Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #5190999
Complaint Overview
Complaint ID: 5190999
Company: Wells Fargo & Company
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
State: Illinois
ZIP Code: 60643
Date Received: 2022-02-06T12:00:00-05:00
Date Sent to Company: 2022-02-06T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
XX/XX/22 I applied online for a 2nd mortgage for an investment property loan with Wells Fargo Bank. A representative contacted me and indicated he would be sending me a pre-approval within the next few days. A few days later, he told me I could expect the pre-approval letter " by XXXX ''. In the meantime he requested I send bank statements, W2s, employment verification and a copy of my identification. I sent everything he requested. Once I verified he had received my documents, problems began. He stopped communicating unless I reached out to him. He told me several contradictory statements about the loan. He told me the loan was reviewed by the underwriter who needed 25 % down or a cosigner. When I agreed to that term he then told me the underwriter needed me to address a dispute Id made to my credit report. After I explained the dispute he then told me I needed to provide another bank statement. When I submitted another bank statement I also complained about how my loan request had been handled. Last week, as a denial, I received a letter stating Wells Fargo did not offer the loan package I had requested as the reason for the denial. The loan type listed was " conventional '' which Wells Fargo does in fact offer. I began sending courtesy copies of our emails to a bank manager who never contacted me. My credit score was within their parameters for the loan, I have steady long term employment and my debt to income is low. I believe I have been subjected to loan discrimination due to my race.
Frequently Asked Questions
What is Complaint #5190999 about?
Complaint #5190999 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 2022-02-06T12:00:00-05:00.
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.