Consumer complaint received 2015-04-05
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: WELLS FARGO & COMPANY (CA)

Dear Sirs, XXXX XXXX, XXXXWe are writing this letter to file a complaint against Wells Fargo home mortgage loan officer, XXXX XXXX. Wells Fargo is the builder 's preferred lender and she is the dedicated loan officer. Over the life of the application process, she had verbally promised and guaranteed us many times that she would get the loan for us in time in order to close the escrow on XXXX XXXX, XXXX. We placed all our trust on her until noontime of the Friday, XXXX XXXX, which was the deadline issued by the builder. We had informed her through a final e-mail we sent to her on XXXX XXXX around XXXX. ( See the attachment ) We did not hear back from her until XXXX on XXXX XXXX. Obviously, we missed the deadline ( {$1000.00} penalty ). Plus, we lost all faith in her abilities since we did not receive any timely or a scheduled update on the loan progress. 
We called her XXXX between XXXX-XXXX on XXXX XXXX. The XXXX one she did n't answer and the XXXX one she answered but said she would call us back, but she did n't call us back until XXXX. To avoid from paying the late closing penalty {$500.00} per day ( the rule imposed by the builder ), we finally decided to give up on XXXX and Wells Fargo, and tried to close the escrow with cash and some third party funds that we borrowed ( but with high interest rate ). 
We were only short of {$330000.00}. So at XXXX we decided to borrow a fast loan from XXXX as a bridge ( third party ) loan. This cost us {$5000.00} ( see the attachment, {$5000.00} processing fee plus 10 % interest ). Between XXXX-XXXX, we drew up XXXX cashier 's checks, signed and notarized the lending forms from XXXX, and tried to get to XXXX XXXX XXXX XXXX. Even with our tremendous efforts, we still ended up paying {$1000.00} penalty to XXXX because the {$330000.00} could only be arranged by the next business day ( Monday ). Thus, if this process started on Thursday, then we would have been able to record the closing by XXXX. 
What we are trying to say is, we would have planned this out better if -- 1. XXXX gave us constant update such as XXXX every 2 hours, instead of 1-8 hours or more, and/or2. XXXX gave us some indication on Thursday XXXX or Friday XXXX that she is not going to be able to come through. If we had an idea of the likelihood of it coming thru on Thursday, then we would have gotten this hot money prepared for Friday. When we talked to XXXX on Friday XXXX at XXXX, we were still under the impression that we could make the XXXX deadline, since she said Wells Fargo just needed the Appraisal Department to conduct a quick rental survey on the XXXX properties we have. Instead, we did not hear back from her until Friday XXXX. Even though we had left numerous voicemails and emails on her system. 

Further evidence that XXXX did not keep her client confidentiality private. She openly discussed the case with the seller 's agent. 

In conclusion, XXXX was the preferred lender for XXXX XXXX and she had issued us XXXX pre-qualified letters for the XXXX lotteries we joined ( XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX ). There should be no reason for us not to get a loan in time. She has known our financial status since XXXX, and we had worked with her for over one year. 

Last but not least, XXXX was trying to do a much bigger loan than we wanted or needed. We told her at least XXXX times ( both in verbal and written ) that we only wanted to do a loan of XXXX or less than $ XXXX. Her greed of urging to get a bigger commission caused her failure on this loan process.