Wells Fargo & Company Mortgage Complaint

Wells Fargo & Company Mortgage department,

Conventional adjustable mortgage (ARM) Application, originator, mortgage broker Texas

Wells Fargo entered a contract with my husband and I to refinance our current mortgage with Wells Fargo ( WF ). We had a cash-out mortgage two years ago and have since paid off half the mortgage ; we wished to refinance the balance with - arm at 3 %. We locked into this agreement with WF on - - with the intent to close early -. After repeated phone calls and emails to - - at WF regarding closing dates with no response I contacted his boss, - -. The next day I received a call - - from - saying the could not do the loan because only a fixed term loan is possibly with a cash-out mortgage. - cited Texas law as the reason why : Section 50 ( a ) ( 6 ) specifically via email. Please note, we were supposed to have closed on this refinancing the week before AND WF credit had reviewed the title report two weeks prior but Wells did nothing.


they entered into a contract with us and then three months later -when the market had shifted higher - said T- law prohibited it. - later emailed back saying to disregard the first explanation and that it was an internal Wells Fargo policy. WF offered us a 30 yr fixed at 3.75 % then adjusted down to 3.65 % with no other concessions. The later admitted they made multiple mistakes and would offer us a - credit on the closing amount. Over a seven year period, Wells Fargo will cost us a minimum of $13000.00 for the difference between the two mortgage products.