Wells Fargo & Company Mortgage Complaint

Wells Fargo & Company Mortgage department,

Conventional fixed mortgage Credit decision / Underwriting New Jersey

I applied to Wells Fargo for a - home mortgage. After submitting all documentation, they preapproved me to proceed. While in attorney review, they were delaying my mortgage commitment for no apparent reason, however offered numerous written assurances that our commitment would be forthcoming. After my contractual commitment to have a mortgage expired with the seller, WF informed me that they could only finance my loan as a conventional mortgage. They further assured me that they could meet my fund request of - % loan to value but the interest rate would be .5 % higher. 3 weeks later, they told me that they could only fund - % of the purchase. I had to proceed or risk losing a substantial amount of escrow. WF tactics of aggressive salesmanship caused me to incur substantial risk and damages since I had to proceed to closing by using funds from my IRA, with penalties, as well as forcing me to refinance immediately, and incurring substantial closing costs. Although WF agreed that their processor misstated her ability to receive a commitment and created a false level of expectation, they did not agree with my claim for damages since I could have declined the loan offer. They refunded my application fee of $950.00. My complaint is that my loan processor withheld full disclosure in order to keep me from cancelling the loan. They knew I had another lender however by the time they informed me of their final underwriting decision, it was too late to change lenders. The - recently reported that WF has been fined for illicit sales practices and I believe my case is similar.