Consumer complaint received 2023-03-22
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: WELLS FARGO & COMPANY (VA)

I have been building a custom home since XXXX. It should be closing within the next 30 days. I approached Wells Fargo back in XXXX of XXXX to get pre-approved, which I was. I filled out disclosures and paid for the appraisal fee to move the loan process forward in early XX/XX/XXXX. I have submitted paperwork requested. I was working with a Mortgage Loan XXXX, XXXX XXXX, in XXXX, Virginia, which is where I am completing my new construction build. I was told once I signed the disclosures and paid the appraisal fee, the mortgage can be moved forward and I can lock my rate at any time. 

I was working with XXXX XXXX constantly between XX/XX/XXXX and XX/XX/XXXX to see current rates, discuss the lock process, and get several pricing snapshots over this period. I fully understood what it took to lock a rate. 

At XXXX on XX/XX/XXXX, I went to the Wells Fargo website and plugged in all of my information accurately to price a XXXX ARM on a XXXX XXXXXXXX loan. I found a 5.875 % rate with {$870.00} back in credit. After months of research and waiting, I finally decided I would like to lock the rate. I called XXXX at XXXX and told him I would like to lock this rate. XXXX responded that he did not see the same rate, his was similar but not exactly the same. XXXX asked me to send him a screenshot. I re-ran the model at that moment, took a screenshot and send XXXX the email, explicitly saying " I ran the tool. Would like to lock this rate on the XXXX XXXX. '' XXXX said he isn't sure if he can get this rate, but since I have proof from the customer website he would see what he can do. He instructed me to sit tight and he would get back to me. 

I checked in with XXXX the evening of XX/XX/XXXX, to which he said he will need more time. The rate had increased by this conversation. I was still okay with locking the current rate, but I had to wait for XXXX since the rate he was trying to get approved was much better. 

I checked in with XXXX on Wednesday, XX/XX/XXXX. He said he did not have a decision yet and would get back to me when he hears back. The rates went up even further on this day. 

On Thursday XX/XX/XXXX at XXXX, XXXX finally called, over XXXX hours later, since the rates came near the same level I wanted on Tuesday. He admitted the team did not want to honor my deal the previous two days as rates were raised. He admitted they would honor the rate on Thursday since the rate came back down. 

I told him I would let me wife know. He said call him back by the end of the day. I called him back at XXXX on XX/XX/XXXX and he said he never locked it and now the rates soared. 

This matter went up the corporate ladder at Wells Fargo. XXXX 's boss, XXXX XXXX, spoke with me on Friday, XX/XX/XXXX at XXXX. He said he is aware of my clear email to lock and would take it up with his boss, XXXX XXXX and get back to me Friday afternoon. XXXX XXXX waited until Tuesday, XX/XX/XXXX, as rates skyrocketed, to get back to me and say they wouldn't honor my rate anymore. 

I take issue with these practices by Wells Fargo : 1. The customer tool is misleading. The consultants can not view the same tool so why mislead the customer into thinking they will get these rates. The consultants rates are different. They admitted this to me and XXXX 's boss, XXXX XXXX, said he has pushed corporate to fix this for a long time. 

2. Why was my rate lock tabled for over XXXX hours, and the decision hinged upon the rate getting closer to what I wanted my lock at? If they were going to honor it, why not lock it right then and there? I was forced to the sidelines while the market was volatile when I would have accepted several rates during that time. 

3. This matter went up the corporate ladder at Wells Fargo. I was strung along by both XXXX XXXX and XXXX XXXX in order to perhaps get the rate I wanted for an unnecessary amount of time. They were rate-watching in order to have a shot at making a good case, when in fact it should be a simple yes or no right then and there. 

These deceptive mortgage practices must be fixed. The Wells Fargo customer tool need not falsely advertise rates and mismatch with consultants. I should have my rate honored, as this team put me on the sidelines with the hope/confusion of my rate being locked for an entire week during an extremely volatile period.