Consumer complaint received 2024-08-26 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:
Whatever you have to say on the phone you can put in writing to me as you have had no problem doing so for many months and have had no problem with contacting me in this manner ( by mail ). You have ignored every question that I ask and have given explanations that are not consistent with our recorded contract Agreement. You stated in your response letter dated XX/XX/year> : You have confirmed you are aware of the due date of the XXXX of each month. While you have a 10-day courtesy ( grace period ) as outlined during which time you may make a payment and avoid the assessment of a late charge, the courtesy period ( grace period ) does not prevent our ability to produce the monthly statement to remain compliant with servicing guidelines. But when sending out the statement before the end of the 10-day courtesy ( grace period ) has passed this causes the statement not to reflect that the current months payment has been made. Your computer system will continue to ask for two payments, on my statement, as it will never show that the current payment has in fact been made and within the required time frame of my agreement. On the reverse side of this letter, you stated in the second paragraph last sentence : You have provided a document outlining your belief in how your payments would be applied to the account. Please note, this is not an accurate method to calculate the payment application, as payments will be applied according to the information provided on your monthly statement. XXXX, you need to be referring to my recorded Agreement, not my monthly statement as a legal and binding document to follow. My monthly statement was never signed and agreed by me nor was it was never notarized and witnessed and dated. On the same back side of this letter from XXXX, paragraph number three : The definition of compound interest is interest being charged on interest, which is not how interest is assessed to this account. For this account, the interest assessed is based upon the principal balance of the account at the end of each day. You are responsible for issuing a payment to the account in a timely manner. When you choose to make the payment will affect how the payment will be applied to the account. We have not made an error in the application of payments or in the calculation of interest due on the account. Your payments have accurately applied to the account as outlined in the monthly account statement. There again XXXX, you are referring to the monthly account statement as the one in charge but it must follow my recorded Agreement. Second letter from XXXX, dated XX/XX/year>, second page, second paragraph : The specific payment terms are outlined in the signed XXXX with Flexibility Agreement and Disclosure Statement ( Agreement ). While the agreement outlines the terms of the account, additional clarification about the required payment is included on the monthly statements. I understand what you are saying, but you are still not giving the customer the rights they have to exercise the use of the 10-day grace period so it will reflect on the monthly statement! Why? The decisions being made to make changes which affect my Agreement in any way, shape, or form should be addressed to me prior to making changes from the very beginning and a complete and thorough explanation should be delivered to me as to your choosing of these desires you wish to use for processing the payments when it fails to honor the 10-day grace period written in the Agreement. Fourth paragraph, page two same letter : XXXX, has stated : Statements are required to be sent 14 days prior to the due date of the XXXX of each month. To ensure there is sufficient time for the statement to be received, and the monthly payment to be remitted we produce the statement 25 days prior to the due date, not the expiration of the grace period, as this would result in the statement being produced prior to the required due date of the current month. By producing the statements 25 days prior to the due date, we are ensuring we are always able to provide the monthly statement as required and provides as much time as possible for you to plan and make the monthly payment. While you have requested, we adjust the date the statements are produced, this is not an option for your individual account. Your explanation as saying your choosing of sending out the monthly statement 25 days prior to the next due date provides as much time as possible for me to plan and make the monthly payment. Please note, that I never said for you to send out a statement 25 days after the grace period!!! I simply stated that you should send out the statement 11 days after the current monthly payment has passed its due date and this would give the customer a statement reflecting that the current payment has been made and will show the correct amount due and calling for the next months payment due. This would give the customer 20 days to receive the statement reflecting a payment was made and one is due in 20 days. When you send out the statement five ( 5 ) days after the XXXX of the month, with the payment due for the following month, you are giving the customer XXXX days before the next payment is due to view the statement, but when the customer has exercised the 10-day grace period, that statement will NOT show the current payment was made. The 20 days before the payment is due for the following month is certainly adequate and it only reduces your choosing method of 25 days to 20 days! Bear in mind, I am only talking about a five ( 5 ) day difference, that all!! I would like to know the persons last name and their title that made the horrible unprofessional decision regarding your servicing guidelines. Makes no sense!!

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