Consumer complaint received 2021-10-24
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: WELLS FARGO & COMPANY (UT)

Wells Fargo approached my husband and me in XXXX, XXXX about refinancing a mortgage loan that they initially made to us in XXXX, and that we refinanced in XXXX. They offered a very attractive 2.75 % interest rate, so we decided to pursue the refinance. 
Eight months and more than 200 ( yes, 200! ) e-mails later, we have given up. They have beaten us down. We have provided all of the information requested, multiple times. Why multiple times? Because they were taking so long in the approval process that the information had become stale. In fact, a more senior officer of the bank intervened because our transaction was taking so long. While we did not appreciate sending the same ( and updated ) information time and time again, we went along with the process. Each time we provided information, we asked them whether they had what they needed. Each time, they said yes. Yet, the same requests came again and again -- -- for 8 months! 
Perhaps we should have continued to provide the information. But, our patience was exhausted by the constant run-around requesting more current versions of previously and repeatedly provided information. We believe the bank purposely put us on this information treadmill so that we would give up, and we eventually did. 
We have obtained both personal and commercial credit for over 40 years. In that time, we have never had an experience as unpleasant and demeaning as what has occurred here. 
At this point, our frustration at what we consider to be clearly abusive behavior prompts us to make this complaint. As business owners ourselves ( we own a XXXX store in XXXX, Utah ), we understand that complaints can at times be frivolous and without merit. Our personal financial position is admittedly a bit more complex than most consumers, as we both own a business and have a number of real estate holdings ( only two of which have debt against them ). We of course provided information on our real property holdings, for which the loan/value ratios are less than 50 %. We especially note that our financial picture is no more complicated than in XXXX ( and indeed has recently become less so as we have retired debt ), when Wells Fargo took a grand total of 3 weeks to complete the original refinancing of our home loan.

Unfair and abusive business practices will not change unless legitimate complaints prompt corrective action, and we seek your help in reviewing and resolving this situation.

Let me highlight the following relevant information regarding our refinance application : Our credit scores are both above 800. 
We have paid, via auto withdrawal, every payment since inception. 
We have deposit accounts ( documentation of which has been provided to Wells Fargo ) at both Wells Fargo and other banks in excess of the requested refinancing amount! 
The original loan and first refinance were both from Wells Fargo, with whom we have had a long-standing relationship. 
The loan/value ratio on the home loan would be approximately 36 % ( based upon neighborhood comps ). 
If ever there was an easy loan to approve, this one was it! 

We would be happy to provide you with documentation ( which is extensive! ) of this very unhappy situation. Please let us know if there is any information that you would find useful.