Consumer complaint received 2026-01-29 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage — Confusing or misleading advertising or marketing
Company: WELLS FARGO & COMPANY
State: NY

Complaint narrative:
Complaint Narrative I am submitting this complaint to request regulatory review of Wells Fargos mortgage servicing conduct during a refinance inquiry, subsequent loss mitigation review, and internal complaint investigation. The issues described below reflect systemic failures in borrower communication, servicing oversight, and complaint handling that resulted in significant and foreseeable consumer harm. 

In XX/XX/year>, following a documented reduction in income, I proactively contacted Wells Fargo to seek guidance on maintaining affordability and avoiding delinquency. At that time, my account was current and my monthly payment was approximately XXXX XXXX XXXX dollars. I sought assistance precisely because I am not a financial professional and reasonably relied on Wells Fargo, as the loan servicer and institutional expert, to provide accurate and complete information regarding its processes. 

During my initial recorded call in XX/XX/year> with a Wells Fargo refinance representative, I was provided guidance regarding how the refinance process would proceed and what actions were required during review. Wells Fargo has since asserted that I remained solely responsible for making contractual payments regardless of refinance review status. However, Wells Fargo failed to clearly, affirmatively, and consistently communicate this requirement in a manner sufficient to prevent borrower reliance on incomplete or misleading information. No written clarification, follow up notice, or corrective communication was provided during the months long review period despite multiple points of contact. 

Wells Fargo accepted an approximately XXXX XXXX dollar refinance related payment, verified my employment including supervisor contact, repeatedly requested documentation, and allowed the process to advance as though approval remained viable. At no point was I informed that failure to continue payments would automatically result in denial, nor was I advised that investor or underwriting guidelines rendered approval impossible. The denial was communicated only moments before a scheduled closing. This sequence reflects a breakdown in Wells Fargos internal review controls and failure to provide material information necessary for an informed borrower decision.

Wells Fargos position that responsibility rested entirely with the borrower disregards the servicers obligation to provide accurate, complete, and non misleading guidance during complex servicing interactions. A reasonable servicer exercising ordinary care would have identified the risk of borrower reliance and taken corrective action well before harm occurred. Wells Fargo had repeated opportunities to clarify requirements, pause the process, or issue written warnings. It did none of these things. 

Additionally, Wells Fargo instructed me to obtain payoff statements for other debts and to preserve balances during payoff periods, actions that are standard within refinance workflows. Wells Fargo now attributes the resulting credit damage solely to borrower conduct while failing to acknowledge that these actions occurred within the framework of Wells Fargos own process and instructions. The cumulative result was a credit score reduction exceeding XXXX XXXX points. 

After the refinance denial, I immediately attempted to mitigate harm by applying for mortgage assistance. Rather than providing relief consistent with hardship standards, Wells Fargo proposed a payment increase of nearly XXXX XXXX dollars per month. Wells Fargo has not explained how increasing a payment constitutes assistance, affordability, or loss mitigation, nor how this outcome aligns with consumer protection principles. My attempt to stabilize the account directly worsened my financial position. 

In XX/XX/year>, as my vehicle faced repossession and my home received a foreclosure notice, I again sought assistance. The response I received focused on retrospective blame rather than resolution, reinforcing a pattern of servicing conduct that prioritizes fault shifting over corrective action. 

I also submitted a discrimination complaint regarding my treatment during this process. Wells Fargo assigned the investigation to the same individual whose conduct was the subject of the complaint. This represents a clear conflict of interest and undermines the independence, credibility, and adequacy of the investigation. The review narrowly focused on the assertion that I should have continued making payments, while failing to examine whether Wells Fargo provided accurate guidance, timely disclosures, or adequate safeguards against XXXX XXXX. 

I requested a copy of the XX/XX/year> recorded call that would resolve material factual disputes regarding the guidance provided. Wells Fargo refused to provide the recording while simultaneously denying the substance of the guidance given. This refusal impairs transparency and prevents meaningful dispute resolution. 

The property securing this loan has substantial equity, with an approximate value of XXXX XXXX XXXX XXXX dollars and an outstanding balance of approximately XXXX XXXX dollars. The hardship described herein did not arise from unwillingness to pay, but from Wells Fargos failure to provide accurate, complete, and timely servicing guidance, failure to implement effective internal controls, and failure to conduct an impartial complaint review. 

I am requesting that the CFPB review Wells Fargos mortgage servicing practices for potential unfair, deceptive, or abusive acts or practices, evaluate its borrower communication standards, assess its complaint investigation procedures for conflicts of interest, and require corrective action to remedy the consumer harm caused by these failures.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation