Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #6074790
Complaint Overview
Complaint ID: 6074790
Company: Wells Fargo & Company
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
State: California
ZIP Code: 92606
Date Received: 2022-10-11T12:00:00-05:00
Date Sent to Company: 2022-10-12T12:00:00-05:00
Company Response: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Hello, We paid for a rate lock with Wells Fargo on XX/XX/2022 in the amount of {$9700.00} for a new home that is being built. This is one day after we confirmed with Wells Fargo, via email, that the rate lock was transferable. We then communicated via email again on XX/XX/2022, with the same representative at Wells Fargo, about confirming the rate lock was transferable. In both communications we were told that the rate was in fact transferable. However, more recently on XX/XX/2022 we asked the same representative at Wells Fargo for an updated letter confirming our conditional approval for the loan ( which we already had for the new construction home ) for a different property. The representative told us that the rate we locked in with on XX/XX/2022 could not apply to an existing home, only to new construction. From the communication we have via email with the representative at Wells Fargo we where never told that the rate lock was only for new construction. The only reason we got the rate lock was to have some flexibility in case we did not more forward with purchasing the new construction home that we could purchase an existing home instead. We escalated this issue at Wells Fargo and actually spoke to a senior manager by the name of XXXX XXXX ( market manager for XXXX XXXX, CA ) toward the end of XXXX. He said over the phone that we were correct that none of the disclosures for the rate lock stated this product was for only new construction and this was the reason why the representative was confused and never told us. XXXX told us that he would get back to us the next day. Despite two follow-up emails it has been well over a week with no feedback from XXXX or Wells Fargo XXXX It is likely that we will proceed with the purchase of the new construction, but if an existing home comes to market between now and when the rate lock expires we would like to have that option to purchase the existing home under the terms we had locked into with at Wells Fargo. We do not want the money ( {$9700.00} lock fee ) back. We want Wells Fargo to honor the terms we locked into with for any home ( new or existing ) we purchase in the coming months. Also, if these disclosures are standard then how many other customers of Wells Fargo have been miss lead and not allowed to purchase the home they wanted under the terms they locked with? Appreciate any assistance,
Frequently Asked Questions
What is Complaint #6074790 about?
Complaint #6074790 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 2022-10-11T12:00:00-05:00.
How did Wells Fargo & Company respond to this complaint?
The company responded with: "Closed with non-monetary relief". 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.