Consumer complaint received 2019-04-04
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Our daughter and fianc were buying a house last XX/XX/XXXX. My husband and I agreed to co-sign as we did with our son. We worked with the same home mortgage consultant through Wells Fargo. I told her to set the loan up as she did for my son. 
We were out of the country when the house closed and my daughter had power of attorney to sign for us. Many outrageously incompetent things transpired during the process because of the bank representatives ; too many to even mention. 

In late XX/XX/XXXX, my husband and I received in the mail the Mortgage Interest Statement, Form XXXX XXXX, from Wells Fargo reporting the interest paid on the loan under my husbands Social Security number. We do not and have not made any payments. The loan was set up to be paid automatically from my daughter and her fiancs Wells Fargo account. 

I called Wells Fargo immediately and spoke to several people including our original loan consultant, XXXX XXXX. They argued about me and my husband being listed first on the loan so to them that triggers the reporting to us. My argument was that it was my understanding that reporting laws require the person who pays or is paid money receives the notice under their Social Security number that is in turn reported to the IRS. 
I could not understand how the loan payment set up to pay the mortgage payment and also handle the escrow accounting to collect and pay XXXX and XXXX property taxes and house insurance could even be set up to report the payments under someone elses Social Security number. 

They wont change the Mortgage Interest to the customers who are actually making the payments and said the loan would have to be refinanced, although at a much higher rate. I threatened to closed all my accounts of which there are many. 

Wells Fargo notified us, XX/XX/XXXX, of their opening of an inquiry about our concerns and said they would respond by XX/XX/XXXX. They didnt and I called and spoke with XXXX XXXX who asked me to leave a message for XXXX XXXX, who didnt return my call. We received another letter dated XX/XX/XXXX, saying they now expect to complete our work by XX/XX/XXXX. Then another XX/XX/XXXX changing their completion date to XX/XX/XXXX. Finally the letter dated XX/XX/XXXX arrived telling us they did everything correctly and to make the adjustments we needed to speak to our tax accountant. 

This happened early XXXX : At a different branch near our home in XXXX, the manager volunteered to help and even said, in looking at our bank accounts, if the bank could refinance the loan to correct the error at the same or lower interest rate would that make us content and happy? I said yes. They promised to make inquiries and get back to me. They didnt and I called and left 2 phone messages. No one responded or returned my calls. 

This is not an easy thing to make right on all our tax returns ( for how many years ) and we shouldnt have to correct their mistake. The loan consultant made an error and since I did not tell her in writing its as though I didnt tell her at all. We are on my sons loan which she did a few years ago. I told her to have me and my husbands position as co-signers the same for XXXX and XXXX. 

I would never have known that the position of the names on a document can actually change the reporting of who is making the payments whether its an actual fact or not. This cant be right.

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