Consumer complaint received 2025-05-14 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Changes in loan terms during or after closing
Company: WELLS FARGO & COMPANY
State: NY

Complaint narrative:
b'We hereby respectfully request the assistance of the Consumer Financial Protection Bureau (CFPB) in recovering losses totaling XXXX  which were incurred because of misrepresentation and deceptive advertising disclosures by Wells Fargo Bank N.A.\n\nDuring the negotiation of our XXXX loan, our assigned agent, XXXX XXXX, XXXX XXXX XXXX (XXXX XXXX with Wells Fargo Bank, N.A., expressly solicited us to transfer brokerage assetsspecifically, $800,000 in our caseto Wells Fargo. This was represented as a condition for receiving a 0.375% reduction in our loan interest rate, reducing it from 6.750% to 6.375%. We did not solicit this discount; it was proactively offered to us. All correspondence, including emails and verbal discussions, consistently referenced this offer as an inducement.\n\nIn reliance upon these representations, we initiated the transfer of $800,000 to the Wells Fargo XXXX XXXX However, mere days prior to the scheduled loan closing, Wells Fargo Bank, N.A. unilaterally rescinded the promised 0.375% discount. As a direct consequence, we were compelled to pay an additional $XXXX XXXXo secure the interest rate reduction from 6.750% to 6.375%.\n\nThe amount that Wells Fargo asked us to deposit into this account represented a large portion of our life savings.  Wells Fargo deceived us into depositing that amount with them just so that they could skim a fee from my and my wife\'s life\'s work, and did not even care enough to deliver the benefits that they promised me.  This behavior is a prime example of deceptive banking practices.\n\nWe have made multiple good faith efforts to resolve this issue directly with Wells Fargo, but our request that the amount by which Wells Fargo unjustly enriched itself at our expense has been denied. Enclosed herewith are all relevant documents supporting our claim, including written and electronic communications with Wells Fargo Bank, N.A. and our agent.\n\nAccordingly, we respectfully request that the CFPB review our case and assist us in obtaining restitution for the losses we sustained due to Wells Fargos misrepresentation and deceptive business practices.\n\nShould you require any further information or documentation, please do not hesitate to contact us via email at XXXX XXXX XXXX XXXX XXXX XXXX XXXX\n\nThank you for your prompt attention to this matter.\n\nSincerely,\n\nXXXX XXXX XXXXn\nRecitation of facts by dates:\n\nXXXX We made an offer to a Co-op apartment, the current apartment we own\n\nXXXX: We applied online to Wells Fargo for a loan\n\nXXXX XXXX XXXX  We also applied with other lenders: XXXX XXXX XXXX XXXX We received a written notice from Wells Fargo mentioning that our application is incomplete and presenting the date of our loan application: XXXX XXXX XXXX: Our Wells Fargo agent called to discuss the loan project and inquired on other lenders we contacted for a quote.  During the call, we noted that Wells Fargo was head-to-head with XXXX XXXX  offering the same 30-year fixed rate 6.75%.  During the same call, the agent offered the Wells Fargo Relationship Discount if I decide to transfer some assets to Wells Fargo, as an example I would transfer my brokerage assets from Interactive Brokers exceeding $800,000, then Wells Fargo will offer a 0.375% rebate for the 30-year fixed rate: 6.75% reduced to 6.375%.  The agent noted that Loan Depot would not be able to do this and Citibank has relationship discounts also but not as generous as Wells Fargo.  I told my agent that I was not aware of these relationship discounts and asked him to send me the details. He sent me same day an email providing a web link with the information without any comments. \nXXXX XXXX XXXX: We discussed a 30-year fixed rate with market volatility.  During our numerous discussions, the Wells Fargo agent always referred to the relationship discount available to us -- by transferring $800,000 to Wells Brokerage, the agent noted that we would have a 0.375% discount on the rate.  Also, all emails from our Wells agent included a bullet point: "This 30-year fixed rate does not include relationship discount pricing.\n\nXXXX  to XXXX: We provided multiple documents to Wells Fargo and had numerous calls & emails exchanges to get our application approved on XXXX  We received an email confirming that our loan got approved by Wells Fargo. We confirmed moving forward with Wells and noted that the loan rate rebate (0.375%) was the main reason to move forward with Wells Fargo.  Wells Fargo agent invited me to initiate the assets transfer at least 4 weeks before closing to make sure that all required assets were within Wells at least 2 weeks before closing date (tentatively XXXX XXXX XXXX Our Wells Fargo agent called me apologetically to let me know that we were not entitled for the relationship discount, that Wells Fargo management changed the rule without notice. He told me that he thought that the relationship discount was applicable to us.  During the call I told my agent: i) He offered this relationship discount... we did not ask for any; ii) my application date was December 20, 2024 as documented by Wells Fargo; iii) he misguided us by offering the relationship discount knowing that this was the only competitive advantage.\n\nXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX called me to confirm that we did not benefit from the relationship discount from Wells. The main reason was that our application was made online on XXXX XXXX.  I inquired what the meaning of "Conforming loans" ; he said it includes all applications, approved or not.\n\nIt was too late for us to turn around things since our move out date was XXXX XXXX  (we were renting an apartment with lease ending XXXX XXXX) and XXXX XXXX  closing date.  I timely transferred the assets required to obtain the 0.375% discount. \n\nWe got misled by our Wells Fargo agent about the relationship discounts for our home loan (misrepresentation) and Wells Fargo dishonestly interpreted vague footnotes for their only advantage. We are profoundly disappointed and feel abandoned by the bank at a critical moment in our lives.\n\nOur written complaint to Wells is attached with their reply.\n\nAttachments:\na.\tEmail from the Wells Fargo agent sending the weblink presenting the relationship discount\nb.\tEmails from the Wells Fargo agent presenting loan rate while mentioning that relationship discount also apply\nc.\tWells Fargo document presenting the loan application date\nd.\tWritten complaint made to Wells Fargo\ne.\tAnswer from Wells Fargo to our complaint'

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