Consumer complaint received 2021-04-06
Product: Mortgage — FHA mortgage
Issue: Trouble during payment process — 
Company: WELLS FARGO & COMPANY (GA)

I am a mortgage holder at Wells Fargo bank. My mortgage is there not by choice, but due to being bought by Wells Fargo. This past year there have been many relief programs available to consumers due to Covid. As a XXXX XXXX with many clients who had questions about the CARES Act, it was my job to be as informed as possible about all the benefits of the CARES Act, to include the Mortgage Forbearance program so I could clear up many misunderstandings my clients had on it. So, in XX/XX/XXXX, I called Wells Fargo Customer Service to get more information on the program. I was never able to speak to a person directly, rather, I went through a series of automated extensions until I found the department for the forbearance program. As I worked my way through the prompts looking for info, I all of sudden heard a recording saying my application for forbearance was received and approved. It then instructed me to ensure I cancelled any auto bill pays toward my mortgage, otherwise they would still be processed. I did not understand at the time that I was enrolled into forbearance without having signed anything ( on paper or e-sign ) authorizing the forbearance. So, I decided to continue with my payments as I had scheduled so I would not fall behind. After two months I was reviewing by bank statements and noticed my mortgage had not been paid ( I keep enough funds in my checking account where I did not notice an extra XXXX the first month ). I immediately called Wells Fargo where I spoke to a gentleman to have my mortgage payments reinstated. I complained about having been enrolled in the first place, and he told me that I was not the first person that he heard of having this issue going through the telephone prompt system. I confirmed with them that I would be able to pay the past due balance at the end of the forbearance program. I received a call from Wells Fargo one day as I was driving to extend the forbearance program and it was explained that my mortgage was a federally backed loan which qualified to have it tacked on to the end of the loan without penalty. It was explained to me that I could pay it back when I wanted, but that I could not re-finance until I came out of forbearance. At the time, because I was driving, I decided to continue until I was in a position I could call and pay it off. Due to interests rates being low in XXXX, I started to research refinancing and locking in some low rates at other financial institutions, but I needed to pay off my forbearance first. So, during the week of XX/XX/XXXX, I called in to finally pay off the forbearance at which time I was told I could not do so. I would have to submit an application for pre-payment, wait for approval, and then I would have a pre-payment penalty. When they told me I had to apply for the ability to pay back a past due amount, AND possibly have a pre-payment penalty for a relief program put in place by the federal government, I because furious. I explained I had a locked-in interest rate that I would lose if I was not able to pay back in time, and they told me it would be 10-14 days before I heard anything back. The lady I spoke to said I could refinance with Wells Fargo, but I explained I did not want to do business with Well Fargo ever again. I said I believed they were an unethical company whose business practices take advantage of the consumer into getting products/services we do not want. As soon as I said this, she told me she could no longer help me and would transfer the case over to their Executive Relations Department ( or something with a similar name ) since I was accusing them of being unethical. I had to wait 24 hours to hear from that department which would be handling my complaint. They also told me that it would be 10-14 days before they would follow up citing the need to investigate the matter. I explained the urgency of the situation to receive my locked in rate and she told me that 10-14 days was on the higher end of time expectancy. I also explained if I did not receive any resolution in a timely matter, I would file a complaint with the Federal Reserve and the Consumer Finance Protection Bureau. The lady I spoke to tried to say if I did so, it would open up a separate investigation which would prolonged resolution even longer. I took it almost as a threat that by reporting to a regulatory agency I would hurt my chances of a timely resolution. So, I waited. On XX/XX/XXXX, I received a letter in the mail from Wells Fargo addressed to a " XXXX XXXX '' from the Wells Fargo Customer Remediation Group ensuring that I was satisfied with how my complaint was handled. I called the number provided asking about my complaint, and they said they had no record of my complaint, and the name XXXX XXXX was in relation to someone who had been using my address with Wells Fargo since XXXX. They could not give me any information as to how this person " XXXX XXXX '' was attached to my address, nor could they find any record of my complaint being filed a month ago. So, they opened up a new complaint in regard the latest developments. This is when I decided to file an official complaint with any and all regulatory bodies.