Consumer complaint received 2016-12-21
Company: WELLS FARGO & COMPANY
State: PA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
XXXX/XXXX/16 Consumer Financial Protection Bureau, This is in response to a previous complaint filed with the Consumer Financial Protection Bureau ( Case Number : XXXX ) In this complaint I explained that I was told at the origination of my mortgage that if I paid twice a month it would reduce the number of years that I had to pay from XXXX to XXXX. You can refer to the original complaint noted above for the details. 

I would like to register my extreme dissatisfaction with my response from Wells Fargo as follows : They were required to respond within two weeks. They extended this five times because they were not ready. 

They finally left a message that they had a response and sent me a letter. They made no effort to contact me to explain anything. When I called the person who handled the case she was out for ten days and provided another name. When I called the other name she never returned my call. 

Upon receipt of their letter, they simply said that everything was in order. 

I am confounded that in a complaint such as this that Wells Fargo never interviewed the mortgage broker to find out what his understanding was when he filed the application. 

They indicate 'We were unable to locate any information about bi-monthly payments from when your account was originated. ' The ignorance here is unbelievable. They have been taking bi-monthly payments - how do they think it was set up if it was n't originated at the beginning? 

I am, likewise, confused that they did n't include a copy of the application that I signed because I would like to know where it states that paying twice a month would only yield a shorter mortgage duration by one year. 

They included a Truth-in-Lending statement that was based on a fifteen year mortgage but we contracted for twice a month payments that would reduce the fifteen years - where is there a document that explains this? 

They indicate that Equity Accelerator only would send to Wells Fargo principal in the amount of {$170.00} once a month, not twice a month. Where was this explained? Where did I sign anything indicating that I understood this? 

Their customer service people never documented their files when I called to reflect the end date of the mortgage that I was given. They acknowledge that I called but nothing was documented relative to what they said. What kind of service is this that does n't document the details of a call. 

With every other complaint process that is regulated the complainant is offered a hearing if they disagree - nothing was offered. 

Based on this horrible example of service I can now understand why Wells Fargo has been slammed for their poor service. 

It was a great sacrifice to make payments twice a month and then be told that it only saved one year on the mortgage is inexcusable. 

I am consulting my attorney for the next steps that I plan to initiate. 

XXXX XXXX XXXX Cell XXXX Cc Wells Fargo ( XXXX XXXX )

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