Consumer complaint received 2025-04-21 00:00:00
Product: Mortgage — Conventional home mortgage
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: IL

Complaint narrative:
Subject : Discrepancies in Mortgage Servicing and Assignment I am submitting this complaint to address significant discrepancies and concerns regarding the servicing and assignment of my mortgage loan.

1. Unauthorized Servicing by Wells Fargo Home Mortgage Wells Fargo Home Mortgage began servicing my loan without a properly recorded assignment from Wells Fargo Financial XXXX. In XXXX, for a servicer to have the authority to manage a loan, especially during foreclosure, the assignment of the mortgage must be recorded with the appropriate county recorder 's office. The absence of such documentation raises serious questions about the legitimacy of Wells Fargo Home Mortgage 's actions during the servicing period. 

2. Failure to Comply with Loss Mitigation Procedures Wells Fargo Home Mortgage failed to comply with federal loss mitigation procedures for the entire XXXX years it serviced my loan. According to 12 CFR 1024.41, a servicer is required to evaluate any complete loss mitigation application within 30 days of receipt. Despite this requirement, Wells Fargo Home Mortgage did not assess my application in a timely manner, thereby violating federal guidelines. Subsequently, the mortgage was transferred without resolving these issues.

3. Inaccurate Escrow Accounting Upon reviewing the " History Of Account Annual Escrow Account Disclosure Statement, '' I noticed : The statement only covers the period from XX/XX/XXXX to XX/XX/XXXX, omitting the servicing start date of XX/XX/XXXX to XX/XX/XXXX. 

A negative adjustment of {$22000.00} is listed without a clear explanation. 

My property tax records from the XXXX XXXX XXXX XXXX indicate that actual taxes paid from XX/XX/XXXX to XX/XX/XXXX totaled {$9900.00}, significantly less than the escrow amount charged. 

The " Statement of Your Optional Fee Charges '' lists a charge of {$15000.00} for " XXXX XXXX Liability Coverage '' on XX/XX/XXXX, just days after the servicing transfer, without a monthly or annual breakdown. 

Notably, I received the same " History Of Account Annual Escrow Account Disclosure Statement '' from XXXX, which contains identical information to that provided by Wells Fargo Home Mortgage. It's important to highlight that Wells Fargo Home Mortgage redacted the account number and report ID in these statements, potentially obscuring the fact that the account number corresponds to Wells Fargo Financial Illinois. 

These discrepancies suggest potential errors or mismanagement in escrow accounting during the servicing period. 

4. Questionable Subsequent Transfers Given that Wells Fargo Home Mortgage may not have had the authority to service the loan initially, the subsequent transfer to XXXX  and further transfers raise concerns about the legitimacy of these assignments. Each transfer relies on the validity of the preceding one ; thus, any flaw in the initial transfer could invalidate subsequent ones.

5. Illegitimate Deferred Balance Considering the unauthorized servicing and the discrepancies in escrow accounting, the deferred balance applied to my account appears to be illegitimate. Specifically, the uncollected amount of {$90000.00} and the deferred modified balance, including accrued interest, lack proper justification. I request a thorough review and correction of my mortgage account to reflect accurate charges and balances.

6. Assistance from an Advocate I am currently working with an advocate to address these issues and ensure that my rights as a borrower are protected. 

I have already filed a complaint with the Consumer Financial Protection Bureau regarding these matters. I urge you to investigate these concerns promptly and provide a detailed response outlining the steps taken to address them.

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