Consumer complaint received 2019-03-05 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: WELLS FARGO & COMPANY
State: FL

Complaint narrative:
I would like to file a formal complaint against Wells Fargo Mortgage for excessive, unreasonable, and erroneous mortgage charges and fees. 

I was recently informed by Wells Fargo Mortgage that my final mortgage pay off was received at/ around XXXX on Friday, XXXX XX/XX/2019, the day of my home sales closing in XXXX XXXX , TX. I was informed by Wells Fargo Mortgage that all pay offs received after XXXX Central Time will not be processed until the next business day. Given I previously lived in XXXX XXXX, TX, which is within the Mountain Time Zone, this arbitrary cut-off time of XXXX CT places an undue and unreasonable hardship on me because, in that time zone, I am already an hour behind. That is, I would have had to complete this home sale closing transaction much earlier in the day, much earlier than usual for these sorts of transactions in this area of the country/ time zone. That is, I would have had to get my title agent and his office to complete this transaction much earlier than they are usually accustomed. Again, this arbitrary cut-off time of XXXX XXXX CT places an unreasonable hardship and undue burden on me to meet this cut-off time given the time zone location of this home sale. 

In addition and as noted, I was told by Wells Fargo Mortgage that my pay off was not processed until sometime in the late afternoon of Monday, XXXX XXXX, after XXXX XXXX CT. As such, I was charged a full, additional day of interest. This additional interest charge was applied despite the fact that my pay off payment had been received Friday evening, XXXX XXXX, around XXXX XXXX  CT. That is, despite the fact that my pay off payment had been received on Friday, XXXX XXXX , Wells Fargo Mortgage failed to process this payment for an entire additional day. Thus, Wells Fargo Mortgage was completely derelict in their processing of my mortgage pay off payment in a timely manner, resulting in an entire day of additional interest expense.

These kinds of arbitrary and unreasonably time frames as well as this sort of derelict behavior in processing payments are the kinds of issues that give financial institutions a bad reputation as well as raise serious doubt as to their fiduciary integrity. These sorts of practices also appear predatory and abusive in nature, with additional fees and expenses that appear unwarranted and excessive. These are the sorts of unprofessional practices that raise questions as to the goals and intent of these financial institutions. 

I have attempted to address these unfair practices with Wells Fargo Mortgage, but thus far, all I have been told is that they will investigate this issue. Nevertheless, I am still liable for these additional interest fees. 

Consequently, I would like to file a formal complaint against Wells Fargo Mortgage regarding their implementation of arbitrary and unreasonable time frames and their failure to process payment information in a responsible, timely manner. 

Please let me know if you need any additional information. 

Thank you for your time and attention in this matter. 

V/R 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