Consumer complaint received 2024-04-12 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 am attaching copies of the following so that those who view this case will be able to see exactly the issues I am encumbering from Wells Fargo Bank XXXX. 
XXXX. Copy of the XXXX with XXXX XXXX and XXXX XXXX ( the XXXX ) is attached for all to view. In XXXX XXXX Banks response to my complaint : A sentence states the following : The payment terms for repayment require fixed payments of {$770.00}, for 20 years. My records indicate that I have a XXXX loan which matures XX/XX/XXXX. If XXXX XXXX will look at my monthly statements it also reflects the maturity date as XXXX/XXXX/XXXX. The recorded mortgage in XXXX XXXX XXXX pages XXXX states the maturity date of Secured Debt is XX/XX/XXXX. Is this another error you have quoted in your response or are you going to say it is correct like all the other errors you have made in processing my monthly payments. Please advise me in writing, no call. I need this in writing. It is obvious that you do not read the XXXX carefully and understand it well or you would see that my mortgage is a XXXX fixed-rate mortgage and not a XXXX mortgage. But, on the other hand perhaps you feel obligated to me for all the errors processed on my loan and plan to satisfy my loan in XXXX!!!! 
a. In the EquityLine with FlexAbility Agreement and Disclosure Statement ( the Agreement ) on page XXXX, SECTION XXXX, paragraph XXXX, see copy attached. Quote ( If my payments are not consistently made when due, the Final Fixed Rate Advance Minimum Monthly Payment XXXX not fully repay the Final Fixed Rate Advance over its term and my final payment for the Final Fixed Rate Advance XXXX be higher. The Bank will notify me in advance of any changes to my Total Payment Due as a result of the Final Fixed Rate Advance Minimum Monthly Payment. ) This statement is referring to me not making the monthly payments each month within the timeframe of the XXXX to the XXXX of each month. A grace period is a set length of time after the due date during which a payment XXXX be made without penalty. This is common in mortgage loans, insurance contracts, and credit cards. This XXXX period mentioned in the XXXX, is the grace or the courteous period. Wells Fargo Bank is failing to honor the XXXX period mentioned in the XXXX by sending out the monthly statement too soon. The monthly statement showing the current month as paid and the next month is due should go out no earlier that 14 days after the due date of the XXXX. Even if the monthly statement is sent out XXXX day past the grace period of 10 days, it would be in the mail to the customer 20 days prior to the due date of the next payment. So why is XXXX XXXX Bank sending out the monthly statement prior to the customer being able to take advantage of the XXXX grace period? Why? 
b. I make my monthly payment every month and it is always made before the end of the XXXX grace period. No where in my Agreement does it state that I will be penalized or charged more interest if I make my payment XXXX day past the XXXX ( the due date ) or make it on the XXXX day past the due date of the XXXX. My Agreement only refers to a late fee that XXXX be assessed if my payment is received past the grace period of 10 days. 
XXXX XXXX XXXX, Section XXXX, paragraph XXXX of the EquityLine with FlexAbility Agreement and Disclosure Statement ( the Agreement ) refer to the sentence that states : I will be charged a periodic FINANCE CHARGE based on the unpaid Final Fixed Rate Advance balance at the end of each day as a fixed Daily Periodic Rate. Interest is calculated daily on all loans and never stops till the loan is paid in full. The computer is programed to use the number of days given between each due date for the next payment due to determine the amount of interest to be paid for the next payment. Multiply the daily interest rate factor times the correct principal balance outstanding times the number of days between the due date and the next payment due to calculate the amount of interest the bank has earned and to be posted when the next payment is due to be made. No where in my Agreement does it state that Wells Fargo Bank has the written right to apply more interest than is calculated corrected for each monthly payment. No where in my Agreement does it state that Wells Fargo Bank has the right to apply my entire monthly payment to interest only. All my monthly payments have been made within the timeframe allowed, per my Agreement, and I have not missed XXXX payment. Exactly what it boils down to is, Wells Fargo is refusing to honor the XXXX Grace period and is trying to penalize me for exercise my rights to use it. 

XXXX. XXXX of XXXX XXXX to review starting at page XXXX and on to page XXXX, prepared by XXXX XXXX Bank. Please look at each transaction, but dont miss the ones from XX/XX/XXXX to XX/XX/XXXX pages XXXX and XXXX, there are so many errors, compounded errors and reversals, credit, and debits that you will have to study it deeply to come up with an actual if or if not, that this was actually a fix. 
a. This XXXX was received from Wells Fargo Bank at my request and it shows how they posted each payment, principal and interest and the balance after the payment has been processed. The repayment date started XX/XX/XXXX at {$770.00} per month due on the XXXX of each month. This process begins on page XXXX and continues to page XXXX. I am attaching a copy of this statements so everyone can see all the actuals errors made by Wells Fargo Bank for themselves. This info only goes through XX/XX/XXXX, note that their errors have not stopped and they do continue to be made through XXXX. Wells Fargo Bank also stated in their response that there are no errors found in the application of payments to my account. Well, XXXX the viewer decide when they see my proof posted here today! 

XXXX. A Transaction Statement outlining the posting of each payment, the date payment was made, the postings of principal and interest with better accuracy than Wells Fargo Bank, the amount posted by Wells Fargo is written in on this statement for you to compare to see just how much this amount is over or under what it should have been. This XXXX XXXX was prepared by me. 
a. I have calculated each monthly payment as close to correct as possible, you can check it out for yourself. I am not stating that I am 100 % correct with each calculation, but I am saying that my figures are closer to being correct than Wells Fargo Banks. Review each transaction in each column. The E and G columns are my calculations, the F column is Wells Fargo Bank calculations. The H, I have indicated if correct, almost, under or over, the J column indicated the amount over or under that Wells Fargo has posted. Note beginning on page XXXX, XX/XX/XXXX through XX/XX/XXXX, there are so many reversals, debit, credits, repost, and adjustments that it is difficult to say it is fixed correctly as applied. See ages XXXX and XXXX in the Transaction Statement prepared by Wells Fargo Bank to view the many errors and corrections made by Wells Fargo Bank. 
XXXX. I have attached XXXX pages of my recorded mortgage so you can check on page XXXX the maturity date of my loan. 
Wells Fargo Bank keeps posting that they try to reach me by phone and there is nothing they could say any different to me in writing that would explain all the errors made by them, the fixes, the reversals, etc. However, they do keep saying that there are no errors found. I have no explanation to say why Wells Fargo Bank is applying my payments improperly. All these errors posted of my payments are erroneously applied and does not reflect a good management appearance.

All Wells Fargo Banks need to do is to change their statement issue date to XXXX days after the due date which gives the customer 20 days notice before their next payment is due and their statement will reflect that the current payment has been posted and posted correctly if they use the correct interest amount calculated between payments. Note to Wells Fargo Bank : Wells FargXXXX XXXX XXXX always sends out the mortgage statement XXXX ( XXXX ) days after the due date of my loan, which is due on the first ( XXXX ) of the month with a XXXX grace period ) and I have never ever had an issue of any kind showing an incorrect posting due to management or the processor. So why dont you get some good advice from them as to what you are doing wrong that messing up the posting of each XXXX of my payments? 
Wells Fargo, you continue to state that I am unreachable by phone. If I am so unreachable, then how is it that I am available to post and read through responses at XXXX XXXX XXXX XXXX? I have found that you, Wells Fargo, are the unreachable XXXX and this is why I have had to go through XXXX XXXX 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