Consumer complaint received 2020-04-07
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: WELLS FARGO & COMPANY (CA)

I am trying to raise the profile of a pair of enormously disastrouspolicies of Wells Fargo in the face of the COVID19 crisis. 
I am an XXXX XXXX XXXX XXXX in XXXX XXXX, CA. and a home-owning resident of XXXX, CA. I have had my XXXX XXXX banking housed with Wells Fargo for 20 years and a home mortgage fo a year and a half at this point as well. I'm writing to illuminate the utter failure of Wells Fargo to fairly and sufficiently act as a conduit of federal and state Covid19 related Stimulusto my business of personal interests. I have to believe that millions of people share these same frightening financial problems right now who also bank with Wells Fargo. 
First, Paycheck Protection Program ( PPP ) Wells Fargo opened up their application process at some point late on Friday XX/XX/XXXX with no communication to its business clients. ( https : //update.wf.com/coronavirus/paycheckprotectionprogram/ ) Even after multiple times calling into the WF number through that week leading up to the XXXX they gave no lead warning of when the application process would begin. So over the weekend they accepted applications to whoever knew to apply over the weekend. I'd love to know how the people who applied found out, but that is a separate issue. 
By Sunday they posted this webpage ( https : //newsroom.wf.com/press-release/community-banking-and-small-business/wells-fargo-receives-strong-interest-paycheck ) telling people that the program at reached its {$10.00} billion limit set by the government. Unless I was told incorrectly by the WF rep on the phone, it appears this limit was set as a regulation dating back to the WF false account scandalthey survived not too many years ago. 

Well this is a huge problem for us as a XXXX XXXX trying to survive this. The trickle down is that you can not apply to the PPP with a bank unless you had a business bank relationship with anyone else. We do not. So after contacting 4 other banks to try to signup for both a checking account and their PPP program, we are faced with what seems to be a deadend to the effort to be able to apply for the PPP loan. This is unacceptable that we can not get access to the same relief that millions of others are applying to as I write this summary. It may mean the future of my business and obviously the individual financial status of myself and my employee. 
To make matters worse I applied then for an increase to our pre-existing Business line of credit which is fully paid off and has never had a late payment. We were denied and told to appeal the decision. We wait to see. But even if that goes through, that is not the same as the PPP program and will count against our credit to be requesting this increase and will not have the same federal consumer protection that the XXXX PPP allows. This is a last resort that will have consequences for us and anyone who tries to pull this lever to stave off worse consequences. 
The second issue I have recently with Wells Fargo is the issue of Home Mortgage Payment deferment. Unlike XXXX  XXXX XXXX to name one Jumbo Loan lender and all of theXXXX XXXX and XXXX XXXX lenders, Wells Fargo is not committing to tacking the deferred payments onto the end of the mortgage term. They are also threatening to force borrowers into a loan modification process if they can not immediately catch up with any deferred mortgage payments at the end of 90 days of deferred payments. The whole reason to defer payment is because new income is not coming in to pay the mortgage in the face of this complete economic collapse. We will be forced to re-establish the interest rate, and potentially even to be subjugated to a re amortization of the deferredpayments into the new monthly amount. This could be a devastating increase. Meanwhile, many of our friends who have their mortgage through XXXX are simply going to be able to tack the missed payments onto the end of their mortgage term. 
I do not think either of these situations are fair to us as consumers and victims of the same economic collapse that everyone is facing who aren't hindered by Wells Fargo 's choices. I will be leaving them but that will not solve my need to sign up for the PPP or to make it to the other side of this crisis. I feel like many many people must be in the same situation and I would ask for help communicating about this predicament to the authorities who might be able to rectify the situation. I have already written to all my representatives in house and senate. 
Thank you, XXXX XXXX XXXX XXXX XXXX XXXX, XXXX ( XXXX ) XXXX XXXX XXXX XXXX XXXX, XXXX ( XXXX ) XXXX