Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #5746023

Complaint Overview

Complaint ID: 5746023

Company: Wells Fargo & Company

Product: Mortgage

Sub-Product: Conventional home mortgage

Issue: Applying for a mortgage or refinancing an existing mortgage

State: Florida

ZIP Code: 33076

Date Received: 2022-07-07T12:00:00-05:00

Date Sent to Company: 2022-07-07T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Tags: Older American

Consumer Narrative

I AM A WELLS FARGO CUSTOMER AND THROUGH INTRODUCTION OF THE PRESIDENT OF THEIR RETAIL DIVISION XXXX XXXX I MET XXXX XXXX FROM THEIR MORTGAGE DIVISION AND XXXX XXXX FROM XXXX XXXX. I WAS BUIDLING A NEW HOME IN XXXX XXXX AND SHOWED THEM THE RATES AND INCENTIVES BEING OFFERED BY THE BUILDER. ALSO, MY SON IN XXXX XXXX WHO WAS ALSO A WF CUSTOMER WAS APPLYING FOR A RE-FI. I MET THESE TWO GENTLEMENT AT THE WF CORP CENTER IN XXXX XXXX XXXX AND HERE IS WHAT I WAS TOLD. IF WE COMBINE THE TWO PORTFOLIOS, MEANING BRING THE XXXX MORTGAGE THROUGH XXXX, I TRANSFERRED XXXX XXXX DOLLARS INTO MY SAVINGS ACCOUNT TO BE HELD FOR A PERIOD OF THIRTY DAYS WHICH THEY CALLED THE " SECRET SAUCE '' AND THEY WOULD DELIVER A RATE WITH EXTRA SAVINGS THAT WOULD BE A BETTER FINANCIAL DEAL FOR BOTH MY SON AND MY NEW BUILD. THE XXXX XXXX REP AT WF XXXX NJ BRANCH TOLD ME SON THAT WE WERE LIED TO AND THERE IS NO SUCH PROGRAM OR " SPECIAL SAUCE '' HE CLOSED ON HIS LOAN AND PAID A HIGHER RATE THEN OFFERED BY HIS LOCAL BRANCH. BOTH MY SON AND MYSELF REACHED FOR XXXX AND HE DID NOT RETURN PHONE CALLS, I SENT AN EMAIL TO XXXX ON XX/XX/2020 EXPRESSING MY FRUSTRATION AND HE TOLD ME HE WOULD LOOK INTO THE SITUATION. ON XX/XX/2020 REGARDING MY MORTGAGE THAT WAS SCHEDULED TO CLOSE MY XX/XX/2020 I RECEIVED AN EMAIL FROM XXXX STATING HE APPLIED TO THE UNDERWRITTERS FOR AN EXCEPTION TO THE NEED FOR FINANCIAL STATEMENTS SINCE WE WERE A PRIVAETLY HELD COMPANY. PRIOR TO THAT HE HAD BEEN GIVEN ACCESS TO OUR ACCOUNTING FIRM AND LAWYERS HANDLING THE PURCHASE AND ASKED ONLY FOR XXXX STATEMENTS THAT WERE PROVIDED. THE HOME PURCHASE WAS APPROX XXXX XXXX DOLLARS, MY REQUEST FOR MORTGAGE WAS {$600000.00}. FROM XX/XX/2020 UNTIL XX/XX/2020 THERE WAS NO CONVERSATION ABOUT THE " EXCEPTION '' THAT WAS APPLIED FOR, I RECEIVED AN EMAIL ON XX/XX/2020 FROM XXXX XXXX, XXXX XXXX ADVISING THAT CORPORATE WELLS FARGO HAD DENIED THE " EXCEPTION '' REQUEST, I WOOULD BE LIMITED TO {$510000.00} AT A HIGHER RATE, NO " SECRET SAUCE '' TO ACKNOWLEDGE THE {$20000.00} TOWARDS CLOSING THAT BUIDLERS WERE OFFERING AND BASICALLY HAVE A NICE DAY! PLEASE ALSO KEEP IN MIND THAT WE WERE IN THE PERIOD OF COVID WHERE BANKS WERE NOT OPENING, THINGS WERE BY APPOINTMENT ONLY AND THE LIKE. I STARTED REACHING OUT TO CORPORATE WELLS FARGO CONTACTS SUCH AS XXXX XXXX WHO WAS EXCITED ABOUT THE PROSPECT OF GETTING SOME OF OUR COMAPNY BUSINESS AS WELL AND THE COMPANY WENT SILENT TO ME, LAWYERS AND ACCOUNTING FIRM. THEY HAD ME LOCKED INTO A DEAL I DID NOT APPROVE NOR NEGOTIATE AND I MADE A DECISSION NOT TO UTILZIE THEIR FUNDING AND INSTRUCTED MY ATTORNEYS TO CLOSE ''ALL CASH '' THEY HAD MY ACCOUNTS INCLUDING THE ONE WITH THE XXXX DOLLARS AND I COULD NOT GET A BRANCH TO GIVE ME AN APPOINTMNET TIME TO COME IN DURING COVID AND ARRANGE THE WIRE TRANSFERS NEEDED. I REACHED OUT TO A WELLS FARGO CORPORATE CONTACT IN NJ THAT I KNEW FROM XXXX XXXX AND XXXX, SHE WAS ABLE TO REACH A WF REGIONAL DIRECTOR THAT MADE ARRANGEMENTS AT THE LAST MINUTE FOR ME TO COME TO A BRANCH AND INITIATE THE WIRE TRANSFERS. IT HAPPENED TO BE THE BRANCH THAT XXXX XXXX XXXXXXXX XXXX WORKED AT AND DID NT TAKE MY CALLS STATING HE WAS ON VACATION, WHILE AT THE BRANCH HE WALKED IN NOT KNOWING I WAS THERE AND IMMEDIATELY LEFT THE BRANCH WITH A WAVE.. I SENT A LETTER XXXX TO XXXX XXXX XXXX OF WELLS FARGO IN XXXX XXXX XXXXDETAILING EVERYTHING WITH COPIES OF EMAILS AND THE LIKE, IT WAS THEIR ACCOUNT NO. XXXX. THE LETTER WAS DATED XX/XX/2020 AND APPROX 90 DAYS AGO I RECEIVED A LETTER WITH A MEDIATION REQUEST FORM. I DETAILED TO THAT DEPARTMENT THE SAME INFORMATION AND TODAY RECEIVED A CALL FROM THEIR REP XXXX XXXX ( XXXX ) XXXX STATING THAT MY CLAIM WAS BEING HANDLED AT CORPORATE BY XXXX XXXX XXXX, XXXX, I HAVE NOT HEARD FROM THIS GENTLEMEN AND THAT SEEMS TO BE THE CORPORATE SIDE OF WELLS FARGO MORTGAGE.

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