Wells Fargo Mortgage Complaint

Wells Fargo Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker New Jersey

On - - I submitted an application to Wells Fargo bank to refi my Wells Fargo 6 % mortgage which I had been paying for 8 years with no missed payments. The balance is $380000.00 I have an equity loan for $ - am retired with a pensiion and SS for both my wife and myself. I have been paying my bills for over 55 years with no missed payments. My FICA score is -. The house was appraised for $950000.00 using a Wells Fargo recommended appraiser. The main mortgage which is what I tried to Refi would have lowered my monthly payment from $2500.00 per month to $1800.00 .I submitted all the documentation to show that I had sufficent assets in my 401K, IRA 's for both my wife and myself, as well as annuities, personal stock portfolio, US bonds and cash. I submitted all this info in a timely manner as requested, sometimes - times as WF


elsewhere. I have been in the - - - for 12 years, worked as a - for 30 years.I owned and ran a - for years, as well as achieved - and been - for over 20 years. I am very competent with management and numbers. I have copies of all the mail sent to me, as well as copious notes from all my discussions with Wells Fargo, which were on a recorded line. Wells Fargo does not know how to Refi a mortgage from a person that does not have a standard -. Over the first five months I received different information from different Wells Fargo employees. All of which I have in my notes, and which follow the recorded line info. I emailed - - the CEO and they turn it over to an employee who was put in placeto keep anyone from bothering the Chief Executives. At - point on a late Friday afternoon, I was told the application was approved. The following Monday morning, I was told the application was denied due to not enough income to debt. Wells Fargo does not recognize that a retired person controls their income through RMDsand Distributions. Wells Fargo tied my life up going on 7 months. As part of their responses to me, they sent me a check for $500.00, that is after they have collected over $4700.00 extraby not approving the Refi, They have tried to roll over me by virtue of their size. My FICO score is -. I have had credit cards with monthly payments paid on time with - and - - for over 55 years. I believe I have a proven credit history. I do n't know why they are discriminating against me. Perhaps they do n't want to give loans to- year old Senior Citizens.As a backup, I also have $500000.00 worth of life insurance payable to my wife in the event of my death. I try to cover all my bases.