Consumer complaint received 2024-03-26 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
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:
On or about XX/XX/year>, I applied for a debt consolidation loan using the significant equity in our home as collateral. There is no mortgage on this home. 
It was clear, from day one, that this was my primary residence. My husband and I were given every indication that this loan would close including a ) by asking, if we both would be available at closing b ) requiring numerous accounts be closed which were processed by the credit card companies c ) requiring significant amounts of documentation-many of which was public information or available to them as they hold one other mortgage in our name. 

On or about XX/XX/XXXX, the representative called to stipulate that the rules were changed, Yesterday, and that we no longer qualified for the loan. Their rep even agreed that this was not acceptable and that he would go and " fight for us '' since we were qualified at the time of application. 

This company, Wells Fargo, has been accused of discriminatory practices in the past and has been ordered to pay significant amounts of monies to victims of their unfair practices. To be able to have rules in effect, and change those rules toward the end of an Underwriting process leaves too much room for continued discriminatory practices by this organization. 
I would like someone to insist that this company comply with honoring this application as we were more than qualified financially, credit wise, etc. and feel that these practices are unjust, unfair and discriminatory. Here is a copy of the official complaint filed with them to which they simply apologized. 
COPYI have been advised to attempt to resolve this issue with upper management prior to taking any further action. For, I have just researched and found out that Wells Fargo has been found guilty of discriminatory practices. After dealing with your representatives during this and a prior application, I can understand why! 
I am writing this letter to file an official complaint regarding the perceived unjust, unfair and potential discriminatory practices of your Underwriting team upon receipt of our application for a cash out loan for debt consolidation purposes. Is this another situation that proves that the more things change, the more they remain the same? 
I would like to request that you pull the entire interactions and recorded conversations with each of your representatives XXXX XXXX ( who I have had nothing but positive and productive conversations with ) and XXXX XXXX ( never returned 2 calls placed to him prior to denial ). 
As mentioned during at least XXXX occasions, I was always being subjected to questions, which I articulated and stipulated were perceived as unnecessary/looking for excuses for Wells to deny our application, including but not limited to : a ) being told that the Underwriter had one question yet receiving a laundry list of follow up questions b ) being questioned to provide documents that are clearly in your possession. 
as you hold one of our mortgages ( if such settlement statement didnt exist, the closing would have never occurred for home located in Florida XXXX ) requiring rolling a {$43000.00} car note ( that was never requested to be considered in the debt consolidation ) into a 30 year note and omitting at least 3 other credit cards originally discussed for the debt consolidation and d ) being given a one day deadline to secure close out letters from creditors ( letters that many stipulated they do not provide ) e ) copies of titles that XXXX admitted, after pushback, were public record Most importantly, and adding the most significant insult to injury, was my discussion, on Tuesday, XXXX XXXX, when XXXX called and informed us that as of yesterday Wells Fargo changed the rules and no longer will permit us to go forward with our application due to the fact that this is not my husbands primary residence. I explained to XXXX that, the application was placed and paid for PRIOR TO YOUR SUDDEN AND SUSPICIOUS RULE CHANGE. XXXX seemed to have agreed with this assessment, as the consummate professional he has always portrayed himself to be, and requested that I hold off on filing complaints until his follow up with the Managers/Underwriting. 
Your official denial letter, was sent via e : mail, which gave 2 ENTIRELY different reasons for pulling the application : one being you do not offer the product or program requested? If that were the case, why did you take our {$800.00}? To have required us to pay such application fee, close out all accounts giving immediate impression that loan was moving forward ( which may impact my credit score negatively ), not return 2 phone calls ( XXXX ) to clarify concerns/requests for documentation is maddening. 
Additionally, a ) this living separately situation was always the case b ) we were forthcoming and communicated and discussed this information, even when we refinanced with you previously and c ) when we applied, and paid over {$800.00} based on the prior rules, which we were eligible under. 
Continuing to move the finish line further out each time we get closer to securing the intended objective, knowing the intention that such race would never be secured, and charging a fee, is manipulative, unfair and potentially illegal. 
Here are the facts : If you deny services to XXXX Americans with the following historyWHO ARE YOU APPROVING? 
Speculating that you are not approving enough of us may be the reason for prior litigation for we : a ) have excellent credit history ( other than the debt suddenly amassed, which is the intention for the loan debt consolidation ) b ) Agreed to close these accounts and communicated that such request was honored. 
c ) Income of over $ XXXX monthly to more than offset the loan d ) Assets of well over $ XXXX, including the property which you would hold a lien on to secure the loan e ) Prior banking history with you and at least 3 other commercial mortgage lenders for a total of 4 homes which have NEVER had a late payment and all, accept the home secured for our daughter, have been FULLY PAID OFF. In fact, automatic deductions are always made from our checking account to ensure timely payments of all mortgage obligations. Such practice would continue upon securing of this loan also. 
There is NO Risk of your not receiving reimbursement of this loan based upon this information. 
The additional stress caused by this entire interaction with your representatives is unnerving. 
I am requesting an immediate investigation and reconsideration of this denial and look forward to your assistance in resolving this issue. 
Thank you for your time and consideration

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