Consumer complaint received 2026-04-21 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Closing on a mortgage — Closing disclosure or other related disclosures
Company: WSFS FINANCIAL CORPORATION
State: DE

Complaint narrative:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXXXXXX Date : XX/XX/2026 Office of the Comptroller of the Currency XXXX Assistance XXXX XXXX. XXXX XXXXXXXX XXXX XXXX XXXXXXXX Re : Formal Complaint Against XXXX XXXX XXXX XXXX, XXXX. ( WSFS ) Subject : Unsafe and Unsound Practices, Accounting Irregularities, and Servicing Misconduct To the XXXX XXXX Assistance XXXX : I am filing a formal complaint against XXXX XXXX XXXX XXXX, XXXX. ( WSFS ), a federally chartered savings bank, regarding serious deficiencies in its loan servicing, accounting practices, and internal controls in connection with a line of credit that was transferred to me personally and ultimately foreclosed upon ( XXXX XXXX XXXX XXXX XXXX XXXX XXXX ). While the state court proceedings addressed the procedural mechanics of foreclosure, this complaint focuses on the underlying conduct of WSFS, which raises significant concerns regarding unsafe and unsound banking practices and potential violations of federal consumer protection standards. XXXX. Severe Accounting Discrepancies and Lack of Transparency The original principal balance of the loanoriginating as a commercial line of credit tied to XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX approximately {$310000.00}. WSFS subsequently asserted and/or collected amounts exceeding {$800000.00}, including demands of approximately {$470000.00} and {$330000.00}. WSFS has failed to provide a clear, transaction-level accounting explaining this escalation. The magnitude of the increase suggests potential : Misapplication of interest Improper or duplicative corporate advances Unsubstantiated fees and default charges This lack of transparency raises serious concerns about the integrity of WSFSs internal accounting systems and compliance with prudent banking standards. XXXX. Deceptive Servicing and Failure to Honor Payoff Statements In an effort to resolve the loan, I obtained a written payoff statement from WSFS and relied on that figure in good faith to cure the default. When I attempted to tender payment in accordance with that quote, WSFS refused to honor it and instead increased the demanded amount. This conduct constitutes a classic bait-and-switch servicing practice, preventing resolution of the loan and effectively forcing default. The failure to provide and honor accurate payoff statements is a serious servicing breakdown and may constitute an Unfair, Deceptive, or XXXX XXXX or XXXX ( XXXX ). XXXX. Due Process Failures and Improper Extinguishment of Property Interests WSFS proceeded with foreclosure in a manner that failed to properly serve or account for necessary and interested parties. Specifically, my brother and fatherboth holders of recorded mortgage interestswere not properly served prior to foreclosure, and my mothers interest in the property was likewise extinguished. As a result, WSFS effectively stripped multiple family members of their secured property interests without due process, eliminated substantial accumulated equity, and left our familyincluding an elderly and vulnerable occupanthomeless without compensation. XXXX. Misrepresentations Regarding Bankruptcy Protections During related bankruptcy proceedings, WSFS and its representatives made representations concerning the status and applicability of the automatic stay that I believe were materially inaccurate. These representations were used to justify continued foreclosure activity and accelerate liquidation of the property. If substantiated, such conduct raises serious compliance concerns under federal bankruptcy law and banking regulations. XXXX. Resulting XXXX and XXXX XXXX At the time of foreclosure, the property was subject to a pending purchase contract of approximately {$2.00} XXXX. Despite this, WSFS proceeded with a Sheriffs Sale in which the property sold for approximately XXXX XXXXXXXX than half of the contract value. This resulted in the destruction of substantial equitypotentially exceeding {$1.00} millionthat would otherwise have been preserved through proper servicing, payoff, or commercially reasonable disposition. Requested XXXX I respectfully request that the XXXX : XXXX. Initiate a formal investigation into WSFSs servicing and accounting practices XXXX. Require production of a complete, audited, transaction-level loan history, including : o All fees, charges, and corporate advances o XXXX calculations and methodologies o All payoff statements issued o Internal servicing notes and communications XXXX. Evaluate whether WSFS engaged in unsafe or unsound banking practices XXXX. Determine whether WSFSs conduct constitutes XXXX violations XXXX. Take appropriate supervisory or enforcement action Respectfully submitted, XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX Date : XX/XX/2026 Consumer Financial Protection Bureau XXXX. XXXXXXXX XXXX XXXX XXXX XXXXXXXX Re : Complaint Against WSFS Bank XXXX XXXX XXXX Servicing, XXXX Violations, and Predatory Equity Stripping To the Consumer Financial Protection Bureau XXXX I am submitting this complaint against WSFS Bank for deceptive servicing practices, unfair conduct, and actions that resulted in the loss of my XXXX home and substantial equity. XXXX. XXXX XXXX of XXXX XXXX into XXXX XXXX WSFS originated a commercial line of credit of approximately {$310000.00} to a business entity. Under questionable circumstances, WSFS shifted this liability onto me personally and then subjected it to aggressive consumer collection and foreclosure practices, directly impacting me and my family, including my XXXX XXXX. XXXX. Refusal to Honor Payoff Statements ( XXXX Violation ) In an effort to resolve the debt and prevent foreclosure, I obtained a written payoff quote from WSFS and relied on it in good faith. When I attempted to complete the payoff, WSFS refused to honor its own quoted amount and increased the demand. This conduct prevented me from curing the default and directly caused the loss of the property. Such bait-and-switch payoff behavior is a hallmark of unfair and deceptive servicing practices. XXXX. Unsubstantiated Fee Inflation WSFS transformed a {$310000.00} obligation into demands exceeding {$800000.00}. The bank has refused to provide a clear explanation or accounting supporting these charges, raising serious concerns about predatory fee practices and lack of transparency. XXXX. Foreclosure XXXX Resulting in XXXX XXXX At the time of foreclosure, the property was under a pending purchase contract for approximately {$2.00} XXXX. WSFS nonetheless accelerated foreclosure and conducted a Sheriffs Sale at approximately {$970000.00}. This resulted in the destruction of substantial equitypotentially over {$1.00} millionthat should have been preserved or returned to the family. XXXX. Failure to Serve Necessary Parties and Loss of Property Rights WSFS failed to properly serve my brother and father, both of whom held recorded mortgage interests, and extinguished those interests along with my mothers during foreclosure. As a result, multiple family members were deprived of their secured property rights without due process, and our family was left homeless without compensation. XXXX. XXXX XXXX Regarding Bankruptcy Protections WSFS made representations regarding the status of bankruptcy protections that I believe were inaccurate and used those assertions to justify continuing foreclosure actions. Requested Action I respectfully request that the CFPB : Investigate WSFS for Unfair, Deceptive, or Abusive Acts or Practices ( XXXX ) Require full transparency and accounting of all charges and fees Evaluate WSFSs servicing practices for systemic violations Take enforcement action to prevent similar harm to other consumers Impact As a direct result of WSFSs conduct, my family lost our home, all associated equity, and multiple secured property interests. This resulted in financial devastation, displacement of an elderly occupant, and the loss of hundreds of thousandsif not over a milliondollars in equity. Respectfully submitted, 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