Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #4793584
Complaint Overview
Complaint ID: 4793584
Company: Wells Fargo & Company
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
State: New Jersey
ZIP Code: 08816
Date Received: 2021-10-09T12:00:00-05:00
Date Sent to Company: 2021-10-09T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Hello, I'm a mortgage professional with 15 years of lending experience. I currently have a first mortgage with XXXX XXXX XXXX and second mortgage with Wells Fargo. I'm in the process of refinancing the first lien with XXXX XXXX, however, I'm having a difficult time getting Wells Fargo to subordinate the second mortgage. XXXX XXXX received a response from Wells Fargo that stated that I'm in a special forbearance and as a result, Wells couldn't approve the subordination. Subsequently, after being informed, I reached out to Wells on XX/XX/XXXX at around XXXX to ascertain the reason and get clarification since I was not in a special forbearance as confirmed by Wells Fargo reps per my conversation with then on the XXXX. I was on the phone from XXXX until XXXX. I spoke to several representatives and at about XXXX, one of the supervisors hung up on me after waiting two and half hours and being told that I needed to pay the XXXX payment before a request can be processed to address my issue. I called back for an explanation and was placed on hold by a supervisor who indicated that a response had been sent on XX/XX/XXXX which was not accurate. Unfortunately, no one could explained to me as to why Wells Fargo who has the second mortgage and in a second lien position would not subordinated so I can refinance the first mortgage. My first mortgage with XXXX XXXX XXXX is at 6 % and the second mortgage with Wells Fargo at 8 %. The goal is to refinance both. It would be inappropriate to not note that a lady by the name of XXXX XXXX was extremely helpful and understood the request but was unable to see the response sent from the department that addressed the inquiry. She was the only bright spot out of all of the people whom I conversed with on the phone at Wells Fargo. She informed me that she was going to look into it and get a response by Tuesday of next week on XX/XX/XXXX. As a mortgage professional, I asked the reps to disclose everything when I applied for the forbearance afforded per the CARE 's Act because my intent was to refinance and I didn't want anything to hinder or serve as a bulwark to getting the loans refinanced. I need CFPB to inquire as to why this occurred and whether Wells can arbitrarily decide not to subordinate a second lien after I had completed and met the requirement to be remove from the special forbearance.
Frequently Asked Questions
What is Complaint #4793584 about?
Complaint #4793584 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 2021-10-09T12:00:00-05:00.
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.