Wells Fargo & Company Mortgage Complaint

Wells Fargo & Company Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account California

When my mortgage payments started my loan was sold - and set up for payments with servicing company Wells Fargo. On setup of my payments I chose to have weekly payments for my mortgage for the benefit of paying off the loan earlier..as much as 7 years early ( knowing this from before ) based on a 30 year fixed loan. Soon I found out that I am not receiving full benefits of paying off weekly as servicing company is not applying my weekly payments against the principal immediately, instead they hold on to funds and wait until - of every month and then apply it or waits for the 4th payment ( - of the - mentioned ). Therefore, hundreds of dollars every month in interest I pay extra. In this scenario of weekly payments I only receive - of the - benefits that weekly payments should give. Knowing how exactly mortgage works and that mortgage interested is compounded daily basis, this " inconvenience how servicer deals with my payments " is costing me NOT paying off my mortgage extra 2 years earlier and close to $ 50k in extra payments during the life the loan. I complained about this to Wells Fargo, but their response was simple as " That 's how we operate '' with no further explanation which leads me to initiate this complaint with CFPB.