Consumer complaint received 2026-03-25 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Changes in loan terms during the application process
Company: WELLS FARGO & COMPANY
State: WA

Complaint narrative:
XX/XX/year> - Wells Fargo Mortgage broker XXXX XXXX XXXX XXXX, called my cell phone at XXXX and offered a reduction of my existing mortgage rate oXXXX XXXX XXXX to XXXX XXXX if I transferred {>= $1,000,000} in assets over to Wells Fargo account. I confirmed that I had an IRA plus brokerage account located at XXXX and XXXX that could satisfy that requirement but it would possibly take a week or XXXX for the transfer to happen. XXXX assured me that the time for the transfer was acceptable and that she would have a Wells Fargo broker specialist contact me the next day to help with the transfers. XXXX never disclosed that the rate was based on market conditions or subject to change, just that If I transferred the assets I would get the new rate of XXXX XXXX XX/XX/year> - XXXX XXXX and XXXX XXXX of Wells Fargo through phone calls helped me initiate the transfer of Assets from my IRA and Brokerage to Wells Fargo. XX/XX/year> - received confirmation from Wells Fargo that both the IRA and investments had transferred from XXXX and XXXX to Wells Fargo. Same day met Wells Fargo XXXX branch banker XXXX XXXX to finalize checking accounts. Same day contacted XXXX XXXX to inform her the assets had been transferred. XX/XX/year> - Submitted application for mortgage refinance/rate adjustment per XXXX 's instructions. XX/XX/year> - received mortgage rate adjustment letter from Wells Fargo with adjusted rate of XXXX XXXX XX/XX/year> - XXXX pm emailed and called XXXX to get clarification of why the adjusted rate was different from the one she promised me on the phone, she claimed market conditions had changed and the marketing offer was different and there was nothing she could do. I asked her why she did not clarify those points prior to asking me to transfer the {>= $1,000,000} in assets and her reply was that " we are both smart people and we all know that rates are subject to change ''. I expressed my displeasure, I had performed all the requests and fulfilled my requirements of the deal but she had failed to do her part and she was not willing to help as she said the rate was out of her control and there was nothing she could do. I asked for her manager 's contact information hoping to escalate the situation with Wells Fargo and obtain a more reasonable resolution. XX/XX/year> - XXXX pm called XXXX 's boss XXXX XXXX XXXX and walked her through the events that led up to our call. XXXX expressed her apologies as she said there was nothing she could do nor was there anyone above her that I could escalate the matter too. I also asked if she could review the call logs and I had not received any rate quotes in writing from XXXX, only a verbal commitment to the rate. XXXX stated that there were no recordings for her to pull but she did say she would coach XXXX in the future to make sure that she was clear on market terms and not make a commitment to rates. I said that is great for all her future clients but that does me no good as she had broken her commitment to me. End of communications with Wells Fargo.

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