Consumer complaint received 2020-12-17
Product: Mortgage — VA mortgage
Issue: Closing on a mortgage — 
Company: WELLS FARGO & COMPANY (VA)

I was attempting to buy a house in XXXX, FL. XX/XX/XXXX I signed my commitment letter to Wells Fargo for a VA mortgage. On XX/XX/XXXX, I received approval. The loan terms were 2.25 % APR 30 year fixed VA. 
On XX/XX/XXXX, I received a loan estimate for the agreed upon cash to close of XXXX {$92000.00}. Closing was arranged for XX/XX/XXXX. This was arranged and agreed upon with my loan officer and I. On XX/XX/XXXX ( XXXX XXXX ) at approximately XXXX XXXX I received a call from XXXX XXXX stating that Wells Fargo 's computer program had made a mistake computing my entitlement and I would now have to bring {$130000.00} cash to close. I spent the next hour confirming this was true and then lodged a complaint with Wells Fargo executive customer care group. 
Since this was a holiday week, there was no assignment of a case manager until I called the following Monday ( XX/XX/30 ). I spent 3 hours on the phone ensuring a case manager was assigned and that I could talk to them since closing was only 1 week out. I was appointed XXXX XXXX as a case investigator. I spoke with her and illustrated the urgency of my request for investigation. She responded that they have 14 days to respond and wouldn't have an answer until XX/XX/XXXX. Based upon that, I asked to have the closing moved to XX/XX/XXXX. 
I also asked XXXX XXXX for assistance as well. They filed an inquiry on XX/XX/XXXX. I was then contacted by XXXX XXXX from the congressional response team and he told me that he would be taking over all investigations. He offered {$200.00} for our inconvenience to be applied to the mortgage adjustments. On XX/XX/XXXX, I also received a loan estimate for {$140000.00} cash to close. I addressed this with XXXX and he stated he would look into that. 
XXXX eventually got back with me with a new estimate of {$120000.00} to close which he believed was a fair offer. I explained that this was still {$33000.00} more than I planned and was creating a burden. He then asked me to look at taking a loan out on my retirement accounts or asking family for money ( a theme that seemed to be consistent among every person I talked to at Wells Fargo ). I asked to speak with XXXX XXXX manager and received a call from XXXX. 
I spoke with XXXX and she told me if management ruled in my favor on the investigation there may be compensation provided as a separate transaction, but the investigation would not be available until XXXX XXXX. I explained that there would be very little time for me to make a decision on the closing with that timeframe and asked if she might be able to accelerate the decision. 
I was asked to provide concurrence with the $ XXXX counter-offer from XXXX in order for closing to proceed. I provided that concurrence for acknowledgment of loan terms ( 2.25 % 30 yr VA ) on XXXX XXXX. 
I received a call from XXXX on XXXX XXXX that the investigation was completed with many things learned by Wells Fargo to make this process better for others. He also said that management did not provide any compensation ( to include the {$200.00} I was promised by XXXX ). When queried, he responded management has final say. I also asked what other venues I have to lodge a complaint and he recommended CFPB, OCCC, and XXXX. 
My frustration revolves around the fact that we agreed upon terms ( $ XXXX cash to close ) and 11 days before closing they raised it by XXXX. It then went up to XXXX on my next estimate, and then down to XXXX, which they believed was some big favor to me. The differing cash to close was from errors in underwriting. Before the XXXX XXXX call, my loan had been through underwriting no less than three times. No errors were found. This looks like they purposely promised me a low cash to close to get my business and then raised the amount late in the game. 
I have asked a few real estate lawyers and they believe that Wells Fargo is covered since it was not a final disclosure. This leaves the consumer powerless. I may lose this house to include deposits, move deposit, and trips downs there to view the new construction/walkthroughs ( ~ $ XXXX ). It seems there is no consumer protection from large bank entities that can do whatever they want prior to closing. Asking someone to bring an additional XXXX eleven days prior to closing is unsatisfactory and for most people unattainable.