Consumer complaint received 2023-04-06
Company: WELLS FARGO & COMPANY
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Wells Fargo is my current mortgage holder. Has been since XXXX of XXXX. We had XXXX mortgage escrow analysis during XXXX- which was delivered to us through mail and through our online portal. Sufficient information as required through RESPA Section 10 for escrow analysis. 

With that being said for XXXX, i have been watching our mail and our online portal, everyday for an annual escrow analysis since our appraised value on our home went up through our XXXX XXXX. I have not received anything from XXXX - current date. 

When our mortgage payment was withdrawn on XXXX for {$3200.00}- which is DOUBLE what our mortgage payment was/should have been of {$1800.00}. Once I realized, today at XXXX XXXX that we had not received an escrow analysis to show that we did or do have an escrow shortage, I contacted Wells Fargo immediately to ask why we never received the escrow analysis through the mail or on our online portal. 

Their response, " Well, we mailed it so it must have gotten lost in the mail. '' Okay, well why isn't it on my online portal in my statement and documents? " I can email it to you, if you want. '' No, unacceptable. 

They stated that my escrow was short {$10000.00} ; but how would I know where that shortage came from or what is being aggregated to what. 

RESPA Section 10 states that the following needs to be in the contents of an escrow account statement : ( i ) The amount of the borrower 's current monthly mortgage payment and the portion of the monthly payment going into the escrow account ; ( this is on my monthly statement, so I won't say I didn't have this in the " contents '' ) ( ii ) The amount of the past year 's monthly mortgage payment and the portion of the monthly payment that went into the escrow account ; ( Didn't receive this as it is not on a mortgage statement ) ( iii ) The total amount paid into the escrow account during the past computation year ; ( If I was to get my YE mortgage statement to see the YTD escrow accounts ) ( iv ) The total amount paid out of the escrow account during the same period for taxes, insurance premiums, and other charges ( as separately identified ) ; ( If I was to get my YE mortgage statement to see the YTD escrow accounts ) ( v ) The balance in the escrow account at the end of the period ; ( If I was to get my YE mortgage statement to see the YTD escrow accounts ) ( vi ) An explanation of how any surplus is being handled by the servicer ; ( N/A ) ( vii ) An explanation of how any shortage or deficiency is to be paid by the borrower ; ( Didn't receive this as it is not on a mortgage statement ) and ( viii ) If applicable, the reason ( s ) why the estimated low monthly balance was not reached, as indicated by noting differences between the most recent account history and last year 's projection. Public Guidance Documents entitled Annual Escrow Account Disclosure Statement - Format and Annual Escrow Account Disclosure Statement - Example set forth an acceptable format and methodology for conveying this information. 
( Didn't receive this as it is not on a mortgage statement )

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