Consumer complaint received 2025-11-11 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:
AMENDED COMPLAINT CFPB Consumer : XXXX XXXX Original Complaint ID : XXXX Date of Amendment : XX/XX/year>XXXX  Institution : Wells Fargo Bank , N.A . Mortgage Division Subject : Fraudulent nondisclosure of corrected appraisal ; deceptive handling of Reconsideration of Value ( ROV ) process Summary of New Information I am submitting this amended complaint to report material, newly discovered information that substantially changes the nature of my original complaint filed on XX/XX/year>XXXX  ( CFPB Complaint ID XXXX ). 

On XX/XX/year>, I spoke directly with the appraiser, XXXX XXXX XXXX ( XXXX XXXX XXXX XXXX ), who performed the appraisal of my home at XXXX XXXX XXXX on behalf of Wells Fargo. 

During that call, XXXX XXXX informed me that : On XX/XX/year>, she submitted a corrected appraisal in the amount of {>= $1,000,000} to Wells Fargo, after receiving confirming information from Wells Fargo showing that she had missed a bathroom in her original inspection. 

She stated that the omission was a simple mistake and that she corrected it promptly once Wells Fargo supplied the required documentation. 

This information is directly contrary to Wells Fargos representations to me throughout the entire reconsideration process.

Basis of Amended Complaint 1. Wells Fargo concealed the corrected appraisal from me.

At no time did any Wells Fargo representative disclose that : A corrected appraisal had been submitted The corrected value was materially higher The reconsideration process had actually succeeded on the appraisers end Instead, Wells Fargo : Continued to insist that the original valuation was final, Asserted that the revised appraisal information was unsupported, Told me no change to the value would be made, and Treated the loan as though the corrected appraisal never existed.

2. The appraiser can not legally provide me with the corrected appraisal.

Under USPAP confidentiality rules, the appraisers client in this case is Wells Fargonot me.

Thus, I must rely on the appraisers direct verbal disclosure, which I believe to be credible and consistent with her professional obligations. 

Wells Fargo, as the client, is the only party legally authorized to release the corrected appraisaland yet they claim it does not exist or intentionally withheld it. 

3. Wells Fargos conduct constitutes a deceptive and materially misleading omission.

By failing to disclose the corrected appraisal they received, Wells Fargo : Misrepresented the status of the ROV process Continued underwriting the loan based on an appraisal they knew was outdated and incorrect Pressured me to proceed with a refinance under false pretenses Caused the collapse of my refinance and financial harm This is conduct that satisfies the definition of deceptive practice under federal consumer protection standards. 

4. The timing demonstrates conscious concealment.

The corrected appraisal was submitted on XX/XX/year>. 
From that date forward, Wells Fargo : Continued to represent that the value would not be adjusted Denied the ROV Refused to acknowledge the corrected valuation Failed to inform me that the appraiser had resolved the matter in the exact way I had requested This was not an oversight it was a material omission of fact during an active loan process. 



Requested Action I respectfully request that the CFPB : 1. Investigate Wells Fargos concealment of the corrected appraisal submitted on XX/XX/year>. 
2. Determine whether Wells Fargos actions constitute deceptive or unfair practices under federal law.

3. Require Wells Fargo to provide restitution, including the appraisal fee, compensation for time lost, and compensation for the financial consequences of being forced to abandon the refinance.

4. Determine whether this behavior reflects a pattern or practice affecting other consumers.

All supporting documentation that I am legally able to obtain is available upon request. 
As explained above, the corrected appraisal itself can not legally be released to me by the appraiser unless Wells Fargo authorizes it.

Conclusion The appraiser acted appropriately once the error was identified.

Wells Fargo did not. 

Wells Fargo concealed the existence of a corrected appraisal, misrepresented the status of my ROV, and knowingly pressured me to proceed under false information. 

This concealment caused measurable financial harm and undermines the integrity of the mortgage lending process. 

I respectfully request CFPB intervention. 

XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX, WA XXXX XXXXXXXX XXXX ORIGINAL COMPLAINT ( XXXX ) : 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 XXXX XXXX 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