle your mortgage needs appropriately.