Consumer complaint received 2026-03-16 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Delays with the closing process
Company: WELLS FARGO & COMPANY
State: AZ

Complaint narrative:
To Whom It May Concern, I am writing to formally document my experience regarding a {$370000.00} loan application with Wells Fargo related to the construction of a casita on my parents property. From the very first conversation, it was made explicitly clear that the property is held in a trust that transfers to me. Wells Fargo had my trust documentation at the start of the process. Despite this, I was repeatedly asked for additional documentation over the course of several weeks. On XX/XX/XXXX, I was informed by XXXX XXXX at Wells Fargo that my loan was good to go and that the bank was simply working with my attorney to finalize the trust release documentation. I was also told that closing would occur the week of XX/XX/XXXX. However, on Friday, XX/XX/XXXX, I received a call from XXXX XXXX informing me that my loan had been denied. At that time, he was unable to explain the reason for the denial but stated he would escalate the matter internally. Needless to say I was extremely agitated with Wells Fargo. This reversal came after I had already : Paid the loan application fee Incurred attorney fees related to the trust documentation Scheduled my XXXX and construction team to begin work on XX/XX/XXXX Because of Wells Fargos representation that the loan was approved and closing was imminent, I had moved forward with construction scheduling. As a result of now having to cancel construction of the XXXX based on incompetence of Wells Fargo I have incurred significant cancellation and change fees with my XXXX. On XX/XX/XXXX, XXXX XXXX contacted me again and stated that the loan was denied because I had not been on title for XXXX months. This explanation is extremely troubling, as Wells Fargo had the trust documents from the beginning of the process and was fully aware of the ownership structure more than XXXX weeks ago. To further compound the confusion, Wells Fargo sent me additional tasks to complete for the loan on Saturday, XX/XX/XXXX, after the loan had already been denied and was under another review. When I asked XXXX XXXX about this, he was unable to explain why those requests were sent. This entire process has resulted in : Significant out-of-pocket expenses XXXX cancellation and rescheduling fees Attorney fees Numerous hours of wasted time and effort The lack of communication, internal coordination, and basic underwriting diligence throughout this process has been unacceptable. As a result of this experience, I am in the process of moving all of my accounts away from Wells Fargo. Additionally, I expect Wells Fargo to review this situation and address the financial damages caused by the mishandling of this loan application. I request that someone from senior management review this matter promptly and contact me to discuss an appropriate resolution. Sincerely, XXXX XXXX

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