Consumer complaint received 2020-04-27
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: WELLS FARGO & COMPANY (CO)

Dear CFPB, I received an email from you referencing complaint XXXX. I believe the OCC forwarded to you the complaints I filed with them regarding regarding Wells Fargo 's age discrimination and their failure to process two refinance loans correctly. I do not believe my entire complaint was forwarded. Please see below. Thank you for your assistance researching and correcting these issues. 
Best regards, XXXX XXXX I would like to file two formal complaints against Wells Fargo. These issues cost us months of lower interest rates and a refund of {$21000.00} Age discrimination - I believe Wells Fargo violated the Equal Credit Opportunity Act, by rejecting our loan application because of my age. Wells Fargo tried to impose different terms and conditions on our loan by declining us for a 30 year term and trying to persuade us to take a 20 year term. I believe they discriminated against me by calculating age actuaries instead of financials. The Federal Trade Commission ( FTC ), protect elderly people against discrimination from getting a loan or any kind of credit based on their age. It is my understanding ; other lenders provide residential mortgages allowing seniors to use imputed income from their retirement funds, IRAs and other retirement assets to qualify for the loan they wanted. We should be able to use the balances in these accounts to supplement our earnings on paper without ever taking out any money. Ultimately, we were turned down for the loan because our debt-to-income didnt match Wells Fargos high standards even though we had abundant equity in our homes, $ XXXX in liquidity and excellent credit scores. Wells Fargo failed to inform us our loan was not approved within 30 days of submitting our completed application. When we found out our loan had been rejected, we had to request they send the rejection to us in writing. They did not provide the specific reason for the rejection. Wells Fargo refused to give us the name/emails of any contacts in their Executive Office to file a complaint. After ten months of battling with Wells Fargo and threatening to file a complaint, they refinanced not one but, two of our properties. This cost us a great deal of time and money. Please see XX/XX/XXXX Wells Fargo complaint letter. 

XX/XX/XXXX Dear Wells Fargo, We currently have our home mortgage of {$980000.00} with Wells Fargo ( WF ) for our primary residence in XXXX, XXXX  with a loan balance of {$820000.00} and the majority of our investments with Wells Fargo Wealth Management {>= $1,000,000}. We were contacted by WF to refinance our XXXX XXXX, XXXX  home ( loan to value 47 % ) and once finalized ; we wanted to refinance our XXXX, XXXX  home with WF ( loan to value 41 % ). We have a combined equity of nearly {>= $1,000,000} in the two homes. 
We started the process to refinance our investment home in XXXX XXXX, XXXX  back in XXXX of this year. Throughout the many weeks it took to complete the process, we were repeatedly told we were the highest priority and that the new loan would be completed any day. At no time during the process, were we informed that we were at risk to qualify for a 30 year fixed rate loan. 
The loan amount was approximately {$560000.00} ( balance was {$550000.00} ) and the house appraised at {>= $1,000,000}. We agreed to a 30-year fixed : 3.875 % @ 0 % points 3.907 % ( APR ) and locked the rate. As interest rates continued to decline, we were contacted by our lending agent, XXXX XXXX and told we could now get a 30-year fixed : 3.75 % @ 0 % points and pay 0.125 % for the re-lock and that would be covered through a credit. There would be an additional 0.375 % credit to assist with covering a chunk of closing costs. 3.77 % ( APR ). See email clip sent from the lending agent on XX/XX/XXXX highlighted below : 30-year fixed : 3.75 % @ 0 % points the 0.125 % would be covered through a credit & there would be an additional 0.375 % credit to assist with covering a chunk of closing costs. 3.77 % ( APR ) -- Monthly payment ( principal+interest+taxes+insurance ) = {$4000.00} Interest repaid by year 7= {$130000.00} Interest repaid by year 10= {$180000.00} We agreed to the new terms, locked the new interest rates and were very excited when it went through on XX/XX/XXXX. Throughout this process, we received two letters of approval and one extension from Wells Fargo confirming the loan was approved and was reassured by our lending agent that our loan was approved. 
On XX/XX/XXXX, some 8 weeks after we started, we were abruptly informed that we did not qualify for the 30 year fixed loan despite receiving a letters from Retail National Sales Manager, XXXX XXXX approving the loan. The reason given in our denial letter was my credit score ( score XXXX ). I had to request the denial letter which read : The Key factors that reportedly adversely affected the Credit Score : RATIO OF BALANCE TO LIMIT ON BANK REVOLVING OR OTHER REV ACCTS TOO HIGH TOO MANY ACCOUNTS WITH BALANCES TOO MANY ACCOUNTS RECENTLY OPENED. We did not find any of these reasons to be true and our credit score is considered to be very high. 
We were told by our lending agent that the denial was due to too strict of restrictions from the Federal Government. He also said it was likely due to the fact that I had retired in XXXX. Our agent on XX/XX/XXXX informed us the asset dissipation policy is an OCC requirement. It is my understanding ; WF has chosen to do the calculations using the reduction of our assets assuming 30 % not the Federal Government. 
We were than offered a 20 year loan and told we were already approved and the documents were sitting at the title company waiting for us to sign them. We were told this was our only option and that no other loans including ARMs would be available to us. The 20 year loan was offered at a good rate 6.625 % however, did not meet our goal to create positive cash flow on the property. Our agent suggested we could pay the loan down {$100000.00} after 30 days of closing the loan and thus, meet our cash flow goal. This certainly came across as a probable bait and switch scheme and made us feel very uncomfortable. We met with our Wealth Advisors and they were not in favor of buying the loan down. We subsequently declined the 20 year loan. 
On XX/XX/XXXX, I requested the lending agent return all of our financial documents via a different format then the WF secured site. To this date, we still have not received all of our documentation. 
While we were seriously disillusioned by all this, we were ready to move on. That is when your Corporate Office Customer Care Recovery Group called us. I spoke to Executive Resolution Specialist, XXXX XXXX. She said she was calling to follow up on our dissatisfaction with the recent refinancing. I found her to be exceptionally polite. I explained to her that I had not filed a complaint. I informed her I had contacted my Lending Agent to return our documents so that we could refinance with another lender. She then asked if I would explain to her what had happened in which, I did. She said she was going to investigate the matter and would get back to me within two weeks. She did get back to me on XX/XX/XXXX, some three weeks later. She tried to explain on the phone why we had not been approved for the 30 year term loan. I found her information to be in part incorrect and incomplete and let her know I was still confused and disappointed. She said she was required to send me a letter and that I would understand the matter once I read the letter. I received the letter over a week later. Like our conversation, I found the letter to be in part incorrect and incomplete. It did however state the reason for the denial was due to the debt to income ratio. What it didnt explain is how a customer with $ 3.6M in investments and a balance of over {>= $1,000,000} in home equity does not qualify for a 30 year refinance. 
We thought everything was over when on XX/XX/XXXX ; I received another call from XXXX XXXX of the same office. She said she was following up on the conversation I had with XXXX XXXX. She said she was taking over the investigation and that she was going to elevate the matter to the Highest Level of Underwriting. We discussed the debt to income ratio issue and discovered WF underwriting was not counting my total asset depletion of {$13000.00} per month or our full rent income of {$5000.00} per month. I explained our Wealth Manager would be happy to write a letter defining my retirement plan and the fact that this income would be distributed every month until I am age XXXX barring a financial economic crisis. I requested once again that all of our financial documents be returned to us via email and that we get reimbursed for our home appraisal. XXXX said she would call me back no later than XX/XX/XXXX. 
I did not hear back from XXXX and on XX/XX/XXXX, I called the Corporate Office Customer Care Recovery Group and reached XXXX Supervisor, XXXX XXXX. She was unaware of our loan request or investigation and after a short while was able to find it. She began to go over Ms. XXXX letter and again, she did not have the correct facts. I found Ms. XXXX to be defensive and at times argumentative. She certainly was not empathetic towards the situation. I once again requested WF provide us with all of our documents and provide a refund for the appraisal. She said this would not be possible. After considerable time, she asked if I would like to speak to the underwriter to explain the denial and DTI calculation. She said she would patch him into the call. I informed her I had consulted with an independent mortgage broker and would like to include him on the call. We agreed to schedule the call the following week. 
I did not hear back from Ms. XXXX. Instead, on XX/XX/XXXX, I received a call from Ms. XXXX. I explained that I had not heard back from her and in her absence, I had spoken to Ms. XXXX and that we were going to schedule a call with the underwriter. She tersely said that would not be happening and that customers were not allowed to speak to underwriters. I explained that Ms. XXXX had suggested the call. She said that was not true. I encouraged her to listen to our recorded conversation. She reiterated that the call would not take place and that customers were not allowed to speak to underwriters. She said she had prepared a follow up letter and would be sending it shortly. She was very curt with me. I told her I was becoming very frustrated with her office and that I originally had no intention of filing a complaint but, now I was ready to. I asked the name of the WF CEO and/or the President. She said would not provide any names. I then asked if there was a government agency I could file a complaint with and she said the CFPD. If Ms. XXXX goal was to frustrate us and make me feel like a deadbeat, she succeeded. 
I returned from being out of the country last week and had received a XXXX XXXX  envelope while away on XX/XX/XXXX. The envelope included a letter dated XX/XX/XXXX from XXXX XXXX. It had been over a month since she originally said when would investigate the matter and get back to me and 28 days since she said she would be sending me a letter. The letter basically reiterated Ms. XXXX letter. In summary, she stated WF handled the matter properly and no corrections were needed. The letter was in no way apologetic for the time and money we had spent, just regretted any frustration we may have incurred. It also did not provide a spread sheet calculation for the DTI or any OCC requirements. 
Over the past month, I have contacted several lending companies ( banks ) and have both verbal and written approval that they will provide us with a 30 year term loan. They have accepted letters from WF Wealth Management that define our asset dissipation and have determined we qualify for a variety of loans. The banks and the independent mortgage broker I have spoken with both stated WF did not do the asset dissipation calculation correctly. It appears WF calculations are using the reduction of my assets assuming 30 %. The calculation ( if WF must use early withdrawal ) should be to take the total of years until I turn XXXX ( 3 years ) and discount that amount. Additionally, I am not taking retirement funds or paying any early withdrawal penalties, so there should not be a penalty in the calculation. My Wells Fargo Wealth Manager offered to write a letter confirming all if this and we were told it wasnt necessary. 
Please allow me to remind you, I did not contact your Corporate Office Customer Care Recovery Group, they contacted me. After 4 months of trying to chase down the facts, losing our appraisal money and thousands of dollars in refinance savings, we are ready to move on. What does all of this it mean to our WF relationship and future? We will be refinancing our XXXX XXXX, XXXX  home ( loan to value 47 % ) and our XXXX , XXXX  home ( loan to value 41 % ) with another bank. The loans will equate to approximately {>= $1,000,000}. 
This is where we need your help. In order to get a similar interest rate at another bank, we will be required to transfer our assets to the new bank. We do not want to cause any ill will to our Wealth Manager or discontinue their services. When I asked for assistance from your Customer Care Group, I got the same answer from all of them You are welcome to reapply. I requested that one of your underwriters or lending officers look at our documents and the calculations that were used and let us know what loan terms we do qualify for and was told that could not happen. It seems strange that the other banks we have spoken with have provided various loan options and pre-approvals but, WF will not. Can you please have someone within your organization work with us to satisfactorily secure the refinancing of our home in XXXX XXXX? 
We will respectively await your response and determine the outcome from there. 
Sincerely, XXXX XXXX 1. Improper Closing After denying us twice for a 30 year loan, Wells Fargo informed us they would refinance our property if we would consider refinancing both of our properties at the same time. We agreed to do so. Wells Fargo failed to live up to their commitments after we closed on the two properties. Payoffs were not made on time and unauthorized withdrawals were made from our checking accounts resulting in delays of us receiving our escrow refund and erroneous withdrawals by Wells Fargo and the former lender, XXXX DBA XXXX XXXX. Due to the COVID-19 pandemic and the mandate to stay at home, we have been unable to go to the post office and check our P.O. Box. We communicated this to Wells Fargo and pleaded with them to communicate with us. We spent many hours trying to get them to correct their errors and wire our refund of {$21000.00} back to our account. We also requested they provide a new closing statement as the calculations had changed due to the late payoffs. They have failed to do both. It has been over a month since Wells Fargo was notified of their errors and despite numerous emails and phone calls ; there has been no response from the Wells Fargo Customer Care Group or Executive Office other than they are researching the matter. At this point, one would have to believe this is in retaliation of us escalating the matter to their Executive Office. Please see XX/XX/XXXX Complaint Chronological History that we sent to the Wells Fargo Executive Offices. 
Complaint Chronological History Wells Fargo Refinancing of properties : XXXX XXXX XXXX XXXX XXXX XXXX, XXXX  XXXX XXXX XXXX XXXX XXXX , XXXX  XXXX XX/XX/XXXX Refinancing completed by Wells Fargo. Both Properties closings complete. Required to pay cash of {$8700.00} for the XXXX XXXX XXXX XXXX property at closing in which {$8000.00} was for an advanced property tax payment. The closing statement and amount owed were not the same. XXXX XXXX XXXX XXXX provided incorrect figures. We were informed XXXX XXXX would be providing a refund of our escrow account balance from in the amount of {$7800.00} once the property closed. During closing placed conference call with WF XXXX XXXX. She confirmed both properties payoff to be wired XX/XX/XXXX auto withdrawals would be canceled. She also instructed us to pay the lower amount of the cash to close. XXXX XXXX XXXX sent a contract notary to the closing and did not have a representative available to provide the correct cash to close amount. 
XXXX XXXX XXXX XXXX - XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Mandatory 3 day right of rescission wait period over. Payoff loans were to be wired. 
XX/XX/XXXX Confirmation email from Wells Fargo Your Loan Closing Is Complete and an email from XXXX XXXX, Loan Officer confirming the same. 
XX/XX/XXXX Overage credit issued in the amount of {$340.00} for XXXX XXXX XXXX from XXXX XXXX XXXX XXXX. 
XX/XX/XXXX Auto withdrawal from Wells Fargo checking account. Withdrawal made by Wells Fargo to Wells Fargo in the amount of {$5500.00} for XXXX loan payment. 
XX/XX/XXXX - XXXX XXXX XXXX XXXX payoff made late by Wells Fargo XX/XX/XXXX - XXXX DBA, XXXX XXXX made an auto withdrawal of {$5600.00} from XXXX XXXX checking account for the XXXX loan payment for XXXX XXXX XXXX. 
XX/XX/XXXX I sent email to WF, XXXX XXXX and copied the following : XXXX XXXX, XXXX  XXXX, of Wells Fargo, XXXX XXXX of XXXX XXXX XXXX and XXXX XXXX and XXXX XXXX of XXXX XXXX XXXX. The email detailed the challenges that had occurred and requested assistance resolving the issues. I also requested XXXX XXXX set up an escrow account for XXXX XXXX XXXX. Wells Fargo did not set up the Escrow account for this property as directed. I also asked XXXX to contact both lenders which, she did not do. 
XX/XX/XXXX Received return email sent from XXXX XXXX stating Wells Fargo does not call existing lenders or cancel auto payments. They also do not call the existing lenders and ask them to rush the refund of the escrow account payments, nor can title companies. This contradicts what we were told by his assistant XXXX XXXX. 
XX/XX/XXXX I spoke to XXXX, agent with XXXX  XXXX. She said the reason they withdrew funds out of our account by autopay and the reason a check has not been issued for our escrow refund is because the loan was never paid off. I let her know we closed on the property on XXXX XXXX and that the funds were to be wired to them on XX/XX/XXXX. She double checked and said the payoff was never received. 
XX/XX/XXXX I sent an email to XXXX XXXX, XXXX XXXX, and XXXX XXXX confirming that XXXX. XXXX had not received the payoff and requested assistance again. 
XX/XX/XXXX I spoke with XXXX of WF Home Loan Management. She stated the Wells Fargo loan was not paid off on time. She said XXXX XXXX XXXX should have wired the payoff on or before XXXX XXXX, XXXX. She said she could not assist me with the XXXX  XXXX loan. XXXX sent an email with my Customer Account Activity Statement confirming the payoff had not been done on time. She also confirmed that {$5500.00} was withdrawn from our account and applied to the outstanding loan amount and that Wells Fargo home mortgage should have been informed by our home mortgage consultant to discontinue auto draft and they were not. 
XX/XX/XXXX I sent another email to XXXX XXXX, XXXX XXXX detailing what had occurred and that our closing instructions and their commitments were not followed. Wells Fargos mistakes had compromised our XXXX XXXX  account. In total, the amount of erroneous payments and escrow refunds were {$21000.00}. Again, I asked for their assistance. 
XX/XX/XXXX Received a return email from XXXX XXXX apologizing for the trouble and stating XXXX XXXX would be reaching out to the Wells Fargo servicing concierge to see if they can help straighten some of this out. He copied his Supervisor XXXX XXXX, Sales Manager to assist in his absence. 
XX/XX/XXXX Email sent from XXXX XXXX informing us that XXXX XXXX with XXXX XXXX XXXX was researching the payoff for XXXX XXXX  XXXX with her accounting department ; once she gets back to Wells Fargo with an update, she would let us know what happened. She also confirmed the payoff for XXXX XXXX XXXX was not made on time and that the original amount wired only covered through XX/XX/XXXX. She stated that we would be refunded our escrow balance and the balance of the payment not used towards the payoff. She also said that a Wells Fargo internal contact has requested the refund be expedited so it will be put in the mail within the next 3 business days. We never received a confirmation of the refund or the amount. Refund still not received. 

XX/XX/XXXX Received another email from XXXX XXXX stating XXXX XXXX and the XXXX XXXX XXXX XXXX accounting department confirmed that the payoff was sent to XXXX XXXX and that shell be reaching out to XXXX XXXX directly tomorrow to follow up. I spoke with XXXX XXXX and they had not heard from XXXX XXXX. We never heard back from XXXX XXXX or XXXX XXXX. 

XX/XX/XXXX I sent another email to XXXX XXXX, XXXX XXXX, and XXXX XXXX informing them there has been no progress or follow-up from them or XXXX XXXX XXXX  and requesting once again their assistance and getting this resolved. I provided a very detailed record as to what had occurred and asked for a detailed explanation as to why this occurred, who was responsible and what is being done about it. 

XX/XX/XXXX Received a return email from XXXX XXXX, XXXX XXXX supervisor apologizing for our closing experience and informing us that the matter had been escalated it to Wells Fargo Customer Care and Recovery Group and that they will begin research and a representative from that group will be in touch with us sometime next week. 

XX/XX/XXXX I received a call from XXXX XXXX of the Wells Fargo Customer Care department. She said she had been notified that there was an issue with our refinancing. I spent over 20 minutes on the phone with her as she had no information on our refinancing or details of what occurred. She said she had not received any of the emails I had sent and was not familiar with WF XXXX XXXX or XXXX XXXX. I asked her to request all information pertaining to our mortgages from XXXX XXXX along with my emails as they explained what has taken place with the exception of why and who was responsible. She said that she would look into the matter and get back with me no later than XX/XX/XXXX. I explained to her that this was unacceptable and that this would be over a month since our two properties were to be paid off and we needed to get our money back now. We never heard from XXXX XXXX again. 

XX/XX/XXXX We received not one but two XXXX XXXX packages containing identical form letters from XXXX XXXX, Senior Vice President Wells Fargo Home lending. The letter ( s ) said WF was committed to promptly addressing our concerns and that they were going to complete necessary research and get back to us by XX/XX/XXXX. 

XX/XX/XXXX I sent another email to XXXX XXXX again pleading for assistance in resolving the matter and getting our money returned. I requested Wells Fargo to wire our mortgage payments that were erroneously withdrawn back into our bank accounts immediately. We also requested to know specific dates as to when our escrow refunds will be delivered and those monies wired into our banks accounts. I explained, due to COVID-19, XXXX  issued a stay at home order and we did not want to take trips to the bank or post office. I asked for contact information to elevate the matter. We never heard back from XXXX XXXX. 
XX/XX/XXXX I filed a complaint with Wells Fargo Online XXXX and received a confirmation return email stating Wells Fargo take complaints seriously and will attempt to call me within 2 business days to discuss our specific issue and they would also send you a letter through postal mail confirming that we received your complaint. We never heard back from them. 

XX/XX/XXXX I sent another email to : XXXX XXXX and XXXX XXXX of Wells Fargo, XXXX XXXX of XXXX XXXX XXXX and XXXX XXXX, XXXX XXXX and XXXX XXXX of XXXX XXXX XXXX. I provided copies of emails dating back to our closing date of XX/XX/XXXX. I requested they please read them and respond accordingly to their and involvement and responsibility in the refinancing and closing of our two properties and to communicate back from by XXXX XX/XX/XXXX. I explained that the errors, lack of transparency, communication and amount of time to rectify the mistakes are unacceptable and reminded them, we closed on the two properties on XX/XX/XXXX ; payoffs were to be wired XX/XX/XXXX. The total amount of erroneous withdrawals and escrow refunds owed to us are {$21000.00}. 
We still have had no communication from XXXX XXXX XXXX XXXX. I completed their online survey and informed them of our poor experience again with no follow-up. 
XX/XX/XXXX I received a return email from XXXX XXXX stating the file was escalated to Wells Fargo Customer Care and Recovery Group suggesting reaching out to them directly. He said, at this point, with the loans closed there is not much he could do. It had been 11 days since I received a call from XXXX XXXX of the Wells Fargo Customer Care and Recovery Group and despite me leaving several messages for her ; I never received a call back. 
XX/XX/XXXX I received an email from XXXX XXXX of XXXX XXXX XXXX on behalf of her, XXXX XXXX and XXXX XXXX. She informed me that XXXX XXXX takes direction from the Lender regarding Escrows only and that Wells Fargo will have to address our concerns. 
XXXX XXXX XXXX XXXX still has not responded. 
XX/XX/XXXX I called and left another message for XXXX XXXX of the Wells Fargo Customer Care department informing her I had left messages and have not heard back from her since XX/XX/XXXX. 
XX/XX/XXXX I received a voicemail mail from an XXXX XXXX of the Wells Fargo Executive Office stating that XXXX XXXX of the Wells Fargo Customer Care department needed additional time to research the matter and will follow-up by XX/XX/XXXX. 
XX/XX/XXXX I called XXXX XXXX again and received a recording that she was not available and helping other customers. The call was forwarded to a XXXX XXXX of the Wells Fargo Executive Office. I explained my frustration in trying to get XXXX XXXX to respond to me and have our matter resolved. XXXX apologized and looked up my file. She said that a number of my emails had been forwarded to the Wells Fargo Customer Care department. She said she did not know what was taking so long and why no one was getting back to me. She offered to have me speak to XXXX XXXX Supervisor, XXXX XXXX. I tried to reach her at her extension but, she was unavailable. XXXX promised me that XXXX XXXX would call me back before the end of the day. She also suggested I leave her a voicemail, in which I did. XXXX did not call me back until XXXX, XX/XX/XXXX. 
XX/XX/XXXX I received a voicemail from XXXX XXXX. When she called, her phone number did not appear and I was notified on my XXXX that it was a spam call. Her message said that XXXX XXXX would no longer be working on my case and that it had been assigned to XXXX XXXX. There was no information on why the case was transferred or any update on the research XXXX XXXX had completed. She said they were still researching the matter. XXXX XXXX said I would be contacted by XXXX XXXX on XX/XX/XXXX. I returned XXXX XXXX call at XXXX and received her messaging service. The call was transferred to a gentleman named XXXX. He tried to reach XXXX and said she had gone home for the day. He said he would let her know I had called and would request her to call me back. I have never heard back from XXXX XXXX. 
XX/XX/XXXX I tried to reach XXXX XXXX and his message service said he was unavailable. I left a voicemail for XXXX to call me back. I never heard back from XXXX XXXX. 
XX/XX/XXXX Wells Fargo made two loan payment withdrawals from our Wells Fargo checking account in the amounts of {$3900.00} and {$3600.00}. This was done despite the fact that we have not received communication regarding the {$21000.00} of erroneous withdrawals and escrow refunds owed to us.