Consumer complaint received 2024-08-06 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: GA

Complaint narrative:
XXXX XXXX, I called Wells Fargo ( WF ) and filled out paperwork for a Interest oNly mortgage on a new home. I was told it was considered a " refinance '' because I owned the land that the house was being purchased on. I had a signed sales contract for XXXX XXXX on XXXX XXXX but was told that they had to submit as " refinance '' even though there was never a home or loan on the property. Once I filled this out with WF mortgage rep XXXX XXXX, I was given a rate and a date to close. The week of XX/XX/XXXX, WF informed me that I had to have or transfer {>= $1,000,000} ( XXXX XXXX ) over to them in order to obtain the discounted rate loan. The money was transferred to my account on XX/XX/XXXX from XXXX XXXX. When the week ( XX/XX/XXXX ) came for our closing, I received a phone call from XXXX XXXX saying that he was being removed from my case and the VP, XXXX XXXX would reach out to me. XXXX XXXX called me the next day and said that he was taking over and soon after XXXX XXXX was longer with WF. He would do everything in his power to rush the mortgage along because of all the delays confirming all of my information. He then brought in XXXX XXXX as my point person for the mortgage. During the entire process, XXXX XXXX nor XXXX XXXX or XXXX XXXX EVER told me that they couldnt do an Interest Only loan. For XXXX XXXX months, WF sent me rate information and terms for a interest only loan including XXXX XXXX XXXX. On XX/XX/XXXX, I received a phone call from XXXX XXXX, XXXX XXXX and XXXX XXXX XXXXXXXX ) they stated they couldnt find the rate I had any where and that type of loan was not even available -- even though for 3 months they had been sending me paperwork with this rate and type of loan. At XXXXXXXX XXXX after the XX/XX/XXXX call, I sent them my notes from XXXX where I had been quoted the rate and type of loan from XXXX because they did not have that rate available... I received a text back from XXXX XXXX confirming they believed what I had been quoted ... " XXXX and I both felt you were stating what you heard ''. The following evening of XX/XX/XXXX, XXXX asked for a phone call XXXX XXXX XXXX and himself. IN A RECORDED PHONE CONVERATION, They told me they wanted to make sure that everything passed through the final underwriting sign off.and that for the type of loan they were switching me to, they needed me to write something saying I was going to stay in the house for 14 days or more so it would be considered a second home -- even though I had clearly stated previously in writing and verbally it was for investment only and I would only stay there if it wasnt being used. They insisted that they needed this in order to clear final underwriter. They asked me to write this down and submit to them which I did. That evening, XX/XX/XXXX @ XXXX, I received a written text from XXXX XXXX XXXX " The letter looked good. Thank you! " The following day, I received a phone call from XXXX and XXXX saying my ratios were too high and Underwriting wouldnt approve the loan because I had also previously stated that I would not being staying there 2 weeks. When I told them I had XXXX XXXX dollars in bank transferred over to WF for the loan, and I was NEVER told my ratios were unacceptable until week before and most importantly I was instructed by them to write a letter saying I would be there longer than I was, there only explanation was sorry, we tried ... ..This type of behavior is exactly why WF has the reputation it does. This type of behavior should be criminal and exactly why WF has been in trouble in the past -- It looks like they haven't learned from their mistakes. This is costing me well over {$100000.00} to refinance and go with another vendor. After the denial, I asked XXXX XXXX for the refund of my {$990.00} appraisal fee because the new company could not use the WF appraisal fee and a new one had to be ordered. Even though I signed paperwork saying I gave permission for the appraisal, I told them when they could go and when the house would be ready and they sent someone PRIOR to the house being complete. On WF paperwork it states " Please know that you MAY be responsible for this fee, even if your loan application is not approved ''. WF should have refunded this fee because it was done before the finished house and was not a mandatory fee. 
**Documents are well over 100 pages so will provide all documents, phone recordings, and text messages if needed

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