Consumer complaint received 06-03-2016 about Mortgage (Conventional adjustable mortgage (ARM)) with WELLS FARGO & COMPANY (FL).
Issue: Loan modification,collection,foreclosure

Complaint: we have an open case with you.. ours is with wells fargo.. this is what i saw on another lender .... why cant you find wells fargo liable too??? 
CFPB, XXXX XXXX Order XXXX to Provide {$2.00} XXXX in Relief to Homeowners for Servicing Wrongs XXXX XXXX, XXXX SHARE THIS Share on XXXX Share on XXXX Share on XXXX Share on email Largest Nonbank Servicer Will Also Refund {$120.00} XXXX to Foreclosure Victims and Adhere to Significant New Homeowner Protections XXXX XXXX -- Today, the Consumer Financial Protection Bureau ( CFPB ), authorities in XXXX states, and the XXXX filed a proposed court order requiring the country 's largest nonbank mortgage loan servicer, XXXX XXXX XXXX, and its subsidiary, XXXX XXXX XXXX, to provide {$2.00} XXXX in principal reduction to underwater borrowers. The consent order addresses XXXX systemic misconduct at every stage of the mortgage servicing process. XXXX must also refund {$120.00} XXXX to the nearly XXXX borrowers who have already been foreclosed upon and it must adhere to significant new homeowner protections. 

" Deceptions and shortcuts in mortgage servicing will not be tolerated, '' said CFPB Director XXXX XXXX. " XXXX took advantage of borrowers at every stage of the process. Today 's action sends a clear message that we will be vigilant about making sure that consumers are treated with the respect, dignity, and fairness they deserve. '' The proposed XXXX Consent Order is available at XXXX XXXX, a publicly traded XXXX corporation headquartered XXXX XXXX, XXXX, XXXX the largest nonbank mortgage servicer and the fourth-largest servicer overall in the United States. As a mortgage servicer, it is responsible for collecting payments from the mortgage borrower and forwarding those payments to the owner of the loan. It handles customer service, collections, loan modifications, and foreclosures. 

XXXX specializes in servicing subprime or delinquent loans and places a major emphasis on resolving delinquency through loss mitigation or foreclosure. In recent years, it has acquired competitors - including XXXX XXXX XXXX XXXX ( formerly XXXX XXXX XXXX XXXX XXXX XXXX and XXXX XXXX XXXX XXXX. It has also acquired the mortgage servicing rights from the portfolios of some of the country 's largest banks. 

The CFPB is charged with enforcing the Dodd-Frank Wall Street Reform and Consumer Protection Act which protects consumers from unfair, deceptive, or abusive acts or practices by mortgage servicers - whether they are a bank or nonbank. State financial regulators, state attorneys general, and the CFPB uncovered substantial evidence that XXXX violated state laws and the Dodd-Frank Act. 

In early XXXX, examinations by the XXXX XXXX XXXX, which is comprised of state financial regulators, identified potential violations at XXXX. In addition, the Federal Trade Commission referred its investigation of XXXX to the CFPB after the Bureau opened in XXXX XXXX. The Bureau then teamed with state XXXX and state regulators to investigate and resolve the issues identified. Today 's settlement is a multi-jurisdictional collaborative effort. 

Borrowers Pushed into Foreclosure by Servicing Errors The CFPB and its partner states believe that XXXX was engaged in significant and systemic misconduct that occurred at every stage of the mortgage servicing process. According to the complaint filed in the federal district court in the XXXX, XXXX 's violations of consumer financial protections put thousands of people across the country at risk of losing their homes. Specifically, the complaint says that XXXX : Took advantage of homeowners with servicing shortcuts and unauthorized fees : Customers relied on XXXX to, a

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation