Consumer complaint received 2022-03-15
Company: WELLS FARGO & COMPANY
State: TX
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process

Complaint:
Wells Fargo Home Mortgage is the lender and servicer of my above referenced mortgage loan for the property located in Texas. 

Wells Fargo and/or its Affiliates incorrectly imposed Lender Forced Placed Insurance Fees , Advances, Late Fees, Interest, and misapplication of monthly payments on the above referenced mortgage loan. 
I am disputing the amounts Wells Fargo claim are owed for Unpaid Principal Balance, Interest, Unpaid Advance Balance, Unpaid Late Charges and Total Amount Outstanding under Note/Security Instrument according to the payoff statement emailed to me from Wells Fargo representative at xxxxxxxXXXX dated XX/XX/XXXX. Copy Enclosed. Response Letter from Wells Fargo dated XX/XX/XXXX also enclosed. 

I request that Wells Fargo suppress reporting of this account to any and credit bureaus until such disputes are resolved. 

I am requesting the following information in response to the enclosed Wells Fargo Letter dated XX/XX/XXXX : Enclosed you will again find copies of the Insurance Declaration pages for owner purchased insurance on the above referenced property ( previously provided to Wells Fargo ), which covers dates of XX/XX/XXXX and XX/XX/XXXX. Wells Fargo charged for lender placed insurance in error on the dates of XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX. Please remove charges for lender placed insurance in the amount of {$8.00} dated XX/XX/XXXX ; {$560.00} dated XX/XX/XXXX ; and {$650.00} dated XX/XX/XXXX. Total adjustment requested for lender placed insurance is {$1200.00}. Copy of the dates and amounts as noted from Wells Fargo letter are enclosed and highlighted in yellow. 

Wells Fargo letter dated XX/XX/XXXX, you noted the above referenced loan account converted from Wells Fargo Home Equity to a Home Mortgage account on XX/XX/XXXX, with a due date of XX/XX/XXXX. Provide me a copy of the request and signed authorization from the borrower, myself to convert the loan account from Wells Fargo Home Equity to a Home Mortgage account and a copy of the signed written authorization from the borrower, myself to change the due date to the XXXX of each month. 

Wells Fargo letter dated XX/XX/XXXX, you noted automatic recurring drafting was setup on XX/XX/XXXX, for the above referenced loan account. Why did automatic drafting from Wells Fargo change from the XXXX of each month to the XXXX of each month, causing for more daily interest to be erroneously incurred by the borrower, myself and charged to the above referenced loan account. Please correct the payment application dates from XX/XX/XXXX to XX/XX/XXXX to the XXXX of each month and correct the application of all applicable payments principal and interest allocations. 

Wells Fargo letter dated XX/XX/XXXX, you noted automatic recurring drafting was setup on XX/XX/XXXX, for the above referenced loan account. You further notated that a late fee was assessed on XX/XX/XXXX, as the recurring payment returned non-sufficient. Please correct the XX/XX/XXXX payment application and late fee assessment as there was no NSF fee, nor draft from Wells Fargo attempted in XX/XX/XXXX to the borrowers account ending in XXXX at XXXX  XXXX XXXX. Wells Fargo processed the erroneous, late drafting from borrowers XXXX  XXXX XXXX account XXXX on XX/XX/XXXX, further causing for late fees, additional interest charges and incorrect application of principal and interest allocation to the borrower, myself in above referenced loan account at Wells Fargo. 

Wells Fargo transaction history dated XX/XX/XXXX thru XX/XX/XXXX as provided with the letter dated XX/XX/XXXX, Wells Fargo did not apply the XX/XX/XXXX and XX/XX/XXXX payments to the above referenced loan account timely and accurately. The payment was not applied to the loan account until XX/XX/XXXX, in the amount of {$670.00} ( 2-months ) causing for late fees of {$16.00} to be assessed, additional interest charges and incorrect application of principal and interest allocation to the borrower, myself. Please correct the XX/XX/XXXX and XX/XX/XXXX payment applications and correct the late fees charged and the principal and interest allocations warranted. 

Wells Fargo transaction history dated XX/XX/XXXX thru XX/XX/XXXX and transaction history dated XX/XX/XXXX thru XX/XX/XXXX as provided with the letter dated XX/XX/XXXX reflect erroneous application of payment allocations to principal and interest. Wells Fargo did not draft recurring payments on the XXXX of each month nor apply loan payments timely and accurately causing for erroneous interest charges, erroneous principal and interest allocations and erroneous late fee assessments from XX/XX/XXXX thru XX/XX/XXXX. Further examples of errors as noted on the Wells Fargo transaction history include : Payments dated XX/XX/XXXX and XX/XX/XXXX reflect 100 % of the payment applied to interest and XXXX applied to principal. Review the above reference loan history from inception date thru XX/XX/XXXX and make corrections as noted and requested.

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