Consumer complaint received 2015-04-21
Product: Consumer Loan — Installment loan
Issue: Taking out the loan or lease — 
Company: WELLS FARGO & COMPANY (TX)

Applied for $ 50K HELOC from Wells Fargo on XXXX XXXX, 2015 and was conditionally approved XXXX XXXX, 2015. Several documents were requested as part of the loan process and I requested on XXXX XXXX, 2015 and explanation of what/why some of the documents were needed, I received no reply only that I was delaying the process. In particular, a declaration page of insurance was requested on the home which I sent. XXXX XXXX, 2015, I talked with the loan specialist, XXXX, who suggested I talk with the local branch banker, XXXX, as to changes in my checking account that XXXX lower my interest rate, as the closing was set to go. XXXX XXXX, 2015, I received an email from another Wells Fargo loan specialist, XXXX, that the declaration page had not been received. I emailed back that a declaration page had been sent and documented as received but I was confused if they needed the declaration page from my personal home ( the HELOC was being applied to a rental I own ). XXXX did not reply to my question. I met with the local banker, XXXX, on XXXX XXXX, 2015, but did not change any options forgoing any more favorable loan rate and that the closing would be with her at the local branch. Both of us were certain everything was fine and the closing was set to happen. XXXX XXXX, 2015, I was told that my insurance company was instructed not to put Wells Fargo as the payee on the home 's insurance. This is when I learned why the previous document was insufficient but no one explained this to me, that 's why I asked, I did n't know what was wrong. I have not talked to my insurance company this year, so how could I have instructed anyone there to the contrary. The only person to talk to the insurance company was my wife. When she talked to my insurance company it was to instruct them to put Wells Fargo as the payee. I blindly asked my wife to do this even though no one from Wells Fargo explained to me why or how a claim such as a fire would be settled. If there was significant damage and Wells Fargo was paid off first how, would I be able to bring the rental back to serviceable condition, it just did n't seem right. Wells Fargo is still on the insurance for the home as of right now. XXXX of the issues, is that my insurance company faxed the declaration page to the fax on the loan documents but WF said that was the wrong fax. The declaration page was then faxed to the number provided and WF closed the loan the next week, the first week in XXXX. My original loan specialist had a family emergency and no one at WF kept the process current. If WF would have explained any of the documents this process would have been successful. They treated me as I knew what they wanted and they never answered any of my question regarding loan requirements/specifics, particularly the declaration page, I assumed they wanted proof of insurance - not that they wanted to be the payee. And then again how would a claim be handled as I mentioned previously. When I say original loan documents, I am referring to the loan papers mailed to me at home. On those documents it states that my loan must close by XXXX/XXXX/2015 or the terms of the loan will be voided. No one explained that XXXX/XXXX/2015 had no relevance.