Consumer complaint received 2015-12-23
Company: WELLS FARGO & COMPANY
State: TX
Product: Mortgage
Sub-product: VA mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
The Wells Fargo Bank is my mortgage holder. At the end of the year, funds in my Escrow account are returned to me supposedly. I received an e-mail stating that I was due a refund but they would have to keep some funds in my account. I asked them why, and they told me that your escrow could not be empty. I said I do n't understand because my property taxes have been paid, homeowners, and wind insurance has already been paid, so why would you have to keep some of the funds that are left. I told them that in XXXX 2016, I would still have an overage. I was told that part of the money in Escrow was mailed out on the XXXX. Each time I called I received a different answer. XXXX person told me it takes 10 days, another told me it takes 15 days. I was told after calling at least XXXX times that the check was mailed out on the XXXX, and as of today, XXXX XXXX, I still do n't have it. I asked, okay, since you say you have to keep some money in my Escrow account, does it accrue interest, and I was told no, it does n't, but I am copying and pasting the e-mail sent to me where it states that it does accrue interest. 
How escrow accounts work Does Wells Fargo pay interest on escrow? 
Yes. Wells Fargo pays interest on escrow in accordance with the Real Estate Settlement Procedures Act ( RESPA ) and applicable state laws. That was part of my e-mail I received from them, but then they say no, it does n't pay interest. I am a XXXX Veteran, and my property taxes went from XXXX dollars to XXXX dollars. They told me they were mailing me an escrow analysis, which I never received, but I looked on line yesterday, XXXX XXXX, and they were still showing the wrong property taxes. I called and the lady told me, hold on and let me check. When she came back to the telephone she stated that " oh, I am so sorry, you 're right, and we will change that ''. How can you send me an analysis that is incorrect. I seem to know more about my account than Wells Fargo, and they have the same paperwork that I have. I called today, XXXX XXXX, and the lady stated that yes, the check was mailed out on the XXXX, but please allow 15 days for it to get there. I told her, I do n't care what holiday it is, it does n't take that long for mail to get anywhere. I literally hate XXXX XXXX I also told her I had a check mailed from New Hampshire after Wells Fargo say they mailed me a check, and the check from New Hampshire made it here Tuesday, so I have a problem with Wells Fargo Bank, a big problem. Each time I 've called I 've gotten a different response, but rest assured, after the holidays I will definitely be looking to refinance with a different mortgage company. Wells Fargo is the worst mortgage company ever, and as I told the lady I spoke with today, if I were late with my mortgage payment they would have no problem adding interest to it, and even threatening to foreclose on me. I would also like to know why they have to keep funds in Escrow. In XXXX 2016 I will have over XXXX dollars in Escrow, which will be more than enough to cover my property taxes and both insurances. As stated earlier, I am a XXXX Veteran, and this is my first home. I am learning as I go, but there are some things that does n't sound right, even to a first time home buyer as myself. I would advise anyone reading this to never get a home mortgage with Wells Fargo. I have only been in this home a year as of XXXX XXXX, and I am XXXX angry consumer.

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with explanation