Consumer complaint received 2023-08-14
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: WELLS FARGO & COMPANY (DC)

XXXX XXXX XXXX XXXX XXXX XXXX Washington DC XXXX XX/XX/XXXX Consumer Financial Protection Bureau po box 27170 Washington , DC 20038 To Whom It May Concern : Since XX/XX/XXXX, I have requested that Wells Fargo allow me to pay my home mortgage. Wells Fargo has not allowed me to pay, without adding interest. Representatives of Wells Fargo have not been helpful during this 3 year dilemma. In fact, they appear to be completely satisfied with allowing interest to accrue. I received a letter, dated XX/XX/XXXX, from Wells Fargos Enterprise Complaints Management Office that states we confirmed we sent two letters to you about the upcoming maturity of your account on XX/XX/XXXX and XX/XX/XXXX. 

In conversation with a Wells Fargo Executive Office Case Specialist, XXXX XXXX, I was informed that Wells Fargo had to calculate a payoff based on the loan amount in XX/XX/XXXX. Therefore, the statement regarding the letters about the upcoming maturity of [ my ] account on XX/XX/XXXX and XX/XX/XXXX does not make sense. According to XXXX XXXX statement, Wells Fargo could not provide a payoff amount before the last month of the loan. 

Here are the facts.., 1. This secondary mortgage with Wells Fargo was on my primary residence.

2. The primary mortgage was also with Wells Fargo, on the same residence.

3. This secondary mortgage with Wells Fargo was active for over 10 years.

4. The primary mortgage was also with Wells Fargo was initiated at the same time as the secondary mortgage.
5. The primary mortgage remains active.

6. This secondary mortgage with Wells Fargo was paid on time every month for the life of the loan with the exception of the final payment, which was prevented by Wells Fargo.

7. The primary mortgage has been paid on time every month since inception.

8. Wells Fargo has not provided an amortization schedule with accrued interest.

Given the payment history and the facts listed above, it is reasonable to conclude that a payment would have been made if Wells Fargo allowed it. For several years, I have been asking Wells Fargo to accept the final payment, in full and without interest for the period after XX/XX/XXXX. This is a simple ask considering their missteps in providing me with a final payment letter and their history of mortgage scandals. I am asking that Wells Fargo allow me to make the final payment, in full and without interest for the period after XX/XX/XXXX. 

The Executive Office Case XXXX, XXXX XXXX, stated in his XX/XX/XXXX letter that I called Wells Fargo on XX/XX/XXXX regarding access to [ my ] online account. I also called in XX/XX/XXXX. None of my calls resulted in a payoff notice. Wells Fargo was unmoved as interest began accruing, improperly. The Executive Office Case Specialist, XXXX XXXX, stated that an investigation would take place. After approximately two weeks, Wells Fargo sent an invoice with even more accrued interest. Using the words of the Administrative Law Judge, assigned to hear the fake-account scandal in the XXXX with the Office of Financial Institution Adjudication , Wells Fargo [ failed ] to provide credible challenge. After a decade of making timely payments on the Wells Fargo, there is no acceptable reason that Wells Fargo did not allow me to make my final payment online. 
Creditors must allow online payment for several compelling reasons : 1. Convenience : Online payment offers a high level of convenience for both the creditor and the debtor. It eliminates the need for physical checks, cash, or money orders, saving time and effort for both parties. Debtors can make payments from the comfort of their homes or anywhere with internet access, and creditors can receive payments without the need for manual processing or visits to physical locations.

2. Faster Processing : Online payments are typically processed much faster than traditional payment methods. Once a debtor initiates an online payment, the transaction can be completed and recorded within seconds or minutes. This swift processing benefits both creditors and debtors by ensuring timely and efficient payment processing, reducing the risk of late payments, and improving cash flow for the creditor.

3. Global Accessibility : Enabling online payment options allows creditors to expand their reach beyond local or regional boundaries. Debtors from anywhere in the world can make payments easily, regardless of their geographical location. This broadens the customer base for creditors and facilitates business transactions across borders, promoting international trade and economic growth. 
4. Enhanced Security : Online payment systems employ robust security measures to protect sensitive financial information. Encryption, tokenization, two-factor authentication, and other security protocols ensure that payment transactions are secure and safeguarded against unauthorized access. This instills confidence in debtors, encouraging them to make payments online without concerns about potential fraud or data breaches. 
5. Cost Savings : Online payment methods are generally more cost-effective for both creditors and debtors. Creditors can save on administrative costs associated with processing physical checks or cash payments, such as manual data entry, bank reconciliation, and check handling. Debtors can also avoid costs associated with postage, money orders, or potential late fees due to postal delays.

6. Improved Recordkeeping : Online payment systems provide accurate and easily accessible records of all transactions. Both creditors and debtors can keep track of payments made, dates, and amounts, eliminating the need for paper-based records. In case of disputes or discrepancies, having digital records simplifies the resolution process and provides an audit trail for reference.

7. Customer Satisfaction : Offering online payment options enhances customer satisfaction. Many people prefer the convenience and flexibility of making payments online. By accommodating their preferred payment method, creditors can create a positive customer experience, improve customer retention, and foster long-term relationships. 

In summary, allowing online payment benefits creditors by providing convenience, faster processing, global accessibility, enhanced security, cost savings, improved recordkeeping, and increased customer satisfaction. Embracing online payment methods aligns with the digital transformation of financial services and promotes efficient and seamless transactions in today 's interconnected world. 

Wells Fargo prevented me from making the final payment online. Then, added interest after it removed my ability to make the final payment. Since the loan matured, I have requested that Wells Fargo remove the interest so I could pay the final balance. Similar to Wells Fargos Mortgage Payment Scandal where the bank failed to properly process mortgage payments, resulting in improper fees and penalties being charged to customers, Wells Fargo prevented me from paying while it ratcheted up the interest on my loan. In XXXX, the Consumer Financial Protection Bureau ( CFPB ) fined Wells Fargo {$1.00} XXXX for the Mortgage Payment Scandal. 

Creditors such as Wells Fargo have a responsibility to ensure that the credit reporting information, they provide to credit reporting agencies is accurate and complete. Wells Fargo has violated the responsibility it has to provide accurate and complete information. Since Wells Fargo prevented my ability to pay, as I did for years before the final payment, it has provided inaccurate and incomplete information in two ways : 1 ) Wells Fargo did not report that it prevented payment during the last month of the loan ( and approximately three months after ) ; 2 ) Wells Fargo never reported that the account was in dispute for interest that accrued after it prevented final payment. In the month during, and at any time after, the final payment was due, Wells Fargo could have provided a mechanism for me to pay the final payment without placing additional interest due to its illegal delaying tactic. The actions by Wells Fargo in this matter are consistent with its actions in the Mortgage Payment Scandal referenced above, where it was fined {$1.00} XXXX by the CFPB. After nearly a hundred interactions over several years with Wells Fargo representatives, the company has not allowed me to pay the final loan amount even before the final payment was due. Because Wells Fargo changed the payment method, in the last month of the loan, and charged interest as it delayed providing an alternate payment method, it has consistently provided inaccurate and incomplete information regarding my account. 
The Fair Credit Reporting Act ( FCRA ) requires that creditors such as Wells Fargo to furnish accurate and complete information to credit bureaus in a timely manner, and that they correct any errors or inaccuracies that are brought to their attention. I have brought this information to Wells Fargos attention on dozens of occasions. The responsibility of creditors such as Wells Fargo for accurate credit reporting is essential because the information provided by creditors is used by credit reporting agencies to determine creditworthiness and credit scores. Inaccurate information can lead to errors in credit reports, which can in turn lead to negative consequences for consumers, such as being denied credit or receiving higher interest rates on loans. The inaccuracies provided by Wells Fargo to all credit reporting agencies has harmed my employment options, increased my insurance and loan rates, and destroyed my credit. With its history of fraud to include the Mortgage Payment Scandal ( {$1.00} XXXX fine in XXXX ), Credit Card Payment Scandal ( {$180.00} XXXX fine in XXXX ), Auto Loan Payment Scandal ( {$1.00} XXXX fine in XXXX ), Wells Fargo is known for providing inaccurate and misleading information. As a result of these scandals and others, Wells Fargo has experienced fines, legal action, public criticism and calls for accountability from customers, lawmakers, and regulators. Wells Fargos governance structure, internal controls, and FCRA compliance practices are highly questionable. Without question, my loan was likely part of one of several mortgage scandals, a few are listed below. 

XXXX : Wells Fargo agreed to pay {$85.00} XXXX to settle claims that it steered borrowers into high-cost, subprime loans, resulting in discriminatory lending practices. This was part of a broader settlement involving several major banks. 
XXXX : Wells Fargo settled a lawsuit for {$170.00} XXXX, which alleged that it discriminated against XXXX and XXXX borrowers by charging them higher fees and rates than white borrowers with similar credit profiles. The settlement included compensation for affected borrowers and changes to lending practices. 
XXXX : Wells Fargo agreed to pay {$1.00} XXXX to settle civil claims that it certified mortgage loans as eligible for Federal Housing Administration ( FHA ) insurance when they were not. 
XXXX : Wells Fargo reached a settlement of {$480.00} XXXX related to a class-action lawsuit accusing the bank of having made misleading statements about its residential mortgage-backed securities to investors. 
XXXX : Wells Fargo agreed to pay a {$2.00} XXXX penalty to settle claims related to its role in originating and selling residential mortgage loans that it knew contained misstated income information. 
XXXX : Wells Fargo agreed to pay {$3.00} XXXX to resolve criminal and civil investigations into its practices related to its sales culture, including opening unauthorized accounts and other issues. 

The examples listed above show a pattern of mortgage improprieties. This list is not exhaustive, several more examples exist. I am asking that Wells Fargo allow me to make the final payment, in full and without interest for the period after XX/XX/XXXX. 

Regards, XXXX XXXX