Consumer complaint received 2021-11-11 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: WELLS FARGO & COMPANY
State: NC

Complaint narrative:
I started the process to obtain a mortgage from Wells Fargo on XX/XX/XXXX. I asked them if they could close my loan by the contract date of XX/XX/XXXX and the loan officer XXXX XXXX XXXX indicated that I received a pre-approval letter and there should not be a problem. I completed the online application and provided all of the information they needed to get the loan processes started. During the course of the loan, the underwriter requested 82 separate pieces of information. The loan officer would tell me that certain requests had been satisfied based on the underwriter 's original request and then the criteria would change. Some examples of this are : 1. A request for business partner information on one of my businesses after it was disclosed an established by me and my tax preparer that no business partners existed.

2. Tax verification that neither of my businesses generated any revenue or expenses for XXXX or XXXX. 
3. Questioning deposits made into my Wells Fargo account from legitimate fortune XXXX companies. 
4. Comments made by the Underwriter in the loan tracker portal about how I could possibly have two jobs and two businesses when the deposits made into my account for several months were direct deposits from employment sources. 

5. My closing date was moved from XX/XX/XXXX to XX/XX/XXXX, XX/XX/XXXX, and then XX/XX/XXXX. 

6. Upon complaining to Wells Fargo senior executive XXXX XXXX, it seemed the underwriter became more retaliatory, because I was told I could receive an exception for my medical collection accounts because they were not excessive and my credit score ( XXXX ) and liquidity ( over $ XXXX was enough to support an $ XXXX loan ). The underwriter then decided that I needed to pay them, so it was agreed that I would pay them at closing with the attorney. The underwriter, the day before the scheduled closing decided that I needed to pay them to the collection agency and get them to write a letter verifying payment and then show where the money came from to pay the collections. The underwriter then stopped the loan so she could recalculate my DTI because I put {$800.00} of it on a credit card with one company because it was faster than mailing a check. 

7. The underwriter then questioned whether I was still employed because the company in which I worked, XXXX XXXX XXXX, had been acquired by XXXX XXXX, although the bank is allowed to re-verify employment 10 days before closing, it may be smart to do it before 2 days of closing. 

8. The underwriter threatened not to send my file through for the XX/XX/XXXX closing unless I could prove that my current mortgage was paid after I had already submitted all of my mortgage statements for my home and investment properties showing that the mortgages were not only current but overpaid. 

I feel as though my loan was given a level of scrutiny that white borrowers do not experience and that I was retaliated against for raising these concerns in the organization. Wells Fargo claims to have done their own internal investigation, but because we can not do surgery on ourselves, I would like for my loan requirements to be looked into. Wells Fargo caused me to breach the contract with the seller on two occasions and put my due diligence money at risk. I highly doubt that they are putting others through this same process and I have banked with them for over 20 years.

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