Consumer complaint received 2020-09-27
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: WELLS FARGO & COMPANY (NV)

At the end of XX/XX/XXXX we began the application for a home mortgage loan through Wells Fargo. We were approved for the loan for the purchase of a manufactured home on a foundation. The closing day was set for XX/XX/XXXX. 

The appraisal was paid for and ordered on XX/XX/XXXX. Then, Wells Fargo claimed that it didn't know it was a manufactured home and had to re-order or change the order on the appraisal on XX/XX/XXXX. ( They did know previous to the XXXX, I had told them and they even had the home insurance document stating it. ) This caused two week delay. But they still assured us we would be ready to sign for closing on the XXXX of XXXX. 

They had troubles with the appraisal company getting an appraiser assigned. We live in a rural area, however, the nearest town ( 50 miles away, 1 hour ) has appraisers. One of the problems, as we  were informed, revolved around the fact that Wells Fargo chose to use a company 7 hours away ( in XXXX XXXX ). Finally the house was scheduled to be appraised, but the appraiser couldn't come until the XXXX of XXXX ... after the closing day. So we had to reschedule the closing day, but were advised by our title company to let Wells Fargo set the closing day range at this point ... so we did. Wells Fargo said we should be able to close around the XXXX - XXXX of XXXX. So that was our next plan. Then on the XXXX, the appraiser called and cancelled with the seller ... said they couldn't do the appraisal. The company didn't inform Wells Fargo ... I did. So the delay continued and Wells Fargo claimed they couldn't do anything about the delay. 
The appraisal was finally completed about the XXXX week of XXXX. But there were errors with the appraisal and it had to be resent, causing about a week longer of delay. 
Wells Fargo always claimed to be escalating the process. The purchase of the home was also dependent on the sale of our own home. ( a same day sale ). The buyer of our home was ready for purchase and the title company called to set the day for sale ... around the XXXX of XXXX. The title company told us that our buyer would have to re-submit documents, etc, if we waited much longer to sale, but they knew it was a same day sale, so they worked with us and Wells Fargo. 
I called Wells Fargo and talked with them about the situation. I told them that I needed to know for sure that this loan was an absolute go, we needed a closing date. My title company communicated with my loan representatives through emails. Wells Fargo was aware of the situation and gave me the assurance over the phone that we were good to begin the signing process. 
On XX/XX/XXXX ... we began to e sign the documents for the purchase of our new home. Then on the XX/XX/XXXX. We e signed documents for the sale of our home. On the XXXX of XXXX our buyer signed for the purchase and on the XX/XX/XXXX, our sellers signed for their sale ( they would have signed earlier but their son was sick and they couldn't come to town ). The entire week of this process, Wells Fargo was in contact with me and the title contact company either by phone or by email almost daily. We had complete confidence that we were backed by them. 
On XX/XX/XXXX, we received emails and phone calls from the official closing representative from Wells Fargo, congratulating us and preparing us for the final steps. At no point did they inform us of any other obstacles or discrepancies or issues. 
We began moving in to the new home on the XXXX of XXXX. 

ON Tuesday the XXXX of XXXX, I received an email from the closing rep. answering some of my questions about escrow. Just simple things I didn't understand. Then that afternoon I received a call from Wells Fargo, not the closing consultant, but the first loan rep. that I started the entire process with. He informed me that we were denied the loan. That on XX/XX/XXXX Wells Fargo ran another credit check and my husband was one point below the required number. He read to me some information from the credit check, and offered me no advice, no help ... and left us XXXX. 

We h ad been approved in XXXX. We had no fear of another credit check. What turned up was a bill from a university from XXXX of XXXX that had just been posted. A bill we never knew about ... we called the university and discovered that they had the wrong phone number and the wrong address ... that is why we never knew about the bill! We paid the bill. 

We later learned from different mortgage lender that there is a 120 day XXXX XXXX rule for credit checks. We never knew about it, and like I said, we weren't concerned cause we had been approved in XXXX and nothing could've changed since then ( so we truly believed ). Wells Fargo NEVER informed us of the second credit check. We had no idea that it could and would deny us a loan after we had sold our own home. ALSO ... the 120 day limit would NEVER had been met had Wells Fargo not accrued so many days with their delays. Every delay was on them. Nearly 2 months worth of delays. If it hadn't of been for their delays, we wouldn't be " XXXX  '' now. 
They offered no help and made no effort to help us resolve the situation ; they left us XXXX. 
( The final sale of our home.. the money transfer had occurred on XX/XX/XXXX, and our buyer was now the legal owner of our old home ... He knew we needed about 2 weeks to move out. Half of our belongings had been moved when we received the call from Wells Fargo, and we had no idea where to go or what to do ). 

On XX/XX/XXXX I received a call from Wells Fargo, from their complaint and research department. They assured me that they were looking into the entire Process and said that I could call them and that I would hear back from them within 10 days. I sent another 2 emails and called to my loan reps : I asked for a document of some sort explaining the denial, or something of the sort ... ON the XXXX or possibly the XXXX of XXXX. I received an email from Wells Fargo to review my loan status. Which I did on my site. They had simply sent me a notice that the rate extension would expire on the XXXX. However, at the top of my status page, it said, congratulations, loan is approved. So I called Wells Fargo and but had to leave a message ; I asked them, how it was possible that my loan status said approved, and were they now transferring money? 
They have yet to answer me. 
I received a letter in the mail from Wells Fargo, stating that their review team would be finished by the XXXX of XXXX That was 4 days ago. We have heard nothing from Wells Fargo since the XXXX. They haven't responded to my emails, nor my calls. Even today, the XXXX, of XXXX, my loan status site says approved and we can close. 
We told them we would pursue legal avenues. We feel Wells Fargo acted unethically and breached their promise with us. We are seeking a new home mortgage through another company. The sellers have been extremely gracious and merciful to us, and are wading through this mess with us. We believe legal action should be taken against Wells Fargo. That they should pay for this loan, and the added duress that they caused us.