Consumer complaint received 2025-10-07 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Negative impact of inaccurate appraisal
Company: WELLS FARGO & COMPANY
State: WA

Complaint narrative:
I submit this formal complaint against Wells Fargo Bank , N.A . Mortgage Division ( Wells Fargo ) regarding its handling of my mortgage refinance application for my primary residence at XXXX XXXX XXXX, XXXX XXXX, WA XXXX. 



Background In early XX/XX/year>, I initiated a rate-and-term refinance with Wells Fargo. The application process moved forward through XXXX with normal documentation and disclosures. 

On XX/XX/year>, Wells Fargos retained appraiser, XXXX XXXX XXXX, issued an appraisal report that materially misrepresented my property by omitting a full bathroom on the upper floor. This is not a minor discrepancy : the omission affected the comparison grid and the indicated value of my home ( supporting materials available upon request ). 



Good-Faith Efforts to Correct the Error On XX/XX/year>, I followed Wells Fargos internal Reconsideration of Value ( ROV ) procedure, formally documenting the error and restating the original comparables with corrected valuations to reflect the missed bathroom, consistent with the appraisers own adjustment schedule. 

Over XXXX XXXX XXXX, I exchanged multiple emails with Wells Fargos Senior AVP Sales Support XXXX, XXXX XXXX, reiterating that I would not sign any loan relying on an appraisal that materially misrepresented my home and providing additional documentation and prior appraisal evidence. 

In one of those emails I explicitly stated : I will not sign any loan application that relies upon or incorporates an appraisal that materially misrepresents the nature and value of my home. 

On XX/XX/year>, Wells Fargo acknowledged the revised appraisal was unsupported and said it would escalate to a desk review at no cost to me ; however, Wells Fargo ultimately refused to correct the valuation and continued pressing me to proceed with the loan based on the flawed appraisal. 



Illusory Appeal Process Wells Fargos internal process gave the appearance of a fair and good-faith review but, in practice, provided only illusory assurances : At each stage Wells Fargo required additional forms, supporting documents, and iterations of my request, which I promptly provided.

Despite the exacting evidence I submittedincluding prior appraisals, MLS listings, photographs, and a 360 virtual tourthe outcome did not change. 
Wells Fargo continued to insist that I proceed with a refinance based on an appraisal that clearly undervalued my home, to its advantage and to my detriment. 
I was incredulous that Wells Fargo would so vigorously defend an obviously flawed appraisal and perpetuate this treatment on an existing customer ; this leads me to question how other consumersespecially non-customersare treated in similar processes. 

This pattern left me with the reasonable but mistaken belief that Wells Fargo was treating my complaint in good faith when in fact the outcome was predetermined. 



Why the Error Is Material The {$50000.00} figure for a full-bathroom difference comes from the original appraisers own stated adjustment schedulenot from any Wells Fargo methodology . Because the appraisal failed to include a full bath in the subject property, the comparison grid applied the wrong bathroom counts, introducing a downward bias of roughly {$50000.00} in the indicated value ( about 3 % on a $ XXXX valuation ). This artificially increased my loan-to-value ratio, exposed me to a higher interest rate, and undermined my ability to proceed on fair terms. 



Harm Suffered Financial harm : I paid Wells Fargo for an appraisal that was materially inaccurate anddespite my timely, documented ROV requestleft uncorrected. 
Time burden : I devoted substantial hours compiling evidence, submitting Wells Fargos forms, and corresponding to remedy this error. 
Lost opportunity : I ultimately abandoned the refinance with Wells Fargo and proceeded with another lender. 



Remedy Sought I respectfully request that the Department investigate and take appropriate action. Specifically, I seek : 1. Full refund of the appraisal fee paid to Wells Fargo ; and 2. Reasonable compensation for my time spent attempting to correct the error, which I will substantiate upon request. 

This complaint is directed at Wells Fargo the institution, not at any individual employee. While XXXX XXXX was my primary contact, the outcome reflects institutional handling and decision-making. 



Conclusion I complied with Wells Fargos procedures, promptly supplied evidence, and flagged a clear, material defect. Wells Fargo maintained an inaccurate valuation and subjected me to a process that only gave the illusion of good-faith review while pressing me to sign on to a refinance based on an appraisal that benefited the bank and harmed me financially. This caused direct financial harm. 

I ask the Department to review this matter and hold Wells Fargo accountable for its practices. All referenced materials are available upon request. 

Thank you for your attention. 

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