Consumer complaint received 2019-03-18
Company: WELLS FARGO & COMPANY
State: AL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I had a mortgage with Well Fargo Home Mortgage on a home that I sold in early XXXX. On XX/XX/XXXX, at my current home address I received a letter from Wells Fargo enclosing a check in the amount of {$1300.00} relating to Private Mortgage Insurance. The letter does not include specific information about calculation of the amount of the refund. Wells Fargo 's customer service representatives at the number provided in the letter as the number to call in the event of any question were unable to provide helpful information. 

The letter states ( 1 ) Wells did not include the option to cancel PMI on the date the principal balance reaches 80 % of the original value of the property, and ( 2 ) PMI was previously removed from my account and I was no longer required to pay any further premiums, payments or other fees related to PMI. 

Wells describes the calculation of the refund as follows : " The refund is for PMI payments you made from the date we gave you the incorrect information to whichever of the following came first : ( 1 ) the date we provided the correct information [ or ] ( 2 ) the date you were no longer required to carry PMI. '' The letter further states that Wells is paying interest I would have earned on the amount of the refund. There is no explanation of any of the calculations or the dates used in connection therewith. 

The letter includes a toll free number and the only mailing address listed is a Return Mail Operations address. When I called the toll free number the Wells representative initially was unable to locate any information about the matter because it involves a closed mortgage account. I was transferred to a supervisor who was able to verify that the check in the amount of {$1300.00} had been issued, but he was unable to provide any further information. He provided me with a mailing address and a fax number for Wells Fargo 's Written Correspondence Department. Both representatives tried to be helpful, but lacked access to helpful information. 

I appreciate the refund. It may be the correct amount. I would like to understand how Wells Fargo arrived at the amount. The letter 's statement that " PMI was previously removed from your account and you were no longer required to pay any further premiums, payments or other fees related to PMI, '' followed by the statement that Wells Fargo is providing a refund, is vague. I want to know whether Wells Fargo collected PMI payments from me for some period of time after PMI had actually been removed from my account. If this is the case, the refund should include all overpayment amounts, irrespective of the date ( s ) of  any notice ( s ) to me. 

I need more information in order to determine whether Wells Fargo 's refund is sufficient to cover the amount by which I overpaid Wells Fargo. I am submitting this request instead of a written request to Wells Fargo 's Written Correspondence Department because this process, which includes a web portal, is easier than the process Wells Fargo has offered. I think it is also more likely to produce a quicker response. Thanks.

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