Consumer complaint received 2018-11-20
Company: WELLS FARGO & COMPANY
State: TX
Product: Mortgage
Sub-product: FHA mortgage
Issue: Trouble during payment process

Complaint:
On XX/XX/XXXX I contacted Wells Fargo to inquire about the process of changing my homeowner 's insurance and how that would affect my escrow account. I spoke with XXXX XXXX and also a woman named XXXX and was provided the contact information and steps I needed to take. I was advised by XXXX that since my new insurance policy was starting a month or two prior to my existing policy, my escrow account may be short slightly and any refund I receive from my existing insurance carrier, I should pay that into my escrow account. He also advised based on the timing, they may run my escrow analysis and it will show a large shortage as the system will pay my new policy but they will also be calculating to pay my existing policy and all I would need to do if this happens is to call to explain the issue. I received an escrow analysis from Wells Fargo showing a shortage of {$610.00}. I called on XX/XX/XXXX and spoke with a woman who acknowledged what had happened and stated it would be a quick fix and placed me on hold and called the escrow department and came back and said she made an error and the shortage is correct but could not explain how. I requested a supervisor and spoke with XXXX who was also unable to satisfy my concern. I was given incorrect information by her as she stated my school tax was $ XXXX/ , county is {$650.00} and city is {$840.00} and advised those are paid bi-annually. That is incorrect as those figures are my totals for the entire year and not only for 6 months. Therefore the difference in my taxes from XXXX to XXXX were doubled as she stated they were paid bi-annually and was calculating the shortage twice. For example my school tax was {$1100.00} and increased to {$1100.00} which makes the shortage {$57.00} but she stated the shortage was {$110.00} as she doubled it in error. After over an hour she was unable to tell me how the shortage was being determined. Wells Fargo claims the shortage is {$610.00} but is increasing my payment by {$59.00} a month ( $ XXXXXXXXX= {$710.00} ) she was also unable to explain how I am repaying {$710.00} but the shortage is supposedly only {$610.00}. In XXXX I did not have any shortage, in XXXX I had a shortage of {$48.00} and in XXXX I had a shortage of {$51.00} which I understand taxes and insurance varies so a slight increase is understandable. A {$610.00} shortage is not reasonable or understandable and I believe my escrow analysis is incorrect. I have attempted to resolve this matter with Wells Fargo and have received no satisfaction or explanation. Please help me in resolving this issue as I truly believe my escrow account is not randomly short {$600.00} and their analysis is incorrect and what has triggered this is my change in insurance carriers. You will see I have never missed a payment and my payments are made on time so it is unimaginable that I have such a steep shortage in my escrow.

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