Consumer complaint received 2021-04-01
Company: WELLS FARGO & COMPANY
State: IL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Dear Consumer Financial Protection Bureau We continuously experience deceptive and unfair business practices from Wells Fargo on the servicing of our mortgage loan under Corvid-19 and Care Act Crisis. From XX/XX/XXXX thru XX/XX/XXXX, three different representatives retrieved the investor guidelines and stated the loan qualified for a total of 12 months of relief. This information is also in the attached letter dated XX/XX/XXXX. The short term forbearance will be granted in 3 month increments. We will not automatically extend the forbearance. If an extension is needed, you must call and request an extension. Prior to the end of each short term forbearance, I received a letter asking if Im ready to resume payments or need more time. Please see attachment # 1 letter dated XX/XX/XXXX. 

Third Short Term forbearance : Requested XX/XX/XXXX at XXXX XXXX  CST : Per the letter in attachment 1, I called and spoke with XXXX who retrieved and read the investor guidelines which stated a total of 12 months. Your next payment is XX/XX/XXXX. After this extension you will have 3 months remaining per your investor guidelines. No additional action or payment is required at this time. 

XX/XX/XXXX, I started receiving emails, letters and the website indicated to contact Wells Fargo immediately because they have not heard from me and wanted to know if I needed more time or ready to resume payments. This occurred 3 times ( XX/XX/XXXX, XXXX, and XXXX ). Each time I called, the representatives reviewed the system and stated the extension is being processed. Please see attachment # 2 XX/XX/XXXX XXXX XXXX  CST : XXXX XX/XX/XXXX XXXX XXXX  CST : XXXX ( Home preservations department ) XX/XX/XXXX, I received a letter confirming the prior 3 months suspension payments were moved to the end of the loan. Now that you are back on normal payments, all credit reporting will resume. 
The third short term confirmation letter was never received. The website displayed you are on a short term forbearance with a next payment date of XX/XX/XXXX. Please see attachment # 3 XX/XX/XXXX at XXXX XXXX CST, one business day prior to the mortgage payment due date, XXXX XXXX from the executive office called and spoke with my wife. He stated the representative provided incorrect information and the investor only allow 6 months. She replied XXXX is the third representative from XX/XX/XXXX XX/XX/XXXX that retrieved the investor guidelines and stated the loan qualified for a total of 12 months. XXXX stated he would research where the representative found the information and ensure her supervisor is aware of the inaccurate information she provided. The representative does not have the ability to retrieve the investor guidelines. 
He continued to say, if assistance is still needed a full doc application is required by the investor and I needed to work with the home preservation department. We have repeatedly requested the investors full guidelines in writing. As of this date I have only received a letter from XXXX stating it was a system error, the investor is only allowing 6 months of relief and a full doc application is required. Please see attachment # 4. Please note how the verbiage changed in this letter verse the letter dated XX/XX/XXXX in attachment # 1. 

Received A Short Term Forbearance Letter : XX/XX/XXXX, I received a short term forbearance letter dated XX/XX/XXXX stating due to COVID-19 crisis, weve provided you with a short term payment suspension ( Forbearance ). You dont need to contact us as there is nothing for you to do right now. You are not required to make any payments during this forbearance. My mortgage statement dated XX/XX/XXXX also displays the same information. Please see attachment # 5 XX/XX/XXXX, I called XXXX XXXX and again I was told thats a system error. Your investor only allows 6 months. If you require assistance a full doc application is needed per the investor. XXXX entered a grievance as we talked about all of the unfair business practices on this issue. 

XX/XX/XXXX at XXXX XXXX  CST, we called XXXX XXXX in the executive office who also work with XXXX XXXX that my wife spoke with on XX/XX/XXXX. My wife told her we received a letter dated XX/XX/XXXX that we are in a short term forbearance. No action is needed and payments are not required. XXXX mortgage statement also displays the same information. XXXX replied you spoke with XXXX XXXX on XX/XX/XXXX who indicated it was a system error. My wife replied are you saying Wells Fargo had a system error from XX/XX/XXXX to XX/XX/XXXX on the account. XXXX response was shes research this issue and will provide an update via the phone and in writing. 
The next day XX/XX/XXXX, the online account website was updated with an alert dated XX/XX/XXXX, stating to provide more time to financially recover from COVID-19 pandemic, you may be able to extend your mortgage payment suspension for additional months. The amount you may extend varies by the type of loan you have. If you were on an active COVID-19 payment suspension. Well send you a letter prior to payment suspension expiring, depending on your account, you may qualify for an extension. XX/XX/XXXX, the account summary displayed the number of past due days and the alert was removed. Please see attachment # 6 Credit Reporting of Short Term Forbearance : I written Wells Fargo multiple times stating they reported incorrect information to the credit agencies and my score dropped with the initial forbearance ( XXXX, XXXX and XXXX ). They reported no data not current, then later added the verbiage account in forbearance. XX/XX/XXXX was also reported incorrectly, as the initial forbearance ended XX/XX/XXXX. XX/XX/XXXX payment was made in the full amount of {$890.00}. My mortgage statement also reflect this payment. After multiple complaints, I opened a dispute with Transunion. XX/XX/XXXX Wells Fargo removed the account remarks in forbearance but did not correct XXXX. The letter I received from XXXX XXXX stated they found no error. Please update the credit report. Please see attachment # 7 This is by far the worse customer experience with Wells Fargo. It is mentally and physically stressful. They have proven not be trustworthy by repeatedly providing information verbally and in writing but refuse to honor it. Where is Wells Fargo integrity? Are they not governed by laws and rules of a financial institution? This is a prime financial example of unfair business practices, deception and lack of integrity. 
Loss of income and a tenant is challenging yet Wells Fargo only want to help certain people. 

Thank you

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