Consumer complaint received 2017-02-28
Product: Mortgage — Conventional fixed mortgage
Issue: Credit decision / Underwriting — 
Company: WELLS FARGO & COMPANY (CA)

We 've had a mortgage loan with Wells Fargo since XX/XX/XXXX on our residence in XXXX, CA, and refinanced this loan in XX/XX/XXXX. In XX/XX/XXXX, we decided to refinance our loan again due to lower interest rates being available. After we had submitted our refinance application to Wells Fargo, we also submitted an identical application with another mortgage broker so we could insure the mortgage loan interest rates & terms would be competitive. The non-Wells Fargo mortgage broker brought to our attention that there was a " black mark '' on both of our credit reports at all XXXX reporting agencies, claiming some sort of " dispute '' associated with our Wells Fargo mortgage. The broker indicated that this " black mark '' would prevent us from applying with some of the more premier lenders offering lower rates & better terms because these lenders are intolerant of ANY potential issues that appear on a credit report. This was the first we had heard about any dispute, and we wondered why Wells Fargo would have any dispute with our loan. We never had any late or missed loan payments, and had never even called Wells Fargo customer service with a question on our loan -- - but all of the major credit agencies showed that there was a dispute regarding our Wells Fargo mortgage loan. Meanwhile, Wells Fargo Mortgage pulls our credit report, approves our application and never mentions the " dispute ''. After some of the recent news media reports about shenanigans at Wells Fargo, we began to wonder if this was a new method they had developed for " capturing '' mortgage business -- - someone applies for a mortgage loan with Wells Fargo, they offer the applicant less competitive rates & terms than their competition, but then put a bogus " black mark '' on the applicant 's credit report to insure that they will be unable to get more competitive rates from many other lenders. We contacted Wells Fargo to get information regarding this erroneous dispute. It took us weeks to find someone at Wells Fargo ( XXXX, Executive Resolution Specialist Customer Care Recovery Group for Wells Fargo Mortgage ) who could even see this alleged dispute and would make any offer to assist us. XXXX claims to have conducted an inquiry, and said that Wells Fargo had no record of any dispute with our loan, and told us that they did not put a 'Dispute ' on our credit reports to cause us harm or prevent us from having credit in good standing. What Wells Fargo has continuously refused to do is to assist us in identifying how this erroneous 'Dispute ' ever got on our credit reports in the first place, or provide us any written documentation indicating that they never had any dispute with us ( documentation that we could refer to in the future if this credit report issue ever comes up again ). We continue to request information regarding how this erroneous 'Dispute ' was placed on our credit report, and Wells Fargo Mortgage continues to refuse to provide any documentation explaining how this happened. Our latest attempt at escalation of the issue was to XXXX the Senior Vice President of Wells Fargo Mortgage. She apparently declined to take any ownership of the problem and did not communicate with us ( other than by boilerplate form letter ) ; instead, she merely brushed the issue aside by delegating it back down to XXXX, the same person who has stonewalled us since XXXX. We recently received another form letter from Wells Fargo dated XX/XX/XXXX from XXXX, and they are now claiming that they do not have to perform any further research based on the Consumer Financial Protection Bureau guidelines. The self-serving message they are sending is essentially " We claim that we 've done nothing wrong, so you need get happy with that. Now go away and stop bothering us .... '' ) It is our contention that no financial institution should be able to put us in th