Consumer complaint received 2016-06-01
Product: Mortgage — Other mortgage
Issue: Settlement process and costs — 
Company: WELLS FARGO & COMPANY (NY)

I 'm purchasing a bank owned property through an online auction. My complaint is about non-disclosure, lack of transparency and over-charging by the banks vendors. The only disclosure of closing costs before I purchased was that the bank does not pay closing costs and can average between $ XXXX- {$1400.00}. When my bid was accepted I asked what the closing costs were and was told they did n't know. Later I was assigned a contract specialist and asked what the closing costs were and was told they did n't know. I was then assigned a closing contact at the title company and I asked what the closing costs were and was told they did n't know. After my contract was executed by the lender the same person at the title company provided me with the banks closing costs that I 'm responsible for. This person also said the costs are the same for everyone in NY. If that 's true, why ca n't the closing costs be disclosed earlier? Especially if someone repeatedly asks and they know them. My feeling is if they disclosed before people were locked in they may choose not to purchase. 

The Banks closing costs : Legal Fees {$590.00} Title Report {$250.00} Title Exam {$220.00} Coordination Fee {$200.00} Courier Fee {$25.00} Wire Fee {$50.00} Deed Prep {$75.00} {$590.00} Lender Attorney Fee - I requested an itemization of services and was told by the lenders attorney " Fees are not negotiable and are standard fees charged to all buyers for these transactions. We do not provide detailed invoices. '' Not only could I not have an explanation, this also reconfirms closing costs can be disclosed earlier. 
Title Report {$250.00} - I 'm not purchasing title insurance from them. This is a report for the lender. I asked for a copy of the report and the invoice. I was told there was no invoice or physical copy of the report. Also, per the bank attorney, they do not provide detailed invoices. 
Title Exam {$220.00} to bank attorney. The bank is the seller. They make no warranties. There is nothing to examine. I 'm not buying title insurance. Even the explinatin from the law firm is conflicting of what this charge is for. 

Coordination Fee to title company {$200.00} - I asked what this fee was for? The reply from the title company was '' it 's to coordinate the closing with the law firm '' and " that 's how we make our money. '' I 'm not purchasing title insurance. They have nothing to do with this closing. In fact, the lenders attorney told me there was no reason to contact the title company if I 'm not buying insurance. The clsoing is being done by mail. If this fee was on a closing disclosure as a bank fee paid by the consumer and not only was an explanation denied but was told " That 's how we make our money '' I think it would be an issue. If so, I do n't think this scenario is any different. 
Courier fee - {$25.00} I asked what is being couriered and requested an invoice. I was denied. 
The banks attorney replied to my questions with '' If you do not wish to proceed with this transaction on the basis of the fees, please advise and we can request a cancellation of the contract. The refund of your deposit is based on the seller 's discretion and the reason for the cancellation request. '' I want to make this property my home but feel I 'm closing under duress. The selling price is {$110000.00}. The lenders closing costs I have to pay are much higher than anything I could have expected and is causing financial hardship. What made it more difficult was, I was not allowed to know these costs until I was locked in. I feel being denied explanation or documentation on what truly seems to be price gouging is taking advantage of the consumer. Since the lender is passing these fees to the consumer, should n't they be responsible for due diligence on how their vendors treat the consumer? Does the lender even get invoices for these charges?