Wells Fargo & Company Mortgage Complaint

Wells Fargo & Company Mortgage department,

Conventional fixed mortgage Settlement process and costs Texas

We secured and were under an agreement with Wells Fargo to purchase a home under an 89.9 % loan exception which allowed us to pay a 10.1 % down payment on the purchase of a new home. These conditions provided a significant advantage to us in terms of the cash out of pocket and was the basis of pursuing the loan through Wells Fargo versus alternate loan providers. We progressed through the loan process ( providing timely documentation ) and were assured at multiple stages that we were on track to close on the contract date ( - - ). Wednesday morning before - ( - - ) we received a call from an agent of Wells Fargo indicating that Wells Fargo did not agree with the appraiser 's estimated home value ( which they had since - - ) and required the loan to go through additional internal reviews. They communicated that these reviews ( even if expedited ) would delay the closing date of the home. The agent indicated the only scenario in which we could maintain the original closing date was if we put 20 % down. He pressed and indicated they needed our decision by mid-day otherwise the closing would be delayed. I communicated how egregious I thought the entire scenario was and that I believed this was a " bait and switch ''. This last minute issue arose - 44 days post contract submission, and ~ 30 days post receipt of the original appraisal.