Consumer complaint received 2023-10-18
Company: WELLS FARGO & COMPANY
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage
Sub-issue: Changes in loan terms during or after closing

Complaint:
Dear Consumer Financial Protection Bureau, I am writing to express my continued concern regarding the response I received from Wells Fargo Home Mortgage in response to my complaint ( Complaint ID : XXXX ). I appreciate your assistance in facilitating this communication and investigation. 

In my original complaint, I expressed my dissatisfaction with Wells Fargo 's decision to add an extra two months ' reserve to my escrow, which was initiated in XX/XX/2013, and their failure to provide a clear explanation as to why this change was made a decade after the loan origination. My concern primarily revolves around the arbitrary nature of this action and the financial implications associated with it. 

In their response, Wells Fargo failed to address the core issue at hand : the rationale behind this sudden change in escrow reserve requirements after ten years. While they may have provided some general information about escrow account management, this did not directly address my specific question. I believe it is essential for Wells Fargo to explain why this adjustment was not implemented at the time of the loan origination in XX/XX/2013 and why it was done now, especially considering the financial impact on myself and other borrowers. 

I remain convinced that this change may have been made with the intention of earning interest on the extra two-month reserve held in escrow, without providing any corresponding interest to the borrowers. This, in my opinion, raises ethical and UDAP regulatory concerns that should be addressed. 

Therefore, I kindly request the Consumer Financial Protection Bureau 's continued assistance in urging Wells Fargo Home Mortgage to provide a clear and detailed explanation for the timing and rationale behind the addition of the extra two months ' reserve to my escrow account. Furthermore, I believe it is essential to determine whether this change complies with applicable regulations and whether it indeed serves the best interests of the borrower. 

I am requesting a written explanation about why Wells Fargo decided to add the two-month reserve to my escrow now, and not at the time the loan was originated 10 years ago. This clarification is crucial for me to fully understand the motivations behind this change and ensure that it complies with all relevant regulations. Transparency and accountability are paramount in maintaining trust between borrowers and financial institutions, and I believe that this information is necessary for a fair resolution of my concerns. 

I would like to thank you for your support in facilitating this communication and ensuring that my concerns are heard and addressed. I look forward to a more thorough response from Wells Fargo Home Mortgage regarding the issues I have raised. If you require any further information or documentation to assist in this matter, please do not hesitate to contact me at XXXX or XXXX. 


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