Consumer complaint received 2017-04-30
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: WELLS FARGO & COMPANY (TX)

Home equity line of credit application # XXXX with Wells Fargo On XX/XX/XXXX, I  submitted the application for home equality line of credit ( application # XXXX ) in the local Wells Fargo branch in XXXX XXXX. Two weeks after the application submission, I received an email asking for more documents. I didnt understand several of the items on the list, so I tried calling the number on the email, trying to get an explanation. However, after many attempts of calls and voicemails, I did get any response. I even asked the local banker to help explain such terms as acknowledgment of residual income and most current statement verification ; but even the banker himself could not explain. I finally got an opportunity and spoke with my loan application processor, and submitted all the documents she asked for on XX/XX/XXXX. On XX/XX/XXXX, I submitted more documents via email and also explained that I would be out of country from XX/XX/XXXX to XX/XX/XXXX, and not able to answer phone call or check email frequently, if there are any additional documents needed, I will submit it on XX/XX/XXXX when I return home. However, they emailed me a denial notice on XX/XX/XXXX when I was still out of country. The two reasons for denial are : 1 ) amounts owned are too high relative to your income, 2 ) income stated on the application can not be verified. <P/>I was unfairly untreated in the process of applying for the home equality line of credit with Wells Fargo for two the following reasons : 1. I was not given clear instruction on what kinds of documents. They used the jargons that even their own bankers could not explain. They repeatedly ignored customers requests for clarificationthey ignored my emails, ignored my phone call and voicemailssee attached email exchange. Such arrogant and negligence of customers was unacceptable. <P/>2. Their denial reasons were not unfounded. 1 ) For the first reason, amounts owned are too high relative to your income. I have sufficient income and limited debt, the home equality line of credit I applied for was only $ XXXX for 10 years ; the monthly payment is less than {$250.00}. My monthly income is {$10000.00}, plus {$3200.00} rental income, plus personal investment and savings of more than {$20000.00}. My debt is limited, my income is more than enough to make this monthly payment. Plus, my credit score provided by WF is XXXX. <P/>2 ) For the second reason income stated on the application can not be verified. I have submitted my XX/XX/XXXX XXXX, tax returns of XX/XX/XXXX-XX/XX/XXXX, monthly pay stubs, and bank statements. I am a tenured XXXX at XXXX  XXXX XXXX XXXX University, as a XXXX XXXX employee, my yearly salary is published online. In addition to the salary of my job, I also submitted statements of my personal investment and leases of my two rental properties as additional income. If these are not sufficient verification of income, I like to know what kind of verification they need. <P/>To conclude, my experience with applying for home equality line of credit with Wells Fargo Bank was very negative. I was treated unfairly. I would like an investigation on whether the denial of my application was based on my gender, race, and country of origin. <P/>Enclosed : List of documents submitted for this application