Consumer complaint received 2021-02-26
Company: WELLS FARGO & COMPANY
State: DE
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
I closed on my home on XX/XX/XXXX, and at closing with my builder, my realtor, my family friend, and my Wells Fargo Loan Officer who is no longer with the company were present. At closing and throughout the process my payment was set to {$1300.00} and some change monthly. I was asked do I want to increase my escrow payments monthly in the event there is a shortage. I asked why there would be a shortage and they advised if taxes in my area raised for referendums and such. I advised not as there is no scheduled referendums in my area. This is where the issue lies because they got their tax information from the county but only based on land. They did not estimate my taxes to include a home. This is a deceptive practice considering they knew I was purchasing a home ; they inspected a home and I have insurance that I provided on a home, NOT LAND. This was their way to just get me to sign on the dotted line and get in contract with them. I trusted this person to be doing honest and thorough work as I am not the mortgage contract expert and during these meetings the Well Fargo representative is the one who advised me what each section meant by guiding me through the contract page-by-page and purposefully or unknowingly left off the fact that they had the amount wrong. 

Wells Fargo had ample time and opportunities to let me know this information throughout the process in our many conversations around the payment amount and such. Never disclosed that the taxes were being calculated only on land and would change because there was a home. The fact that they failed to get accurate tax information and make me properly aware I feel completely taken advantage of. This is a very questionable if not downright wrong and deceitful practice to do such a thing. 
I became aware of this when I got a monthly statement that simply just showed my normal monthly payment was {$590.00} higher. There was no warning, or any type of communication of this change to me besides just a statement. During the times we face in the country this is downright wrong as well. I immediately contacted Wells Fargo upon which I spoke to a representative who advised that my loan officer should have known this and gone over this with me during the loan process. I explained this was not and felt very wronged by this. They then filed a complaint and submitted this to the Executive office. This call took place on XX/XX/XXXX. I got a call back on XXXXwhere I was able to explain my complaint in full to the person. My issue was not that my tax payments need to increase, and I advised I will be willing to raise my payment to match the correct account but paying an additional {$590.00} is not acceptable because of their error. I should not have to pay the backed amount being that Wells Fargo had deceived me. I waited days and got a call back XX/XX/XXXX at XXXX XXXX EST and asked to be called back in 20 minutes and they never did. I called and got a voicemail. So, I called again today and my person who was handling my case was not in the office. I spoke to another person named XXXX who tried to review and said the ticket is closed because the documents state that taxes can increase and were based solely on the land and not the home. This did not address my concerns nor complaints and was just wasting time intentionally to get me to pay the additional money. I asked to speak to a manager and was told that at XXXX XXXX EST there were none available. I asked to be on hold until someone else was available and was place don hold and hung up on. My payment is due on Monday and they said too bad nothing they can do in this short of a time, but the reason it is short of time is their own error. 

I already contacted my realtor and other parties at closing who verified this was never advised of. My realtor who has been in the business for over 30 years has never seen such a terrible practice as well. This is causing significant financial harm to me and is unacceptable of a practice. I need assistance in getting this matter resolved as Wells has no intention.

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 non-monetary relief