Wells Fargo & Company Mortgage Complaint

Wells Fargo & Company Mortgage department,

Other mortgage Application, originator, mortgage broker California

I have had a first mortgage and second mortgage with Wells Fargo for quite a few years. I have never missed a payment. Recently, I applied for a new first mortgage that combined - my first and second present mortgages. I was turned down due to " Excessive obligations in relation to income, Income insufficient for amount of credit requested, Value or type of collateral not sufficient. '' Then I added an additional -/month by increasing my monthly payment from -. I did not need this extra money, or even the $1000.00 original payment so I put about $3000.00 in my money market account each month. I was again turned down for the same reason. I spent over $10000.00 in application fees. Given that my income exceeds my needs by almost $ -/month and the payment on a new loan would be less that my present - loans, and given that my credit report is in the - range, there is something very fishy here. It appears that Wells Fargo wants to


My Income vs Expenses/Month Income/Month After Taxes Social Security $1100.00 -S - ( - ) $2300.00 - one time/year : - $ - ) $370.00 - ( to be increased ) $2800.00 - Primary $2400.00 - other $490.00 Husband 's Rental Income ( handed to me each month* ) $2400.00 - - ( variable from $100.00 - $2000.00 ) $300.00 *Husband 's renter gives him - checks each year and he signs them all to me at one time. TOTAL $12000.00 I also have a Money Market account where I put my access funds. Expenses/Month - ( - ) $2600.00 - Rental expenses $3800.00 - water ( - ), - - - ), - & - - - ), - - - ) $370.00 - - - - $500.00 Miscellaneous estimate $2000.00 TOTAL : $9400.00 The nearly $3000.00 left over is put into my Money Market account. I always pay my credit cards in full every month. I do not owe anything else. Other Information Both my husband and I have medical insurance for life, grandfathered from - that has little or NO CO-PAYMENT. We also have dental insurance that has a moderate co-payment. Also, I 've had no car payments for the last 21 years - - - - -. I also keep at least $2000.00 in cash at home. My credit rating is at the - level.