Mortgage -- Closing on a mortgage -- Complaint #5091796
Complaint Overview
Complaint ID: 5091796
Company: Wells Fargo & Company
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Closing on a mortgage
State: North Carolina
ZIP Code: 27713
Date Received: 2022-01-10T12:00:00-05:00
Date Sent to Company: 2022-01-10T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
. In summary, our complaint is that, XXXX days after the scheduled closing date and only XXXX days before the expiration of our Offer to Purchase -- when we would forfeit the Due Diligence and Earnest monies amounting to {$13000.00} -- the Wells Fargo loan officer made wild and unfounded claims about the property only XXXX days before the expiration of the OTP ( that the house was dangerous, uninhabitable and ready to cave in ) and, on the basis of those claims, insisted, for the first time, that the mortgage would not be provided until foundation repairs would be carried out PRIOR to closing. This put us in an impossible position as the sellers would not agree to carry out the repairs ( the OTP specified as is ) and they also would not agree to an extension of the contract giving us sufficient time to seek a loan from another institution. At the time, Wells Fargo knew that we had contracted an expert company to repair the foundation ( costing over {$13000.00} ) which was to be carried out on XXXX XXXX. Obviously, we could not carry out the repair if ownership was not first transferred to us and, even if we could, we could not be sure that it would be sufficient ( the loan officer had also complained for the first time about the roof, the kitchen cabinet, the deck, the windows and the lack of carpeting in the bedroom, all of which we were going to replace after the closing ). As a result, we suffered the loss of our due diligence and earnest monies and were subjected to significant stress which has taken a toll on my health ( I am XXXX XXXX XXXX ). As described below, we first sought to complain to Wells Fargo, first to have the loan officers decision reviewed before closing and then, failing that, to corporate headquarters about the arbitrary and unprofessional treatment we received that resulted in our significant loss. Unfortunately, as communicated to us on XX/XX/2022, Wells Fargo will not recognize any error on their part, despite that it is so blatantly obvious and indefensible.
Frequently Asked Questions
What is Complaint #5091796 about?
Complaint #5091796 was filed against Wells Fargo & Company regarding Mortgage specifically about Closing on a mortgage. It was received by the CFPB on 2022-01-10T12:00:00-05:00.
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.