Consumer complaint received 2018-04-04
Company: WELLS FARGO & COMPANY
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
XX/XX/XXXX Wells Fargo Mortgage XXXX. XXXX XXXX XXXX XXXX, IA XXXX A major component of the FDICs mission is to ensure that financial institutions treat consumers and depositors fairly and operate in compliance with federal consumer protection, anti-discrimination, and community reinvestment laws. The FDIC also promotes economic inclusion to build and strengthen positive connections between insured financial institutions and consumers, depositors, small businesses and communities. 
Guidance Loans in Areas Having Special Flood Hazards In XX/XX/XXXX, the FDIC, OCC, FRB, NCUA, and Farm Credit Administration jointly issued interagency examination procedures pertaining to force placement of flood insurance, escrowing of flood insurance premiums and fees, exemptions to the mandatory flood insurance purchase requirement for detached structures, and civil money penalties. 
Could Wells Fargo Mortgage please explain and justify to the FDIC and Insurance Comissioner and The Attorney General and the Consumer Financial Bureau for overcharging, inflating, double charging insurance policies on Hazard Insurances forced placed by you and from you.

A ) From XX/XX/XXXX to XX/XX/XXXX you have charged force placed insurance and escrowed well over 12,000.00 for insurances on your billing statements over the described course of time B ) From XX/XX/XXXX to XX/XX/XXXX you have charged total inflated amounts exceeding 15,000.00 charged added to your billing statements over the course of that time C ) On/or XX/XX/XXXX you placed a lien of XXXX for arrears on insurances and you never reduced the amounts on your billing statements which will be disputed and objected to as soon as I FILE MY MOTION D ) You sell the Mortgage to XXXX in XX/XX/XXXX who assigned the Mortgage servicing to XXXX XXXX XXXX who kept all the excrow amounts including your force placed insurance, and still charging but never adjusted or credited, E ) You also charged force placed insurances for the full amount for the currency of one year some which had cancellation dates 6 months prior to it's maturaty date or expiration. 
F ) Other insurance policies you have also contracted had a 72 day umbrella policy and you charged for a full year perhaps this is a good definition of usery or you may find a better term to define this kind of illegal operation and servicing. You have all of the documents in your Bank perhaps you would like to share this valuable information. 
G ) Being a Bank you should have negotiated a reasonnable cost because more than 50 % of all the insurance amounts that you contracted are still considered more than double the average normal policy cost for less than 1,500.00 per year most insurance would have rendered a better coverage. 
The best remedy is to prevent this kind of usery and fraudulent illegal inflated rates because it's things like this that cause your customers to lose their homes, and make it very difficult because doing these kind of things is like stealing money from your customers and clients wallet and then punishing them by foreclosing and charging them attorney fees, court cost, so in short you make your customers pay you to practice injustices. 

Sincerely : XXXX 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