Consumer complaint received 2018-10-27
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: WELLS FARGO & COMPANY (TX)

Please refer to this CFPB complaint # XXXX submitted on XX/XX/XXXX. 
I had a call with Mr. XXXX XXXX yesterday during morning time. 
I am very much concerned in terms of Wells Fargo collecting the money for escrow account from me. 
1 ) I don't want Wells Fargo to collect escrow money from me. I want to manage escrow on my own which means I will pay directly for : a ) Property taxes b ) HOA dues c ) Home Insurance 2 ) Wells Fargo is not transparent. I need to literally go behind them to make sure that they are paying property taxes in time. they want to defer the payment as much as they can and it has tax consequences on me. I want control of this - not Wells Fargo. It's my money - not Wells Fargo 's. 

3 ) Any time I am getting anything done a ) alarm system b ) solar panels etc ... i need to go behind Wells Fargo as there is rate change on my home insurance - it's too much work for me. Very stressful. 

the reason being - Wells Fargo is too difficult bank to work at the first place. Very limited hours where they are operating plus very slow and inefficient. Any time any issue arises - they call left and right on my phone call and thus disturbing my profession. 

Moreover, Wells Fargo had gone into a lot of scams and scandals - I simply don ' trust this bank - it's unethical bank and very inefficient staff overall. 

Moreover when i originated this loan via XXXX XXXX - nowhere it was mentioned that I need to have escrow with Wells Fargo ( to whom my loan got transferred ) for two years.

I think it's mal-intent from Wells Fargo that they are using the excuse that it's the investor ( XXXX XXXX ) which has laid down this condition that I need to keep the escrow with Wells Fargo for 24 hours. 
I am managing the entire escrow for my XXXX XXXX property ( XXXX XXXX XXXX XXXX XXXX  XXXX XXXX  XXXX ) since XX/XX/XXXX. The loan is now with XXXX XXXX ( Loan # XXXX ) and I stopped the escrow account with them in less than one year. When i can manage that escrow account ( which i am doing for close to 18 months now ) - why i can't do this for my XXXX XXXX  property. 
It seems Wells Fargo hadn't come out of that mindset where they opened millions of fake accounts few years ago and got into so much scandals. In this case also Wells Fargo is trying to force the escrow account on me. 
I have credit score of XXXX and fully capable of taking care of property tax, HOA and the home insurance. I just don't want wells Fargo in this mix. 

Another issue - I got my PID ( public improvement district from City of  XXXX ) - if wells Fargo is managing my account - how come this is coming to me and i need to make a separate payment. This is making my accounting very complex. I might be subjected to IRS penalties. 

Least to say I want to keep myself totally away from this unethical and fraud bank viz. Wells Fargo. Even if they are not unethical or fraud any more - they are too slow and inefficient. 
If CFPB just wants to forward this case to them and Wells Fargo takes their sweet time to respond ( XXXX XXXX XXXX ) - i am not happy. I want the court where i can take this matter to. Escrow account is not mandatory and nobody can force me to have it. Show me the papers where i signed it with ink to let Wells Fargo control the escrow account for me. 

Moreover I talked to my neighbor ( XXXX XXXX XXXX XXXX XXXX XXXX ). He also got the loan from XXXX XXXX and in his case, it got transferred to XXXX. In his case this escrow locking period is 12 months. He is an XXXX XXXX holder ( with no guaranty that he can live in this country forever ), has lesser employment history than me, has more expensive property ( and this higher property taxes, higher home insurance than me ) but he has just 12 months locking period. I am a US citizen - living in this country since XX/XX/XXXX and credit score of more than XXXX plus managing my own escrow for another property for more than a year - why in the world - i should have any locking period. I challenge Wells Fargo to show me the documents from investor ( XXXX XXXX ) that indeed i have the locking period of 24 months for my escrow? This locking period is all fraud. I am going to take this unethical, fraud and inefficient bank ( wells fargo ) to court of law if they are telling me un-necessary lies to keep more accounts with me ( thus keeping my money ). 
Moreover Escrow accounts are not FDIC insured. What if there is another scandal hits Wells Fargo and my money held in the escrow account is being further restricted.