Consumer complaint received 2018-03-14
Company: WELLS FARGO & COMPANY
State: NV
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I contacted Wells Fargo Home Mortgage ( WFHM ) XX/XX/XXXX for payoff information. I advised them I had funds in hand waiting to wire. At first, the representative said no problem, then can e-mail the payoff statement same day. Then, he claimed that for a Nevada mortgage only ( no where else in the USA ), they require " manual '' preparation of the payoff statement taking up to 8 business days. Note - The CFPB regulatory limit is 7 business days.

After considerable misinformation about the alleged cause of this situation by multiple representatives, my situation was escalated to WFHM " executive offices ''. That representative admitted the previous misinformation about causes for payoff statement delay and stated that there were statutory requirements for payoff statements in Nevada which WFHM had not programmed their automated payoff statement system ( XXXX ) to provide. She stated that the manual preparation unit would provide the payoff statement ASAP. 

When I called t check for the payoff statement XX/XX/XXXX, I was told it was snail mailed XX/XX/XXXX. They refused to e-mail it even though they e-mail payoff statements they prepare in their automated system which doesn't work for Nevada mortgages. They finally FAXed to a local Wells Fargo Bank office, I had to drive several miles to pick it up. 

I paid off the loan by wire transfer XX/XX/XXXX. The payoff statement provided a payoff good though XX/XX/XXXX and a subsequent per diem rate for after that. Contrary to specific requirements found in Nevada Revised Statutes 107.210, the payoff statement did NOT provide a payoff as of the request date and subsequent per diem. I therefore overpaid WFHM 13 ( thirteen ) days additional interest. 

I have communicated multiple times with WFHM by letter ( see attached ) and telephone regarding the overpayment and requested the refund. I also requested they reimburse me for the six wasted days between the payoff statement request XX/XX/XXXX and XX/XX/XXXX. WFHM has refunded the escrow impound account and, as a " courtesy '', the 6 days interest loss caused by the payoff statement delay. They have NOT refunded the 13 days interest overpayment for XX/XX/XXXX through 0XX/XX/XXXX. I have not cashed the check for the 6 days interest loss and won't cash it until the overpayment issue is resolved. 

Lastly, I note that WFHM communications are not mailed until at least 2 to 4 days after the letter date. WFHM will claim compliance based on their letter date knowing that their mail process takes at least 2 to 4 days longer. As an further outlier, one letter dated XX/XX/XXXX wasn't mailed until XX/XX/XXXX. 

WFHM has systemic issues with providing payoff statements. They state a time frame for doing so that is outside the regulatory time frame required by CFPB. Their representatives make excuses and provide misinformation about the reasons for delay and require additional information and training. The payoff statements do not comply with Nevada statutes or common sense in providing a payoff figure as of the request date, not a future projected date. Note - I did NOT request a payoff for a future date, I requested an immediate payoff amount. WFHM provided the payoff to a future date on it's own initiative for no explicable reason. WFHM has collected an interest overpayment and apparently has no provision to refund those funds. Even if the funds are refunded, this " system '' provides WFHM with " float '' using their customer 's money at no cost until they refund. WFHM communications take at least 2 to 4 days after their date to be franked in an envelope and mailed.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation