Wells Fargo & Company Mortgage Complaint

Wells Fargo & Company Mortgage department,

Conventional fixed mortgage Settlement process and costs California

-/-/2016 My wife and I applied for a mortgage with WellsFargo. -/-/2016 Completed an RPA on - -, Ca -, that included a security deposit of $14000.00, based on the assurance that Wells Fargo agreed to the timeline and that financing could be completed in order to not jeopardize the deposit and fulfill their responsibilities as dictated by the Truth in Lending Act. -/-/- WF loan officer Loan officer emailed then called and spoke with my agent to tell her that the loan was approved. ( I have electronic copies of this email ). This approval was made with full knowledge of the agreed timeline and consequences if it was not fulfilled. Any


-/-/2016 My agent sent email to loan officer to confirm that in fact the loan had been approved and contingencies could be lifted. An email confirming this was received by agent who then removed contingencies. ( I have electronic copies of this email ). This was an inaccurate statement which placed the deposit in jeopardy as the agreed timeline was not met by WellsFargo, making them directly responsible for defect in the closing agreement as dictated in Section 1026.19 ( f ) of TILA. -/-/- My agent and I separately tried to contact the loan officer to make sure that we were all set to close on -/-/-. He was on holiday in - and not answering his phone '', " returning calls or responding to emails. After calling the loan officer 's branch manager and leaving a message, she physically went to the branch office in -. She met with the branch manager who had not been informed of the details of our file. She shared the emails with him and he told her that the loan officer should never have said that and that he needed to coach him to not say that in the future. This was a direct violation of the Truth in Lending Act as they failed to provide accurate and timely information as dictated in Section 1026.19 ( f ). -/-/- closing date was missed due to incomplete financing. Seller denied extension and communicated intent to keep the deposit. Loan manager admitted fault in loss and provided contact information to apply for refund of deposit of $14000.00. This was an accurate statement as they failed to provide accurate and timely information, violating the Truth in Lending Act.