Consumer complaint received 2020-10-05
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: WELLS FARGO & COMPANY (MN)

On XX/XX/XXXX, we completed an initial mortgage application with Wells Fargo and shared with the Mortgage Consultant the specifics of the property we were interested in. On XX/XX/XXXX, we received pre-approval for the amount on the listing of the home. We made an offer to the seller on XX/XX/XXXX and it was accepted on XX/XX/XXXX. On XX/XX/XXXX, we began working in deeper earnest with Wells Fargo to finalize the mortgage, including paying for the appraisal to be contracted via Wells which was ordered on XX/XX/XXXX. 

Since XX/XX/XXXX, I have emailed, called, and escalated our request for appraisal through the Mortgage Consultant, Loan Processor, and filed an official complaint at Wells Fargo on XX/XX/XXXX to no avail. 

We have acted in good faith throughout the process and provided requested documentation within 24 hours of notification. All necessary paperwork is complete, but we can not close on this home as originally scheduled for XX/XX/XXXX because Wells Fargo has not completed the appraisal, will not tell us how they contact appraisal companies, will not advise on action after given a list of appraisal companies in the area provided by the seller listing agent, and can not speak to the fact that my inquiries to other local banks have revealed that appraisals in the area are taking up to - but no more than - 3 weeks. 

Wells Fargo has had our money for this appraisal for over 4 weeks and has not yet contracted a qualified agent. Somewhere around XX/XX/XXXX, an appraiser in the network " picked up '' the order for appraisal, then released it back to Wells, refusing the appraisal, on XX/XX/XXXX. During that same week, we were told by the Mortgage Consultant that 9 appraisal companies had refused the work. Wells Fargo personnel could not tell us why they allowed an appraiser to refuse the work, even after an official complaint had been filed. 

The home in question is inexpensive in a rural location. We understood the appraisal could be challenging compared to a more expensive single family home in the city. This is why we chased this aspect of the mortgage process down to vigilantly. While the policy of not having undue influence on appraisers is understandable, there seems to be a lack of understanding internally about whether a provided list of qualified appraisers in the area could be or had been contacted. The Wells Fargo appraisal management system is not functioning in the same manner as other mortgage company experiences in the area. Appraisers are working, they are just not working for Wells Fargo. 

Wells Fargo is allowing their appraisers to practice discrimination against purchases of inexpensive and rural home when they allow vendors to pick and choose the simplest work and refute a more challenging appraisals. Wells Fargo approved appraisers should not be dictating whether Wells Fargo is able to complete the mortgage process as advertised and promised. By not reigning in this behavior of it's appraisal management companies, Wells Fargo is, by association, also engaging in discriminatory practices,