Consumer complaint received 2015-12-18
Product: Mortgage — VA mortgage
Issue: Application, originator, mortgage broker — 
Company: WELLS FARGO & COMPANY (TX)

I am currently in the process of acquiring a loan from Wells Fargo. I requested the Texas Land Board VA loan and sent the paper work to the loan officer who thanked me for it. About one week from closing he sends me and email asking if I want to lock a 3.5 % interest rate. I ask him why the Texas Land Board VA Loan did not come back with a lower percentage. He did not respond to this email. I call him and ask him why and he states that he was confused about my email because he thought that I wanted to just do a regular VA loan. Why would I send him the Texas Land Board VA Loan paperwork if I did n't want to do this. Anyway his boss calls me and asks if I want to change the loan and states Wells Fargo is going to push the loan through as fast as they can. I tell him I do want to do this because the Texas Land Board VA Loan was estimated to be 2.8 % interest rate, and it is what I requested on XXXX XXXX, 2015. Take into account that we are one week out from closing when all of this transpires. I call my realtor to inform her about how the loan officer XXXX up and she tells me that I can not switch to the Texas Land Board VA Loan without defaulting the buyers contract. This would mean if the seller did not want to sign an addendum then I would be responsible for any losses they suffered. I call Wells Fargo twelve hours after telling XXXX ( who is the manager over my loan officer XXXX ) that I wanted to go with my original request of the Texas Land Board VA Loan. I speak to XXXX who confirms that the seller would have to agree to a new contract if going with the Texas Land Board VA Loan. I tell him that this is not an option to switch now. Wells Fargo denied me access to a loan I qualified for. I lost out on a 2.8 % interest rate. However, it gets better. You see while we were having to switch back to the regular VA loan the interest rate of 3.5 % went back up to 3.75 % so now I officially lost that better interest rate as well. XXXX 's boss calls me and states that I can pay money to decrease the 3.75 % interest rate to 3.5 % interest rate. I 'm confused on how it 's my fault that I lost the 2.8 % and 3.5 % interest rates. I was deceived into thinking I was getting the Texas VA Land Board loan. I have been misled and Wells Fargo has not taken any action to improve my situation. I was originally supposed to close on XXXX/XXXX/15. The Seller has had to sign and addendum. Since they are in the process of purchasing a new home they have had to payout money to keep their interest rate. I have spoken to consumer affairs at Wells Fargo and nobody seems to care that they have ripped me off and put me in a situation that I can not get out of without losing money. Nobody is holding anyone responsible. I still have the same loan officer who ripped me off from the get go. The only acceptation is that I now speak to his boss XXXX and not him. Why is this guy even still working on my loan. The worst part is that even being one week out from closing my loan tracker shows that my XXXX and XXXX who is the loan processor only had 40 % of the loan complete. They assigned a new loan processor to me and I completed more work with XXXX in a week then I did with XXXX and XXXX in XXXX months. We are well over sixty days of closing. My family maybe spending XXXX in a hotel. Nobody is holding Wells Fargo accountable, and honestly they do not care. This is fraud. They led me to think I was doing a loan that I was n't and did n't tell me until it was too late and I could n't back out. This will end up costing me thousands of dollars over the course of thirty years.