Consumer complaint received 2015-08-21
Product: Mortgage — VA mortgage
Issue: Credit decision / Underwriting — 
Company: WELLS FARGO & COMPANY (TX)

i XXXX XXXX, 2015-I looked on the Texas Veterans Land Board sight to get names of people who do this type of loan. From this list I picked XXXX XXXX of Wells Fargo, XXXX Division to call for more information. Upon us talking, we decided to go with him because he stated that he was knowledgeable of this type of home mortgage. I sent XXXX XXXX all our information including tax returns, a copy of myself and wife 's social security card and driver 's license, my XXXX, and my XXXX rating from the VA, and pay stubs. He then forwarded us an approval letter via email stating 98 % financing on a purchase price of {$510000.00}, credit check, and the XXXX decision phase were complete. On XXXX XXXX, 2015- XXXX XXXX spoke with our builder and stated to him that the loan was going as planned. 

On XXXX XXXX, 2015 I called XXXX XXXX for updates. I was told everything was going well and he did n't need anything else from me. He also informed my builder ( XXXX XXXX ) that the loan was going as planned. When the home was coming close to finished, I had asked XXXX XXXX was everything going fine? He stated to myself, my wife, and the builder that it was going as planned. We had asked XXXX XXXX to have a face to face meeting so that there was no misunderstanding as we move forward. At his office we signed more paperwork that he stated he needed to close the loan. We had asked about the rate lock because what he showed us was 3.75 %, however with the kind of loan we were getting I was qualified for a discount because of my XXXX rating ( 2.8 % ). He told us that it would be discounted before the closing of the loan. At this time he told us that our debt ratio was good, our credit was good, and our finances were good. He said that he felt the loan would have no problem being funded. 
XXXX XXXX, 2015- I forwarded the paperwork to him from the Title company. On the XXXX of XXXX he said that he would reach out to them for the rest, and sent me a link that tracks the process of our loan. On XXXX XXXX, the builder sent XXXX XXXX an email that they would like to close XXXX XXXX, 2015 and will be waiting for his response before they will schedule a time. On XXXX XXXX, I sent XXXX XXXX information about the Texas Veterans Landboard on how I get the discounted rate and about ordering the bond. Even at this timeline he said everything was good. 

XXXX XXXX, 2015- XXXX XXXX was sent the closing paperwork from the builder. On XXXX XXXX 2015, he stated that the loan was going to underwriting. Now the time has been two months since XXXX XXXX has had our loan. As I pursue the loan, XXXX XXXX now informs me that the loan has switched from the Texas Veterans Landboard to a VA conventional loan and the preapproval has started all over again. He told me that if the ( XXXX-WF ) wanted something to first contact him, because he has all of our paperwork. When I asked him what happened with the Texas Landboard Loan, he stated that it was in underwriting, but he forgot to tell us that he was working XXXX loans. 
The underwriter did not know anything about the XXXX loan and she was to put XXXX XXXX on the phone to explain. Again he said that he forgot to tell us about it and everything was going to be fine. 
XXXX XXXX,2015- I phoned the Manager of the Branch XXXX XXXX . He stated that the Texas Landboard loan did not exceed {$410000.00} and that XXXX XXXX had only did XXXX loans before ours, so he did not know the rules. I stated with XXXX XXXX that I sourced his name on the Texas Landboard site that qualified him to do this type of loan. I stated to XXXX XXXX that XXXX XXXX practices were unfair and deceptive through the entire process. We are now at the end of our build and ready to close and now their office is saying that we are still in the first phase of credit approval. We have called their office daily to get updates, and the loan has not been funded.