Wells Fargo & Company Mortgage Complaint

Wells Fargo & Company Mortgage department,

Home equity loan or line of credit Credit decision / Underwriting New York

On - -, 2016, my son and I called Wells Fargo to apply for a Home Equity Loan. We spoke with - - ( Tel. - ext. -. ) She explained the process and told us it would take - weeks to close on the loan. We told her that remodeling and updating was being done and she said that as long as it was n't a new home construction, it was OK. We were pre-approved, and were told that there would be a drive by inspection. When the inspector drove by, we were painting the exterior. He reported back to Wells Fargo that the house was under construction. After telling them that the house exterior was being painted, Wells Fargo upgraded the inspection to a full inspection of the interior, which increased the cost of the inspection and would take more time. Again we told them that the reason for the loan was to remodeling and that there were open walls. On -/-/-, during the inspection, the


The following week I called - - our Home Equity Specialist at Wells Fargo Consumer Lending Group ( - - - ext. -, email : -- ) to find out the status of our application and she told me that it was being reviewed by the underwriter. After a week, she told me that it needed to be reviewed by a - underwriter. Last week, I reached out to customer service to find out the status of our loan. The agent told me that she would bring it to a manager 's attention. This morning, I emailed - - to find out what was going on. She called me at about - to inform me that the loan was decline because of open walls in the kitchen. As a retiree, this has become a drain on me and my husband. We were taken in circles and had Wells Fargo been honest from the beginning, we could have gone to another bank. We are requesting that any fees ( including appraisal ) be refunded to us. Alternatively, we would still accept the loan if it were processed this week. Unfortunately, waiting 15 days for a response will not work given we have already been put in a position of hardship by Wells Fargo. We need to move forward with our projects, and their funding.