Mortgage -- Trouble during payment process -- Complaint #4615394
Complaint Overview
Complaint ID: 4615394
Company: Wells Fargo & Company
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: New Jersey
ZIP Code: 07302
Date Received: 2021-08-09T12:00:00-05:00
Date Sent to Company: 2021-08-09T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/2021, I received a cancellation notice from my homeowner 's insurance company for non-payment of premium. I understood that my mortgage company, Wells Fargo, would be paying my annual homeowner 's insurance fee. My understanding of this was based on a written assurance from the agent who handled my refinance. Wells Fargo was my mortgage company both before and after the refinance. When I refinanced my mortgage in XXXX of 2021, I noticed that the closing documents set aside {$840.00} in escrow payments for the payment of property taxes but had {$0.00} set aside for paying homeowner 's insurance. As a result, I wrote to the agent who originated my refinanced loan, XXXX XXXX, to clarify and asked if the amount going to escrow every month would also be used to pay my homeowner 's insurance, as it had been during my previous mortgage with Wells Fargo. He replied that yes, my escrow would be used to pay both property taxes and homeowner 's insurance. On the strength of that assurance, made in writing, I understood that Wells Fargo would continue paying for my property taxes as well my homeowner 's insurance from the escrow account created through my $ XXXX monthly payments. When I called Wells Fargo to sort out the matter today, I was told that the closing documents indicated that money was only for paying property taxes and that there was no arrangement to pay for my homeowner 's insurance. The mortgage company, rather than acting in good faith to carry out the arrangement that I was assured in writing existed now and in the future, simply said that they could add paying homeowner 's insurance in the future if I paid extra money towards the escrow account. I was misled the company, and I believe it is their duty to carry out what I understood to be the terms of the agreement : I would pay {$840.00} a month towards escrow, and that amount would be used to pay for both my property taxes and my homeowner 's insurance. That would be the honorable course of action for them to take. Their false assurances have led to a lapse in my homeowner 's insurance coverage. They are responsible for the problem, and they should take responsibility for a fair solution that acknowledges and accounts for the role their misleading communications played in the problem.
Frequently Asked Questions
What is Complaint #4615394 about?
Complaint #4615394 was filed against Wells Fargo & Company regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2021-08-09T12:00:00-05:00.
How did Wells Fargo & Company respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Wells Fargo & Company?
Yes, visit the Wells Fargo & Company company profile at readthecomplaint.com/company/wells-fargo-company to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.