Consumer complaint received 2024-01-08 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process — Payment process
Company: WELLS FARGO & COMPANY
State: FL

Complaint narrative:
XXXX XXXX XXXX MY STATEMENT OF FRAUDULENT FINDINGS on WELLS FARGO Loan No. XXXX I always make my payments between the XXXX and XXXX of each & every month which is within the scope of our Contract Agreement. 

I have made 92 monthly payments of {$770.00} from XX/XX/XXXX to XX/XX/XXXX Full payment of {$770.00} was applied to interest/finance charge only, XXXX times with XXXX over charges in XXXX From XX/XX/XXXX to XX/XX/XXXX. 
Beginning XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XXXX XXXX, XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX * ( shows on amortization statement, not XXXX XX/XX/XXXX on regular monthly statement ) XXXX XX/XX/XXXX * XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XXXX XXXX XXXX over charge of finance ( WF {$700.00}, correct amt {$610.00} ) XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX over change of finance charge ( WF {$700.00}, correct XXXX XXXX ) Full payment of {$770.00} was applied to principal only, XXXX  times From XX/XX/XXXX to XX/XX/XXXX. 
XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX Posted the monthly payment to my first mortgage even though the correct loan number and amount for the XXXX mortgage payment was supplied by me. 
XX/XX/XXXX XXXX XX/XX/XXXX XXXX XX/XX/XXXX XXXX Numerous charges were applied to my account for a late fee of which started out as {$37.00}, increased to {$37.00} and now shows as {$38.00}. These late fees were all found unjustified by Wells Fargo or I requested removal and they were removed. 

There are numerous reversals made of these wrongly applied monthly payments, by Wells Fargo, which reflect on my monthly statement after I have brought the matter to Well Fargos attention. Many times, I am told that there is nothing wrong with what has been posted and this is how this type of loan works. But finally, someone sees it as an intent and they have fixed a few of these intentional errors. XXXX times, my payment for the XXXX loan were applied to my XXXX  mortgage and had to be reversed after Wells Fargo noticed that a payment was not made to my due account. I managed to catch this type of error once before leaving the cashiers window and I was told to just make another payment to the correct the account as it was not fixable. Had to call the manager to get it reversed. 

NOTE : MY MONTHLY STATEMENTS FROM XXXX shows my principal balance has no change and is the same balance remaining with no changes each month in the amount of {$100000.00}. I have not skipped one payment and I have made all my payments within the courteous/grace period of 10 days. These statements are only showing that I made only XXXX payments of {$770.00}. It is imperative that you make an adjustment of your processing of my monthly statement to reflect the courteous/grace period being honored and to reflect on the statement my current monthly payment has in fact been made when sending out my statements. At the end of the courteous/grace period, statement should go out the next day and therefore it would reflect the current payment made and be showing a correct balance. Your reason makes no sense for you to go against the written statement made that you are required to send out a statement by the XXXX day after the due date. Tell me why you have chosen to use only XXXX to XXXX ( XXXX ) days for sending out my statement, as you have stated in writing that you have chosen to use only XXXX ( XXXX ) days, but I am seeing that my statement goes out sometimes with only XXXX ( XXXX ) days after the due date of the XXXX. 

Wells Fargo, you send out the monthly statement between the XXXX or XXXX of each month which is ( 3-5 ) XXXX days after the monthly payment due date of the XXXX. This is ( 5-7 ) five-seven days before the courteous/grace period ends ( courteous/grace period is 10 days ) per our Contract Agreement. So, you are sending the statement out before the courteous/grace period ends. The Law requires at least XXXX twenty-one days before the end of the courteous/grace period that you are allowed to send out the statement to make the current months payment. 

The Law states : Periodic statements must be sent out at least 14 days before the date the payment must be received in order to avoid being treated as a late payment usually the payment due date. 
If a grace period applies to the account, the statement must also be sent AT LEAST 21 days before the end of the grace period. 

Wells Fargo, the statement should go out no earlier than the XXXX or the XXXX and no later than the XXXX day of every month. This is proof, Wells Fargo, that you are not honoring the XXXX courteous/grace period as per our Contract Agreement. No where in our Contract Agreement does it state that a statement can be sent out earlier than is stated in the law. Therefore, Wells Fargo, you must follow The Law or prove otherwise with lawful facts and not your opinion. 

Show me, Wells Fargo, where in our Contract Agreement that I have agreed to these terms you are attempting to apply and you are producing on my monthly statements. Wells Fargo, this matter has been brought to your attention in writing many times and you continue to not apply my monthly payments by the written laws and rules ; therefore, this is fraud and theft. 

Wells Fargo, I have reviewed the only Contract Agreement that was legally signed by me on XX/XX/XXXX, which was notarized, witnessed, and was processed XX/XX/XXXX and stamped XXXX XX/XX/XXXX XXXX. 

In the scope of this Contract Agreement, this loan starts out as a XXXX XXXX XXXX XXXX. This loan has a XXXX cap set to expire on XX/XX/XXXX at which time this loan is now called a XXXX XXXX XXXX XXXX XXXX XXXX. 

Wells Fargo, at the time this loan transitioned from A XXXX XXXX XXXX XXXX into the new loan titled XXXX XXXX XXXX XXXX  effective date beginning XX/XX/XXXX and first payment due XX/XX/XXXX, a new Contract Agreement should have been drawn up outlining any and all terms and conditions revealing all changes, i.e., interest rate, principal and interest payments, beginning date of payment, and the principal amount of the mortgage. Instead, all new terms and conditions of this loan are not signed by me, notarized, and recorded. As a result, the original Contract Agreement, processed XX/XX/XXXX and stamped XXXX XX/XX/XXXX XXXX and executed by me on XX/XX/XXXX, must be followed as written by both parties myself, and Wells Fargo. 

In our Contract Agreement processed XX/XX/XXXX and stamped XXXX XX/XX/XXXX XXXX and executed by me on XX/XX/XXXX, on page 7, referring to LATE CHARGES, 2ND paragraph it states quote, During the Repayment Period, I will pay a late charge equal to the greater of XXXX dollars ( {$5.00} ), or five percent ( 5 % ) of the sum of all XXXX XXXX XXXX Minimum Monthly Payments if my payment is more than 10 days past due. No where in my Contract Agreement does it mention anything about a late charge if my payment goes beyond the due date of the XXXX other than on page 7, referring to LATE CHARGES, 2ND paragraph. Nor does is say anything in my Contract Agreement that you, Wells Fargo, are entitled to receive a penalty of any sort. And further, it does not state that you can charge me any extra finance charge if I make my monthly payment past the due date of the XXXX plus the XXXX courteous/grace period. So, this is it period. 

On my monthly statement, date XX/XX/XXXX, the coupon states : XXXX, on or after XX/XX/XXXX a late fee may apply of {$38.00}. This is with the payment due date being XX/XX/XXXX and allowing a XXXX courteous/grace period. So, Wells Fargo, it is clearly written in our Contract Agreement that I have 10 days beyond the XXXX of every month to make my payment each month without any charges or penalties and this is also written on my monthly statement the same fact. 

I want to note also, Wells Fargo, on XX/XX/XXXX, you changed the language on my monthly statement coupon to Quote : After XX/XX/XXXX, a late charge may apply {$38.00}. The due date on this coupon is XX/XX/XXXX. So, you have lowered the time allowed for 10 days in our XXXX XXXX to now 9 days. You also made an additional change later beginning with the statement date of XX/XX/XXXX, with payment due date of XX/XX/XXXX, you have changed the sentence to state : On or after XX/XX/XXXX a late charge of {$38.00} may apply. Now you have taken off another day and made it appear to be only XXXX ( XXXX ) days and a late charge XXXX apply. I should not have to tell you this goes against our Contract Agreement process date XX/XX/XXXX and stamped XXXX XX/XX/XXXX XXXX and executed by me on XX/XX/XXXX. 

So, Wells Fargo, you have not written in the language Grace period or Courteous periods in our contract, but you have clearly spelled out that there is no penalties or late charge due, provided my payment of each month is paid no later than 10 days beyond the due date. This is a Grace Period no matter what you want to call it. It is imperative that my monthly statements sent out by you, Wells Fargo and received by me each month, reflect my monthly payment I have most certainly made and has been received and posted by you Wells Fargo within the XXXX courteous/grace period which is from the XXXX to the next ten ( XXXX ) days.

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