Consumer complaint received 2023-10-07
Company: WELLS FARGO & COMPANY
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage
Sub-issue: Closing disclosure or other related disclosures

Complaint:
Dear Consumer Financial Protection Bureau, I am writing to file a formal complaint against Wells Fargo regarding their recent actions concerning my mortgage account. I have been a loyal and responsible customer with Wells Fargo for nearly ten years, consistently meeting my mortgage obligations without any defaults or missed payments. However, I have recently encountered a troubling and unexplained change in the management of my escrow account, which has raised serious concerns about Wells Fargo 's motives and practices. 
The issue at hand pertains to the sudden addition of a two-month reserve to my escrow account. What perplexes me is that this change has occurred after nearly a decade of maintaining my mortgage with Wells Fargo, and it was not an element discussed or included in the terms when I initially secured the loan. When I was shopping for mortgages a decade ago, no mention or indication was made regarding such a provision, nor was it ever part of our agreement. 
In my particular case, I have been a loyal customer of Wells Fargo for the past ten years, diligently fulfilling my mortgage obligations without a single missed payment. However, recently, Wells Fargo added a two-month reserve, equivalent to {$3200.00}, to my escrow account. This addition was made without any explanation, and it stands in stark contrast to Wells Fargo 's Truth-in-Lending Disclosure from 2013, which influenced my decision to choose Wells Fargo as my mortgage provider a decade ago. At that time, I selected Wells Fargo as my lender, in part, because there was no provision for such an extra two-month escrow reserve. 
I strongly suspect that this change is not driven by any legitimate need related to my loan or financial circumstances but rather by Wells Fargo 's internal financial motivations. It has come to my attention that Wells Fargo has faced challenges in attracting deposits due to its lack of competitive interest rates, leading many customers to migrate their funds to institutions offering better returns. Given this situation, it appears that Wells Fargo is now attempting to generate additional deposits that can earn interest to support its operations. 
I find this behavior reprehensible, especially in a time when interest rates are historically high, and mortgage holders like me are unable to easily switch banks due to the associated costs and complexities. This arbitrary modification to my escrow account, seemingly driven by Wells Fargo 's financial concerns rather than a legitimate reason related to my loan, is not only unfair but also appears to be a breach of trust. 
I believe that Wells Fargo 's actions may not only be impacting me but also countless other customers facing similar issues. This situation could potentially lead to class actions and lawsuits against the bank. I kindly request that the Consumer Financial Protection Bureau investigate this matter thoroughly to ensure that Wells Fargo is held accountable for its actions and that it complies with all relevant fair practices and market conduct expectations. 
I demand that Wells Fargo removes the new unnecessary non interest bearing two month reserve from my escrow or provides me with a comprehensive and written response explaining the rationale behind their decision to add a two-month reserve to my escrow account now, as opposed to including this provision in the Truth-in-Lending Disclosure of my mortgage agreement a decade ago when I initially chose Wells Fargo as my mortgage provider . I specifically elected to go with Wells Fargo based on the understanding that this additional reserve would be part of our agreement, and I need a clear explanation as to what has changed since then to warrant this unexpected modification. 
I am grateful for your attention to this matter and your commitment to protecting consumers ' rights. I am hopeful that your intervention will lead to a resolution that is fair and just for all affected parties. 

Sincerely, 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