Consumer complaint received 2015-10-17
Product: Mortgage — VA mortgage
Issue: Loan servicing, payments, escrow account — 
Company: WELLS FARGO & COMPANY (PA)

My husband and I agreed to pay off our mortgage. We felt the best way to pay this off would be to start making a payment per day. Our payment amount is less than {$600.00}. We decided to pay {$600.00} each day until the mortgage was completely payed off. Understanding that we confirmed with the bank that each payment would be recognized as a monthly payment. And we would not be held responsible for payments in arrears, should either of us fall ill and not be able to make a payment during a 90 day period that would let us rest at ease that payments represented a monthly payment. We see a full months amount of interest taken out of the payment, even though we have made the payments on a daily basis. or even several payments on one day. A mortgage should be interest calculated on the days required between payments against the balance. May we please have this in writing as to why they are making this payment as principal and interest for the full month 's interest? Am I mistaken on this issue? They did tell me that they would have a problem with escrow, if that were the case we could pay that separately. But interest needs to be corrected in my thoughts. Thank you for your time and consideration on this matter. I have included documentation to show this application of payments to the balance of the mortgage. 
The mortgage department has not been helpful with this situation. It seems that they can no longer use the regular method of calculating interest. That it is so given away to automation to be calculated by computers that it is no longer an application they can master when it is a trifle out of the ordinary. All of our statements are sent as soon as we make a payment instead at the end of a month, so each statement looks like a payment per month. This is a little discerning that a bank the size is having this issue with calculation. Earlier I caught an error on a checking account that fees were being deducted that should not have been and I had to have them reversed by the manager. Who is taking care of quality assurance in customers accounts. Why are the accounts allowed to persist with mistakes with no one watching them. Why are they not being reviewed and audited for these errors. We also had money from previous mortgages from this bank end up in the escheats division of the state because the checks was never forwarded to our address. Really, we did n't move, just refinanced. This happened 2 times with this bank. Why? Because if no one sends it out it does n't get returned, we could have cashed the funds from the previous errors in the mortgage payoffs. Which should have been calculated down to the penny by working with all the tax authorities and insurance agencies, etc. but no one is willing to work out the math and make the phone calls to get the amount correct. Again this is very discouraging. This last time we refinanced the person dealing with us made so many mistakes we were ready to walk away. The mortgage took twice as long and was twice as difficult and we were put into a VA loan immediately when all we ask was which would be the best benefit for us. Twice as long, twice the fees, when we needed it ASAP.