Wells Fargo & Company Mortgage Complaint

Wells Fargo & Company Mortgage department,

Conventional fixed mortgage Credit decision / Underwriting Washington

Was promised by Wells Fargo that I qualified for 10.1 % downpayment on jumbo loan. In fact, I received a pre-approval stating as much. I shopped around at other banks and those required a 15 % downpayment, so I chose Wells Fargo. About one week after the offer had been accepted, WF stated that the downpayment would need to be 20 %. Needless to say, on a sales price of $900000.00, this made a huge difference and because of the post-cash liquidity requirements we were forced to make withdrawals from our IRA in order to keep the deal. In the ultra competitive real estate market in -, I could not stop the accelerated close process and switch to another bank. WF could never give me a good reason why I no longer qualified for the 10.1 % downpayment, but blamed it on the underwriters. I heard of the exact same situation happening to an acquaintance of mine in Indiana. I believe WF knew we had the retirement assets at our disposal and changed the downpayment after we selected them. I also believe this is a typical practice by WF and is typical of their shady practices when promising - thing and delivering another.