Consumer complaint received 2024-08-06 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Escrow, taxes, or insurance
Company: WELLS FARGO & COMPANY
State: DC

Complaint narrative:
I filed Complaint # XXXX in XX/XX/XXXX. I reported that Wells Fargo was inflating my mortgage payments or over-escrowing. Wells Fargo responded that my mortgage increased due to my expenses ( Mortgage insurance and property taxes ). 
That was NOT correct. My mortgage payments, because Wells Fargo gave me a {$15000.00} mortgage insurance that I did NOT need. I had insurance. After my CFPB complaint, Wells Fargo said they discovered I had both XXXX and XXXX insurances. So, why did they give me a {$15000.00} insurance policy and increase my mortgage payments from {$2800.00} to {$4600.00}? 

Wells Fargo has be over-escrowing my mortgage account since XXXX and they are refusing to re-analyze my account until I get XXXX to refund the entire amount of my mortgage insurance which is {$11000.00}. 

I would have never gotten a policy with XXXX, if Wells Fargo had not over-escrowed my account in XX/XX/XXXX. I asked Wells Fargo to escrow my account on or about in XXXX. My mortgage prior to escrow was {$1900.00}. Once it was escrowed it increased to approximately {$2600.00}, then {$2600.00} and then {$2800.00}. The amount of {$2800.00} was a gross overestimation. My mortgage payments should not have been {$2800.00}. It was an increase of $ XXXX. This increase caused a financial hardship. 
In XX/XX/XXXX, I switched from XXXX XXXX to XXXX, in an effort to lower my mortgage payments closer to {$2600.00}. Instead, Wells Fargo increased my mortgage to {$46000.00}! 

PXXXX policy was {$11.00}, XXXX. I thought I was quoted {$1100.00}. I canceled XXXX and returned to XXXX. XXXX gave me a policy for {$3500.00} in XX/XX/XXXX. However, during this switch, Wells Fargo re-escrowed my mortgage account based on a {$15000.00} insurance that they bought for me. This caused my monthly mortgage payments to increase to {$4600.00}. I reported Wells Fargo to the CFPB, because I informed them that I was insured by XXXX. XXXX also informed Wells I was insured. Yet, Wells Fargo still calculated my mortgage payments at $ XXXX. 

Wells Fargo did an investigation and discovered that I never canceled the XXXX policy. Therefore, they want me to obtain a full reimbursement from XXXX XXXX. XXXX refunded {$7000.00}. However, Wells Fargo refuses to recalculate my mortgage payments. They are going to keep it at {$4600.00} until I get a total refund from XXXX for {$11000.00}. 

What is also very interesting about Wells Fargo, is the fact they sent me a check for {$1000.00} in XX/XX/XXXX. I believe this check was due to the overestimation of my escrow account and because I reported Wells Fargo to the CFPB. 






XXXX Fees Property Taxes 1st Half {$3000.00} Property Taxes 2nd Half {$3000.00} XXXXXXXX XXXX XXXXXXXX {$4000.00} Total costs for the year {$10000.00} Total costs per month {$840.00} *My mortgage is {$1900.00} + {$840.00} = {$2700.00} * My mortgage should have been {$2700.00} NOT {$2800.00} Please help me resolve this problem with Wells Fargo XXXX 
Thank you in advance for your help. 

Sincerely, XXXX XXXX

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