Mortgage -- Trouble during payment process -- Complaint #7746035
Complaint Overview
Complaint ID: 7746035
Company: Wells Fargo & Company
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
Sub-Issue: Payment process
State: New York
ZIP Code: 10573
Date Received: 2023-10-23T12:00:00-05:00
Date Sent to Company: 2023-10-23T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
* I enrolled for biweekly mortgage payment for this mortgage ( initially was monthly 30 years fixed ) * I got an official amortization schedule for Wells Fargo, which detailed the exact timeline for the extra principal payments ( given the loan is now paid biweekly rather than monthly, I will have specified biweekly payments which will go towards principal. Specifically, each month in which there are 3 biweekly payments, 1 of them should be fully used to decrease the mortgage outstanding amount ). * Since then, Wells Fargo has failed to apply the appropriate extra biweekly payments to principal - contrary to the same official amortization schedule they had sent to me * I called them in XX/XX/2023 ( that was the first month in which one of the extra biweekly payments should have gone to principal ). After spending lots of calls and time, they recognized the error and adjusted the account. * However, I have now called them again just to make sure that in XXXX we do not have the same error / problem again ( XXXX is the next month in which the extra biweekly payment should go to principal ) and they said no. Again, that is against the very same official amortization schedule they had sent me, so that is an illegal practice ( never have I seen a mortgage provider disrespect the official amortization schedule they share with a customer? ) * I spoke with several escalation managers, but they do not provide you with name / contact details/ emails- all you have is a phone number that you need to spend hours on with. Either way, I submitted an official case with them ( I wanted to provide them with an opportunity to redeem before escalating to CFPB ), but all they did was to ignore the issue and say I can not do anything about it. * As a single small consumer, I feel I am being scammed and bullied, and the fact Wells Fargo is not providing me with emails and contact details of actual managers who could solve the issue is unacceptable * As a consumer, I should put full trust in them and what they do- and yet I had to uncover the issue and the problem myself by going in detail through all the accounts payments. I have no faith in them anymore- and to be fair they as an organization are not new to such predatory behaviors against small consumers
Frequently Asked Questions
What is Complaint #7746035 about?
Complaint #7746035 was filed against Wells Fargo & Company regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2023-10-23T12:00:00-05:00.
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.