Wells Fargo Mortgage Complaint

Wells Fargo Mortgage department,

FHA mortgage Credit decision / Underwriting Texas

I applied for an FHA mortgage with Wells Fargo , NA and on - -, -, I received a ( pre-approved ) Priority Buyer Letter for the property incident to my loan. I am an - recipient for the - of my own and have been receiving such benefits for over five ( 5 ) years. During the income verification process, I provided Wells Fargo employee, - - copies of : 1 ) My original Notice of Award letter dated - -, -, 2 ) An - notice of the continuation of benefits and amount payable, effective - -, - for the current year and, 3 ) Copies of my previous two ( 2 ) years ( -, - ) - stubs which evidence the total year end earnings for those years, since I am not required to file taxes. Those documents should have sufficed since the Social Security Administration ( SSA ) will not provide a guarantee letter promising the income will continue for any duration, or otherwise forever. I received a phone call from Wells Fargo employee, - - during the income verification process where - - explicitly stated I would need a guarantee letter going forward, promising


receiving - for my - for at least five ( 5 ) years. I strongly objected to - - this documentation requirement on the grounds that it was an underwriting rule discriminatory toward those receiving -, or any public assistance benefit, for that matter. I further asked - - if for employed persons similarly situated in the loan and income verification process if a letter from an applicant 's employer guaranteeing future employment and income were required and - - said it was not a requirement from employed persons. I was very offended that I was being treated disparately, but quickly rushed to a local office of the SSA to obtain any and all documentation the SSA would be willing to give me that might better justify my income and ability to repay the loan. I basically received identical documentation from the SSA and turned it into Wells Fargo ( - - ) the same day. I filed a complaint with Wells Fargo legal department in - - and my loan was then handed off to their Home Mortgage office in Iowa for review and investigation. I ended up getting conditionally approved for the loan, but rapidly became the subject of retaliation. I had been shopping for mortgage companies when I came to Wells Fargo, as I have my bank account there. I was already pre-approved by - -, but - - at Wells Fargo promised to " undercut '' - - to earn my business, giving me a slightly lower interest rate ( 3.75 % vs. 3.85 %, 30-year fixed FHA ). On numerous occasions, I kept seeing a higher rate appear on the Good Faith Estimate ( GFE ) than promised. On numerous occasions, - - instructed me to ignore the GFE and that at closing, I would in fact lock in the 3.75 % fixed, 30 year rate. - -, manager in Iowa kept claiming that my discrimination case was under investigation and she promised to " make things right, '' by seeing my loan through until it closes. Little did I know, my loan was never going to close, all the promises made were vacuous and I was lied to by a plethora of bank employees. - - claimed my loan could n't proceed due to my property not " meeting approval. '' I went to another company and closed in two weeks. Shortly after, Wells Fargo sent a resolution letter intentionally misrepresenting virtually every material fact subject to my discrimination claim. I have voice recordings, emails and texts to prove it. Wells Fargo bought my loan 33 days after I closed at 4.25 % from new company.