Consumer complaint received 2017-06-29
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: WELLS FARGO & COMPANY (MN)

On XXXX XXXX, 2017, my husband and I went in to a Wells Fargo branch to apply for a {$40000.00} HELOC. The banker ( who I later found out gets more money for selling more ) said they had a really good interest rate on {$100000.00} HELOCs and that if we did n't qualify for that amount, they would just bump us down to a lower amount. He said they were way behind and the whole process would take 2-3 months. He also said we would get a call from a loan processor by phone to discuss the next steps, which we did although it was n't within the timeline he stated it would be. On XXXX XXXX, 2017, we received a letter stating we were conditionally approved for the loan and needed to provide our first page tax return, XXXX to document income, dec page from homeowner 's insurance, copy of property tax assessment, and social security award letters. On XXXX XXXX, 2017, we uploaded these documents to loan tracker, Wells ' loan processing secure web page. We double checked to make sure all documents were there because there were many pages. We got a message from the loan processor saying what we had sent for homeowners insurance was n't the right thing, so we uploaded the correct one. At some point, they also asked whether we had retirement IRAs anywhere other than Wells Fargo, to which we replied that we did not. On XXXX XXXX, 2017, we got an e-mail saying our loan processor had taken a new position and our file was being transferred to a new processor who would contact us. On XXXX XXXX, 2017, we got a voicemail from someone else at Wells Fargo, saying she was calling for our loan processor and that our debt to income ratio was too high and, even for a lower loan amount it would be too high, so they were not going to be able to proceed with our loan. I checked loan tracker and the whole thing was wiped out. I tried calling the loan processor and got someone else in the processing center who looked at our account and told us it said we had overstated our income, to which I replied, we absolutely did not!! It turns out they did not include any of our retirement income other than social security. He said we could e-mail him the documents again and he would have them take another look at it. We were not comfortable e-mailing those documents and just told him we 'd wait for a call back from our banker or processor, since i had left voicemails with several people and their messages stated we would get a call back within 2 hours. Well, guess what, no one called back! On XXXX XXXX, 2017, I called the banker again but found out he had been out sick the day before and was that day as well. Another banker helped me and got info from the mortgage processing center. The problem was that they had not looked at all of our income and, even though they had the first page of our tax return, they did n't contact us to verify OR explain anything - just left a VOICEMAIL saying we were denied credit! I did eventually reach a supervisor in this department who stated, " Im sorry you feel this way. '' and he would talk to the person who left the voicemail but he offered no apology for what happened and accepted no responsibility on their part. He did not say he would check into things to see what went wrong, either. The other three people I left messages for never did call back. On XXXX XXXX, 2017, we received a FORM letter from them stating we were denied the loan because our debt to income ratio was too high and they were unable to verify income! This also included a brochure about how to manage our credit! On XXXX XXXX, 2017 we went to another bank to apply for the same product and got approved in 45 minutes. We were told we had a strong application.