Consumer complaint received 2017-04-14
Product: Mortgage — Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account — 
Company: WELLS FARGO & COMPANY (CA)

I started the refinance process in the XXXX of XXXX and finalized it in XXXX of XXXX. I wanted to eliminate the mortgage insurance part of my escrow mortgage monthly payment. So I went from a FHA to a conventional fixed mortgage loan. I was very clear throughout the process that I wanted all of the property taxes, insurance, and premium to be accurately reflected in my new refinanced mortgage monthly payment. In XXXX XXXX, I received an escrow refund check and called Wells Fargo Mortgage to see if I could use the check or if I needed to deposit the check back into escrow for any potential escrow shortfall. They said that I could use the check. However, I decided to use most of it but still deposit some of it in my escrow account. No mention was made of any tax shortfall in my new mortgage payment. 

Then in XXXX XXXX I received a home insurance refund check from XXXX. Again, I called Wells Fargo insurance asking if I could use the check or if I needed to put it back into my escrow. This representative did discover a shortfall in my property taxes. I requested for my case to be further analyzed and expressed my extreme dissatisfaction that the representative I talked to in XXXX did not catch this. I was referred to a mortgage specialist and did not get any kind of reply for over a month after leaving numerous phone messages to this new mortgage specialist. Finally I spoke to the mortgage specialist who informed me that indeed there was an error in the calculation of my property taxes in my new loan. They informed me over the telephone that there was a 50 % shortfall of property taxes in the refinance mortgage. I was in disbelief and again expressed my extreme disappointment. I requested to have my case elevated. The mortgage specialist said that she still needed to collect more information on my case and that I would be referred to their executive resolution department. 

I got a final letter from Wells Fargo Home Mortgage 's Executive Resolution Specialist dated XXXX XXXX, XXXX, informing me that they did commit the error by only accounting for half of the year 's property taxes. They denied my request that this shortfall be covered by Wells Fargo because the tax liability is the home owners responsibility to pay and that they escrow account is set up to simply ensure the taxes are paid in accordance with my note. 

I feel like Wells Fargo Home Mortgage misled me into signing a new refinance home loan that appeared less than what it really is. I am sorry but I do not feel like I should be responsible for their mistake as they admitted to it. I feel taken advantaged and powerless against this huge industry. These feelings are made worse given the recent dishonest banking practices by Wells Fargo employees where they made up fictitious bank accounts to earn bonuses. 

Desired solution : That they become responsible for the error they committed by covering the 50 % shortfall in property taxes they discovered in my new refinanced home loan. They also have to permanently fix the error in my monthly mortgage which seems like there will always be a 50 % shortfall for my property taxes thus changing the mortgage amount I agreed to when signing the final refinance documents.