Consumer complaint received 2023-09-19
Company: WELLS FARGO & COMPANY
State: FL
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process
Sub-issue: Trying to communicate with the company to fix an issue while managing or servicing your loan

Complaint:
XX/XX/XXXX Wells Fargo Bank , N.A . & Wells Fargo Home Mortgage XXXX XXXX XXXX XXXX XXXX, IA XXXX Reference : Loan No. Mortgage problems ) TO WHON IT XXXX CONCERN : I received your latest XXXX  package on XX/XX/XXXX and have received all the contents you have listed. This package includes many duplicates of the things you have already sent to me several times and you have still failed to send to me the documents I have explicitly requested from you. The only document that I have received from you of which I did request is the amortization schedule. Many times, by written letter and by phone calls to you, I have requested a copy of the Note that goes with my mortgage. I was verbally told by XXXX person that they could not find a Note and maybe there was no Note. If in fact that you do not have a Note signed by me, then I need to have your findings in written and in a signed letter stating as such, if in fact there is a Note existing sign by me, then I am requesting again, SEND ME A COPY OF THE NOTE SIGNED BY ME OF WHICH GOES WITH THE, EQUITY LINE LOAN NUMBER MENTIONED ABOVE OR ANY NOTE WHATSOEVER that may EXIST, which is CONNECTED WITH THIS EQUITY LINE LOAN AT PRESENT. 

My findings are the following with your last communication, by XXXX mentioned above, to me : You have stated that there is a paragraph in the EquityLine with FlexAbility Agreement and Disclosure Statement ( the Agreement ) which contains a sentence stating : If my payments are not consistently made when due, the Final Fixed Rate Advance Minimum Monthly Payment may not fully repay the Final Fixed Rate Advance over its term and my final payment for the Final Fixed Rate Advance may be higher. Note : You did not include the very next sentence which states in the copy of my original Agreement AND which reads : THE BANK WILL NOTIFY ME IN ADVANCE OF ANY CHANGES TO MY TOTAL PAYMENT DUE as a result of the Final Fixed Rate Advance Minimum Monthly Payment. You have never made any notifications to me whatsoever regarding your decision to apply my monthly payment incorrectly because you have determined that my payment was not made on time, nor have you notified me of any changes to my total payment due! Do you have some reason for leaving this last sentence out in your last letter to me of which you sent in the XXXX  package, received on XX/XX/XXXX. I received my loan statement which shows the next payment due is for XX/XX/XXXX. This statement shows a principal balance of {$100000.00}, if I were to payoff this loan, I am expecting to pay only a per diem rate of 0.018287 % from XX/XX/XXXX to the date I am paying in full on or before the next payment due date of XX/XX/XXXX. If you have other charges calculated, you need to advise me heads up immediately. Of course, the principal balance on my statement, dated XX/XX/XXXX will be less after you have made your corrections to your posting errors. 



I am including some definitions of words to make sure that Wells Fargo is aware of the following meanings : Real Estate Note or called Mortgage Note or just Note a loan Note is a contract for a loan that specifies the terms and conditions of the loan, such as the principal borrowed amount, interest rate, payment schedule, due date and any penalties or convertibility options. etc. It is a legal binding Agreement that holds more legal significance that an informal XXXX It can have tax benefits for the lender and can be used for financing businesses and startups. So, when I ask for a copy of the Note this is the document, I expect to receive from Wells Fargo. Stop ignoring my request for a copy of the Note, make a copy and send it to me. As I stated before, if there is no Note existing, then say so and I will stop asking you for a copy. 

Grace period is a grace period after a payment of an obligation becomes due, during which no penalty or late fee is charged. A grace period allows the payer or the obligor to meet the financial obligation without losing the benefit of the loan, the policy, or the contract. A grace period is typically 15 days, but it may vary depending on the type of loan and terms of the agreement. 

According to our contract agreement, it clearly states that I have a XXXX grace period. Wells Fargo, you take and have been doing so my entire monthly payment of {$770.00} just about every month and have been doing so for XXXX ( XXXX ) years and applying it totally towards the interest/finance charge. This is not how our contact is written. Again, Wells Fargo, you are in breach of contract and have done nothing to fix this problem from reoccurring. Therefore, it has been brought to your attention and your continuance to do nothing about it, is theft. 

Wells Fargo, you need to provide me, as I have asked already, all the information where it clearly states that Wells Fargo has the right to apply my entire total monthly payment, of {$770.00} due on the XXXX of every month, with a ten-day grace period, to 100 % interest/finance charge! What condition, what circumstances gives you the right to make this happen. 

I strongly suggest Wells Fargo that you fix my account and apply all stolen monies you have taken from me, along with any over charge of interest/finance change and apply it to the principal to reduce my mortgage to the correct current balance. I also want to see in writing that all corrections have been fully completed and that the correct loan balance is in affect and not drug out over months of future payments. 

It appears Wells Fargo that you are now attempting to refund the stolen monies as now slowly and sneakily on my latest statement dated XX/XX/XXXX, without notification to me, it shows full payment of {$770.00} was applied totally to principal only. 

Remember there are overcharges of interest that you owe to me, as well. 
Also, Wells Fargo, I see you also mailed this latest XXXX  package to my mom, I did not give you her address, so I am not sure the reason for mailing to both of us other than to try to make a statement. But I am going to assume this means you now are going to abide by my request to allow my mother to speak on my behalf. You must have found the missing request form? 


Sincerely, I have made XXXX  monthly payments of {$770.00} from XX/XX/XXXX to XX/XX/XXXX Full payment of {$770.00} was applied to interest/finance charge only, XXXX times From XX/XX/XXXX to XX/XX/XXXX. 
Beginning XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XXXX XXXX, XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX * ( shows on amortization statement, not XXXX XX/XX/XXXX on regular monthly statement ) XXXX XX/XX/XXXX * XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX Full payment of {$770.00} was applied to principal only, XXXX times From XX/XX/XXXX to XX/XX/XXXX. 
XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX Posted the monthly payment to my first mortgage in error XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX Numerous charges were applied to my account for a late fee of which started out as {$37.00}, increased to {$37.00} and now shows as {$38.00}. These late fees were all found unjustified by Wells Fargo or I requested removal and they were removed. 

There are numerous reversals made of this wrongly applied monthly payments which reflect on my monthly statement after I have brought the matter to Well Fargos attention. Many times, I am told that there is nothing wrong with what has been posted and this is how this type of loan works. But finally, someone sees it as an intent and they have fixed a few of these errors. XXXX times, my payment for the EquityLine loan were applied to my first mortgage and had to be reversed after Wells Fargo noticed that a payment was not made to my due account. I managed to catch this type of error once before leaving the cashiers window and I was told to just make another payment to the correct account as it was not fixable. Had to call the manager to get it reversed.

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