Consumer complaint received 2024-06-22 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — Trying to communicate with the company to fix an issue related to modification, forbearance, short sale, deed-in-lieu, bankruptcy, or foreclosure
Company: WELLS FARGO & COMPANY
State: TN

Complaint narrative:
During XX/XX/XXXX XX/XX/XXXX, I communicated with the Wells Fargo Home Mortgage ( WFHM ) Home Preservation team to apply for a proposed loan modification and submit supporting financial documentation via secure email or website/link ( e.g., yourLoanTracker ) as provided by the financial institution. A confirmation email was sent to my attention on XX/XX/XXXX but the application was later declined mysteriously. I also submitted applications to your financial institution and/or its subsidiaries ( e.g., Americas Servicing Company or ASC ) for loan modifications prior to the XXXX pandemic and/or on XX/XX/XXXX, which were not approved. 

On XX/XX/XXXX, Wells Fargo XXXX XXXX issued a letter and a {$200.00} check as compensation for not considering the mortgage account for loan modification. I was somewhat encouraged by the acknowledgement of a potential undisclosed error and bank payment. Nevertheless, I requested mediation after concluding that both my financial situation and mortgage account were significantly inconvenienced by their actions. 

On XX/XX/XXXX, I entered into mediation with WFHM to forgive the current loan outstanding principal balance totaling $ XXXX. WFHM disclosed the procedures and/or complexities for reviewing customer accounts and thus offering payment assistance. However, WFHM concluded that an error did not occur as part of its internal research. The bank did not agree to forgive the outstanding loan balance as originally proposed. However, both parties did agree on an additional $ XXXX customer satisfaction payment. 

Although my account was found not to have been directly impacted by Wells Fargo 's self-disclosed error, it appears that the financial institution has dubious and/or deceptive practices which impact both its consumer-base and the public. The bank representative provided a very technical explanation which even the mediation professional felt was difficult to understand and not user-friendly. I was also troubled that XXXX refused to share either the impact and/or magnitude of this internal error during the proceedings. 

Previously, the financial institution settled lawsuits with the Department of Justice for deceptive consumer practices involving customer accounts, falsifying data/records as well as other fraudulent and/or unethical behavior. Except for the XXXX pandemic, the financial institution refused my many requests for loan modifications. I later became suspicious yet hopeful when the bank acknowledges an undisclosed error and issues unsolicited payments to its customers. I now realize that Wells Fargo engages in erroneous business practices/procedures, either intentional and/or unintentional, that are averse to the customer.

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