Consumer complaint received 2024-05-21 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process — Trying to communicate with the company to fix an issue while managing or servicing your loan
Company: WELLS FARGO & COMPANY
State: FL

Complaint narrative:
I have attached a copy of the recorded Agreement along with a copy of an amortization schedule outlining the errors in processing of payments and some corrections that were made. 
XXXX XXXX, in reference to your paragraph in your letter of response to me that states the mortgage statements are required to be sent 14 days prior to the due date of the XXXX of each month to ensure there is sufficient time for a statement to be received. You said in order for the monthly payment to be remitted on time, we produce the statement 25 day prior to the due date of the payment, not the expiration of the grace period. As this would result in the statement being produced prior to the required due date of the current month. I am sorry to say, but you have that backwards. I will go over it again with you for better understanding. Hypothetically the payment is due on the XXXX of XXXX and I make it on the XXXX, so that is my XXXX grace period ( bear in mind I had my statement and coupon in my hand which was mailed to me on the XXXX of XXXX for my XX/XX/XXXX payment and I have made my XX/XX/XXXX payment already on XX/XX/XXXX. The next day, which would be the first of XXXX, the monthly statement is sent out that is 11 days after the due date of XX/XX/XXXX. Now that statement should reflect that the current payment of XX/XX/XXXX has been paid and the next month following the statement is the due date of XX/XX/XXXX, which is what the statement is reflecting the payment that is due, so in my calculations there would be 21 days between the statement mailout date, and the next payment due. By the monthly statement being sent out XXXX ( XXXX ) days after the current payment is due of XX/XX/XXXX which would go out on or before XX/XX/XXXX ( you are not requesting the current months payment you are requesting a payment due for the following month ) your statement shows no payment made for the current month by not waiting till after the XXXX grace period has passed. If the payment is not made by the XXXX, then your statement will not show a payment has been made for the current month. Therefore, your statement will reflect that XXXX payments are now due and show an overcharge of interest because the payment was not received on the XXXX. So, if you want to continue to send out a statement XXXX ( XXXX ) days after the due date of the current month asking for the next months payment, why not just send out a reminder, for XXXX payment, and then send out an up-to-date statement after the XXXX grace period showing that the payment for XXXX was made within that grace period or was not made period. Now my request to you is for you to look at my Agreement and send me the page number, the paragraph, and the sentence that refers to a payment made after the due date of the XXXX is subject to a penalty and you have the right to compound interest as a penalty for going pass the XXXX of the payment due date. I am requesting this from you! See page XXXX in my Agreement, copy is attached, Section XXXX XXXX XXXX refers to a 5 % late fee if payment is more than 10 days past due. I see NO where in this XXXX that it refers to any other late charges or a penalty of any kind or that you can compound interest if payment is not received on the due date of the XXXX of the month. Also, I am sending Wells Fargo Mortgage a copy of your letter and a copy of my complaint and response so maybe they can guide you into following my Agreement and things XXXX work better. I see you admitted to the error in your last response in reference to me having a XXXX loan and not a XXXX loan as you quoted. Thank you! Could this be because XXXX more years is in your favor?

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