Consumer complaint received 2017-11-19
Company: WELLS FARGO & COMPANY
State: NC
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
On XX/XX/XXXX I visited a Wells Fargo Branch to inquire about my loan balance of {$58000.00} and to find out when my loan type was changed and why I was not notified. The loan officer at the branch stated that they were unable to answer any of my questions and said I would need to call the XXXX number on my statement. I then called the number on my statement and they transferred me to the Home Equity Servicing Operations and the young man that answered referred me to XXXX XXXX but she did not answer and I left her a voicemail stating the reason I was calling. A few days later on XX/XX/XXXX I  received in the mail a Transaction Statement, I reviewed the statement and attempted to call XXXX and left another voicemail stating that I had requested an amortization printout for my loan not a Transaction Statement and I would like to know when did my loan become a Simple Interest Equity Home Loan when my Promissory Note states that it is a 30 year fixed at an interest rate of 7.24 % in the amount of {$65000.00} and the Settlement Statement states a Conventional Loan. I reached out multiple times during the next couple weeks trying to speak with XXXX but without success. I them asked if someone else could help me and he said at this time no and XXXX was out of the office. On XX/XX/XXXX my wife was able to speak with XXXX and she attempted to explain that when Wells Fargo took over our loan they decided that it was best serviced as a Equity Simple Interest loan instead of a Conventional loan. My wife asked her to explain a simple interest loan and she said it 's a type of loan that accrues interest daily from payment to payment not monthly like a conventional loan, at which time my wife asked why were we not notified and got no response. XXXX then stated that she had prepared an ammoritization chart for the account and would be dropping it in the mail but it was only accurate if we brought the account current by XX/XX/XXXX.  After speaking with XXXX my wife relayed to me what had been said at which time I called XXXX myself and asked her why did years go by without any principal being applied to our mortgage even when we paid on the XX/XX/XXXX or within the grace period based on our documentation and she repeated the same thing that she had told my wife at which time I decided to contact my attorney and he suggested that I go ahead and file a complaint. On XX/XX/XXXX we finally recieved a Recalculated Amortization which shows that if we are current by XX/XX/XXXX by the last mortgage payment on XX/XX/XXXX we would have a balloon payment in the amount of {$18000.00} which we did not have in our original documentation, how and why are my questions which she can not provide an acceptable explanation. I am attaching documentation of our Settlement Statement, Promissory Note, Truth-In-Lending Dsiclosure Statement, Transaction Statement and Recalculated Amortization.

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