Consumer complaint received 2018-01-14
Company: WELLS FARGO & COMPANY
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
I signed the papers on XX/XX/XXXXto close on my house with the closing disclosure saying my monthly payments would be {$1000.00} starting XX/XX/XXXX. A few days after closing, my online banking with Wells Fargo had a new account added for my mortgage stating my first payment due XX/XX/XXXX would be {$1300.00} with no explanation. I left 1-2 messages over the next two weeks with my mortgage broker, XXXX XXXX, after calling several times trying to get an answer for this increase. Finally on XX/XX/XXXXI spoke with XXXX after calling the main Wells Fargo help line and speaking with an agent there. XXXX asked if I had received his emails or phone messages and I had not received anything back from him. He then offered to get me started with the Wells Fargo customer complaint department. By that afternoon a formal complaint case was opened by Wells Fargo caseworker XXXX XXXX. She has been trying to rework through my mortgage documents but has not provided me a full answer yet with what happened. 

An Escrow Review Statement was emailed to me onXX/XX/XXXXXXXXXX/XX/XXXXfrom Wells Fargo ( statement dated XX/XX/XXXX). This Escrow Review Statement was issued before I had even made my first payment to Wells Fargo. My escrow was showing a negative balance, a projected escrow shortfall, and an even higher monthly mortgage payment of {$1400.00} starting onXX/XX/XXXX. I then looked into my escrow account activity and found that Wells Fargo had payed the taxes to XXXX County and XXXX XXXX XXXX ( school ) after XXXX XXXX XXXX had already paid the identical taxes to XXXX County and XXXX upon closing. The Initial Escrow Account Disclosure Statement I received on XX/XX/XXXX from Wells Fargo projected my escrow would start with {$2000.00} and XXXX with Wells Fargo said it is possible in addition the title company did not turn over the full initial projected escrow amount to start my balance. 

From my realtor, XXXX, and XXXX, I have been told that Wells Fargo did not capture all of the projected property taxes when my mortgage was prepared. The property taxes in XXXX County were missed when calculating my escrow. The " Over 65 '' property tax exemption of the seller was also not removed when calculating taxes for my monthly mortgage payments ( I am XXXX years old ). 

There was also an issue with closing on XX/XX/XXXX with Wells Fargo input into their computers. A discrepancy had come up of about {$900.00} and they were going to try to get a manual override done by a manager there at Wells Fargo. Closing was actually then delayed to XX/XX/XXXXaround XXXX XXXX I am not sure if that should have also changed some interest payments and/or my first payment due date. 

As of XX/XX/XXXXWells Fargo has not provided me a comprehensive explanation for what happened or a resolution. I am extremely concerned that my actual/true monthly mortgage payments are too high to be sustained by my full-time church employee income.

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 monetary relief