Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #4340927
Complaint Overview
Complaint ID: 4340927
Company: Wells Fargo & Company
Product: Mortgage
Sub-Product: Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage
State: New Jersey
ZIP Code: 07024
Date Received: 2021-04-30T12:00:00-05:00
Date Sent to Company: 2021-04-30T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
In XXXX we purchased an apartment in XXXX XXXX, NJ and obtained a refinance loan primarily for renovations. At that time Wells Fargo provided an appraisal of {$330000.00}. At the time the appraisal seemed very low and there were multiple material discrepancies in the appraisal report itself. We disputed the appraisal but Wells Fargo sided with the appraiser. In XXXX of XXXX, given the very low interest rates, we decided to refinance from a 30 year mortgage to a 20 year mortgage. Again, the Wells Fargo appraiser visited our residence and returned with an appraisal that was well below the appraisal from XXXX ( prior to all the renovations being completed ) of {$260000.00}. We disputed this appraisal, and it was adjusted to above the original appraisal from XXXX to {$350000.00}. We remained unsatisfied as apartments of this quality sell for much more in this immediate area. As with the appraisal in XXXX we thought that perhaps there was some bias in that this is a XXXX household, especially given the lack of explanation from Wells Fargo. Because we disputed this second amount with a claim of bias this was 'escalated ' to Wells Fargo 's executive offices for redress. We were contacted by the office and a 3rd appraisal was scheduled. Again, the appraiser visited our residence and returned his appraisal ... this time below the adjusted amount of the original XXXX appraisal and BELOW the XXXX appraisal DESPITE THE FACT THAT THE APPRAISER NOTED IN HIS REPORT THAT PRICES OF APARTMENTS IN THE BUILDING AND THE AREA HAVE REMAINED STABLE AND INCREASED. The last appraisal was {$320000.00}. We asked how, within a space of less than three weeks can a value go from {$260000.00} to {$350000.00} then to {$320000.00} ... the representative stated that " appraised values are simply the opinions of the appraisers '' We have had contact with the executive office at Wells Fargo but they 'stand behind ' all their appraisers and their reports. The agent at Wells Fargo stated " appraised values are opinions of the individual appraiser '' lending credence to the likelihood that this is same-sex discrimination. The written correspondence from Wells Fargo intentionally omits several material facts and when asked why, the representative said he didn't think these material facts were relevant.
Frequently Asked Questions
What is Complaint #4340927 about?
Complaint #4340927 was filed against Wells Fargo & Company regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2021-04-30T12:00:00-05:00.
How did Wells Fargo & Company respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Wells Fargo & Company?
Yes, visit the Wells Fargo & Company company profile at readthecomplaint.com/company/wells-fargo-company to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.