Consumer complaint received 2024-03-13
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process — Payment process
Company: WELLS FARGO & COMPANY (FL)

Consumer Finance Protection Bureau # XXXX Filed XX/XX/XXXX My Reply to Wells Fargo Banks response regarding my complaint Wells Fargo called me many many times when I have asked repeatedly in writing and through phone message voice mail. I have started to keep track of the dates and times as to which I do return the call. However, I have no other alternative other than to leave a voice mail message as Wells Fargo Bank fails to be available to answer my return calls. 

Wells Fargo Bank called me Friday, XX/XX/XXXX at XXXX. XXXX left me a message to call her back at XXXX. Her call was in response to a letter wrote which pertained to my second mortgage problems. I was busy at work, so I texted my mom to return the call for me. My mom did call XXXX back at XXXX the same day. XXXX refused to speak with my mom and claimed she is not authorized to speak on my behalf even though a letter of authorization is of record as of XX/XX/XXXX of which we do have a receipt that Wells Fargo Bank received it. 


I called XXXX at XXXX on XX/XX/XXXX at XXXX and got her voicemail. I left a message on her voicemail. XXXX : I assume this call is about the letter I wrote pertaining to the problems with my second mortgage. I quoted in my message, My mom is authorized to speak on my behalf. You have a letter of authorization. I also stated, Please do not call me! You can email me at XXXX or mail me through US Postal Services at the current mailing address you have on file. 

XXXX called me again Monday, XX/XX/XXXX at XXXX, left me a voicemail message to call her back at XXXX. I was getting ready for work and could not answer the phone. 

I called XXXX back at XXXX at XXXX, XX/XX/XXXX, she did not answer her phone and my call went to her voicemail again. My message to her was Do not call me, either respond in writing to me using US mail or send me an email at XXXX. 

XXXX XXXX called me Friday, XX/XX/XXXX, at XXXX. Left me a message to call her back at XXXX. I was busy at work! 

I called XXXX XXXX back Monday, XX/XX/XXXX at XXXX at XXXX only to have my call go to her voicemail. Her message said she is on vacation. I left her a message on her voicemail. Please respond to me in writing, either US mail or email me at XXXX. 

XXXX XXXX called me again on Friday, XX/XX/XXXX from XXXX at XXXX noon and left me a message to call her back. Again, I was at work and again I was too busy to answer the phone. 

Note this is just a sample of a few correspondences between myself and Wells Fargo Bank, by way of phone. There have been many calls before XX/XX/XXXX and after XX/XX/XXXX. I did not start recording these calls between us until XX/XX/XXXX. I put a block on my phone after XX/XX/XXXX. Due to all the repeated calls, I have been getting from Wells Fargo Bank. To date there has been a total of XXXX ( XXXX ) calls to Wells Fargo Bank from me and Wells Fargo has called me a total of XXXX times even though I have repeatedly asked, in writing and by phone, not to call me. I will only respond in writing as I have written to Wells Fargo Bank XXXX times over the past year, numerous letters, voice mail, and on CFPB. As of to present date I have not received any legitimate answers to my questions nor has the problems to my account been resolved professionally and required by law. A genuine upscale bank in business who follows the rules, would never send out a monthly mortgage statement 3-5 days after the due date when there a 10-day grace period written in the Contract Agreement. So, it is showing no respect to your customers. 

This is my response to Wells Fargo Bank regarding their statement of response to my complaint, they stated that they have no record of me making any attempt to return a call to them in their files. 
I do have all the phone records as I have logged them in myself and I have the phone records from my phone account. 

Wells Fargo Banks statement is not a true AND CORRECT MONTHLY statement. I am attaching an amortization schedule of which I prepared, and it shows that the balance is too much by about {$1400.00}. I also ran an amortization schedule on XXXX and is show you have over charged me very close to the same amount. You have no legal right to any more interest than from the XXXX to the XXXX of each month, it is calculated by the days that are in each month from payment date to payment date. Interest is calculated daily just like all mortgage loans of the same type of which I have. 

XXXX. Please explain why you are filing your response as a Companys Interim Response as it seems to foul up the system and I can not respond to your response on the last XXXX complaints. You do not need to speak with me, just give your legal right answers here and document all that you are following Federal Regulations as required. 

XXXX. Happy to see that you have admitted that you do have the executed document in your files showing that XXXX XXXX XXXX XXXX XXXX has permission from me to question any action seem that may need to be addressed by Wells Fargo Bank concerning my mortgage. 

XXXX. PLEASE EXPLAIN WHY YOU ARE NOT FOLLOWING THE CODE OF REGULATIONS POSTED TO YOU BELOW! 

All other open-end accounts : periodic statements must be sent at least 14 days before the date the payment must be received in order to avoid being treated as a late payment ( usually the payment due date ). If a grace period applies to the account, the statement must also be sent at least 21 days before the end of the grace period. 

For closed-end mortgages, the timing requirements are stated in section 1026.41 ( b ). Periodic statements are required for each billing cycle must be sent within a reasonably prompt time after the payment due date or end of any courtesy period for the previous billing cycle. The commentary to this rule explains that four days is considered a reasonably prompt time. Credit unions may need to review their loan agreements to determine whether a courtesy period ( time period when no late fee is imposed ) applies to the particular loan involved. Small servicers are exempt from sending periodic statements for closed-end mortgage loans.

4. CODE OF FEDERAL REGULATIONS eCFR : : 12 CFR 1026.41 -- Periodic statements for residential mortgage loans.

1026.41 Periodic statements for residential mortgage loans.

( a ) In general ( 1 ) Scope. This section applies to a closed-end consumer credit transaction secured by a dwelling, unless an exemption in paragraph ( e ) of this section applies. A closed-end consumer credit transaction secured by a dwelling is referred to as a mortgage loan for purposes of this section.

( 2 ) Periodic statements. A servicer of a transaction subject to this section shall provide the consumer, for each billing cycle, a periodic statement meeting the requirements of paragraphs ( b ), ( c ), and ( d ) of this section. If a mortgage loan has a billing cycle shorter than a period of 31 days ( for example, a bi-weekly billing cycle ), a periodic statement covering an entire month may be used. For the purposes of this section, servicer includes the creditor, assignee, or servicer, as applicable. A creditor or assignee that does not currently own the mortgage loan or the mortgage servicing rights is not subject to the requirement in this section to provide a periodic statement. 
( b ) Timing of the periodic statement. The periodic statement must be delivered or placed in the mail within a reasonably prompt time after the payment due date or the end of any courtesy period provided for the previous billing cycle. 
( c ) Form of the periodic statement. The servicer must make the disclosures required by this section clearly and conspicuously in writing, or electronically if the consumer agrees, and in a form that the consumer may keep. Sample forms for periodic statements are provided in appendix H30. Proper use of these forms complies with the requirements of this paragraph ( c ) and the layout requirements in paragraph ( d ) of this section.

( d ) Content and layout of the periodic statement. The periodic statement required by this section shall include : Official interpretation of 41 ( d ) Content and layout of the periodic statement.

( 1 ) Amount due. Grouped together in close proximity to each other and located at the top of the first page of the statement : Official interpretation of 41 ( d ) ( 1 ) Amount due.

( i ) The payment due date ; ( ii ) The amount of any late payment fee, and the date on which that fee will be imposed if payment has not been received ; and ( iii ) The amount due, shown more prominently than other disclosures on the page and, if the transaction has multiple payment options, the amount due under each of the payment options.

( 2 ) Explanation of amount due. The following items, grouped together in close proximity to each other and located on the first page of the statement : Official interpretation of 41 ( d ) ( 2 ) Explanation of amount due.

( i ) The monthly payment amount, including a breakdown showing how much, if any, will be applied to principal, interest, and escrow and, if a mortgage loan has multiple payment options, a breakdown of each of the payment options along with information on whether the principal balance will increase, decrease, or stay the same for each option listed ; ( ii ) The total sum of any fees or charges imposed since the last statement; and ( iii ) Any payment amount past due.

( 3 ) Past Payment Breakdown. The following items, grouped together in close proximity to each other and located on the first page of the statement : Official interpretation of 41 ( d ) ( 3 ) Past payment breakdown.

( i ) The total of all payments received since the last statement, including a breakdown showing the amount, if any, that was applied to principal, interest, escrow, fees and charges, and the amount, if any, sent to any suspense or unapplied funds account ; and ( ii ) The total of all payments received since the beginning of the current calendar year, including a breakdown of that total showing the amount, if any, that was applied to principal, interest, escrow, fees and charges, and the amount, if any, currently held in any suspense or unapplied funds account.

( 4 ) Transaction activity. A list of all the transaction activity that occurred since the last statement. For purposes of this paragraph ( d ) ( 4 ), transaction activity means any activity that causes a credit or debit to the amount currently due. This list must include the date of the transaction, a brief description of the transaction, and the amount of the transaction for each activity on the list.

Official interpretation of 41 ( d ) ( 4 ) Transaction Activity.

( 5 ) Partial payment information. If a statement reflects a partial payment that was placed in a suspense or unapplied funds account, information explaining what must be done for the funds to be applied. The information must be on the front page of the statement or, alternatively, may be included on a separate page enclosed with the periodic statement or in a separate letter.

( 6 ) Contact information. A toll-free telephone number and, if applicable, an electronic mailing address that may be used by the consumer to obtain information about the consumer 's account, located on the front page of the statement.

( 7 ) Account information. The following information : ( i ) The amount of the outstanding principal balance ; ( ii ) The current interest rate in effect for the mortgage loan ; ( iii ) The date after which the interest rate may next change ; ( iv ) The existence of any prepayment penalty, as defined in 1026.32 ( b ) ( 6 ) ( i ), that may be charged ; ( v ) The Web site to access either the Bureau list or the HUD list of homeownership counselors and counseling organizations and the HUD toll-free telephone number to access contact information for homeownership counselors or counseling organizations ; and ( 8 ) Delinquency information. If the consumer is more than 45 days delinquent, the following items, grouped together in close proximity to each other and located on the first page of the statement or, alternatively, on a separate page enclosed with the periodic statement or in a separate letter : Official interpretation of 41 ( d ) ( 8 ) Delinquency information.

( i ) The length of the consumer 's delinquency ; ( ii ) A notification of possible risks, such as foreclosure, and expenses, that may be incurred if the delinquency is not cured ; ( iii ) An account history showing, for the previous six months or the period since the last time the account was current, whichever is shorter, the amount remaining past due from each billing cycle or, if any such payment was fully paid, the date on which it was credited as fully paid ; ( iv ) A notice indicating any loss mitigation program to which the consumer has agreed, if applicable ; ( v ) A notice of whether the servicer has made the first notice or filing required by applicable law for any judicial or non-judicial foreclosure process, if applicable ; ( vi ) The total payment amount needed to bring the account current ; and ( vii ) A reference to the homeownership counselor information disclosed pursuant to paragraph ( d ) ( 7 ) ( v ) of this section.

( e ) Exemptions Official interpretation of 41 ( e ) Exemptions.

( 1 ) Reverse mortgages. Reverse mortgage transactions, as defined by 1026.33 ( a ), are exempt from the requirements of this section.

( 2 ) Timeshare plans. Transactions secured by consumers ' interests in timeshare plans, as defined by 11 U.S.C. 101 ( 53D ), are exempt from the requirements of this section.

( 3 ) Coupon books. The requirements of paragraph ( a ) of this section do not apply to fixed-rate loans if the servicer : Note as to what a closed end loan is : What is a closed-end credit loan?

Payment for this type of loan also includes interest and finance charges. Closed-end credit may require regular principal and interest payments, or it may require the full payment of principal at maturity. Financial institutions, banks, and credit unions offer closed-end credit agreements. Closed-end credit is a loan or credit facility.