Consumer complaint received 2020-10-17
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: WELLS FARGO & COMPANY (DC)

I am an XXXX American small business owner who was thrown under the bus by Wells Fargo. I have been a Wells Fargo customer for over 20 years personally and for my business for almost 7 years. Wells Fargo encouraged me to consider what they had to offer for my home mortgage loan because of the deep existing relationship that I and my business already had. 

I applied for a home mortgage loan, submitted all the paperwork requested for consideration, went through a 90 minute interrogation and evaluation and was finally presented with the 3 mortgage options that Wells Fargo informed me they could provide. I selected an option, received a pre-approval letter to use for the purchase of my home, then made an offer on a property. Wells Fargo informed the seller and my real estate agent, in writing, that they stood behind me and would even bolster my ability to finance the purchase with the seller if needed, given the aggressive home buying market in XXXX, XXXX. 

I made an offer. The offer was accepted and the contract was signed and sent to Wells Fargo for financing approval. Wells Fargo then told me that to finalize the financing I had to purchase homeowners insurance that met their standards ( which I did ) and they provided my loan number, amount and other details to secure the insurance ( which I purchased. ) This was also the case for the inspection that I undertook at their direction and paid for. For the two week period before my closing, Wells Fargo assured me and my real estate agent that all financing was on track for approval and closing. 

Hours before my deadline to cancel where I could get back my {$19000.00} in earnest money, the Wells Fargo loan officer called me in the evening saying the loan was declined and did not explain why, offer any other options or even guidance on how to recover my earnest money. After pressing him and his superior for an explanation, they still did not explain the situation or provide additional information that they may have needed. I can not describe in words how flippant the loan officer and his superior were with me and how they made it clear that any obligations I had made based on their loan assurances were of no concern to them. 

For example, Wells Fargo charged me fees for services they did not provide ( an appraisal of the property ) and I had to beg to get a refund ( which I still have not received nor have I even received an email or ANYTHING that a refund is granted! ) When I brought this to their attention, the response I received was, When I said your loan was declined you should infer that you may get a refund.

In a desperate last minute attempt before my earnest money deadline, my realtor asked the Wells Fargo loan officer if he could just send us a denial letter so that the seller would understand Wells Fargos decision. The Wells Fargo loan officer responded the day after the deadline that a denial letter was mailed out 2 days earlier and he would email a copy. Not only did I not receive the emailed denial letter to get my earnest money back, but the letter that I did receive by mail was a congratulations letter from Wells Fargo on choosing my condo and how they could be of help getting me setup after purchase.

Even if the seller is amenable to agree to give me my earnest money back, I am at least {$2000.00} in the hole for fees that I have paid to Wells Fargo or at their direction that I can not get back as well as a lower credit score from the multiple hard inquiries from Wells Fargo. By any measure and calculation, I am actually worse off for pursuing a home mortgage with Wells Fargo. 

The Wells Fargo loan officer pretended to ask me questions about my background and business to know more about me to help me through this process. As I am very proud of my business and accomplishments I revealed so much about being an XXXX American XXXX XXXX XXXX, the challenges, and thankfully, the successes that Ive had which allow me to make this next major life step of buying a home. I now absolutely regret sharing this information with Wells Fargo because I believe it was the basis for their decision that I could be disregarded and mistreated without fear that I would have recourse to stand up to their unfairness and disregard.