Consumer complaint received 2025-07-13 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Delays in the application process
Company: WELLS FARGO & COMPANY
State: CA

Complaint narrative:
I am writing to file a formal complaint against * * Wells Fargo Bank , N.A . * *, specifically involving a refinance transaction I pursued with a Wells Fargo representative named * * XXXX XXXX * * over the past 67 months. 

# # # Summary of Events : I initiated a refinance with XXXX XXXX from Wells Fargo approximately six to seven months ago. During the process, XXXX informed me that my debt-to-income ratio was too high to qualify for the refinance. Under her * * advice and direction * *, I undertook several major financial decisions, including : * Paying off numerous credit cards and other loans using * * \ {$150000.00} cash-out refinance funds * * at over * * 10 % interest * * from another lender, based on her suggestion. 
* Transferring a * * vehicle loan * * into my husbands name aloneremoving myself entirely from the obligationwhich increased our monthly payment by over \ {$200.00}. 
* Following * * her instructions * * to deposit money into my bank account in a specific manner to show future payment reserves. 

After complying with all of her instructions and enduring substantial financial and emotional XXXX  to restructure my debt for this refinance, the loan process proceededonly for the * * Wells Fargo underwriter * * to call me and accuse me of * * attempting mortgage fraud * *. 

They claimed that I did not own the property at * * XXXX XXXX XXXX, XXXX XXXX, CA * *, and that I was misrepresenting ownership. The processor contacted me again with similar accusations, stating the property was not in my name and that I must prove ownership. I was blindsided and humiliated by this serious accusation, especially after acting in good faith and under clear guidance from a Wells Fargo representative. 

I immediately contacted XXXX, who stated she did not understand what was happening, and that she had * * email correspondence with the underwriting team * *. When I requested a copy of these emails, * * she refused to provide them * *. I also asked for the * * recording of my conversation with the underwriter * *, and again, I was told this was not possible. 

Later, I was contacted by another Wells Fargo representative due to an escalation, but they still refused to give me a clear explanation as to why I was accused of fraud, or provide me with the documents and correspondence that led to that conclusion. 

# # # My Concerns : * * * Misleading financial advice * * that caused me to take out a high-interest loan and incur unnecessary financial strain. 
* * * Unsubstantiated fraud allegations * * that have harmed my personal and financial reputation. 
* * * Lack of transparency * * from Wells Fargo, especially refusal to provide email communications or recorded conversations that directly impacted my loan denial. 
* * * Emotional XXXX  and potential reputational damage * * resulting from being accused of fraud by a major financial institution. 

# # # Desired Resolution : 1. A full, written explanation of the reasons for the fraud accusation and loan denial.

2. All documentation and communications between XXXX XXXX and the underwriting team related to my file. 
3. A copy or transcript of the recorded conversation ( s ) between myself and the underwriter.

4. A formal apology for the handling of this matter.

5. Reimbursement or compensation for financial losses and XXXX  incurred due to reliance on Wells Fargo 's advice and mismanagement. 

This experience has caused significant harm to my finances, mental well-being, and trust in the banking system. I acted in full transparency and good faith, relying on the guidance of Wells Fargo staff. I ask that this matter be investigated and addressed promptly. 

Thank you for your attention and support. 

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