Wells Fargo Mortgage Complaint

Wells Fargo Mortgage department,

FHA mortgage Loan servicing, payments, escrow account Arizona

To whom it may concern, I received an Escrow account disclosure statement and notice of new mortgage payment dated - -, -. In the statement, the bank has attempted to forecast my escrow account for the 5th year of my mortgage. Technically, they have done it incorrectly because I have FHA Insurance that should be suspended in - - per the terms of the mortgage contract. However my concern is the current principal balance that is posted to my account at the company 's website. When the analysis was conducted and the statement sent, the company calculated a shortage of $91.00. They allowed for - options, pay the entire amount with a resulting mortgage payment of $800.00 or pay the shortage over the next 12 months in a new mortgage payment of $810.00. This would be effective for the period payment on -/-/-. I chose to pay the entire shortage of - with a resulting payment of -, as I have done in the past. I adjusted my Excel workbook, calculated the payment, maximized my additional principal payment and submitted - payments to the mortgage company. - for the escrow shortage and - for the required payment of - plus


" Next payment DUE ON -/-/- $800.00 '' and also shows transactions for the period. Here are the last transactions specific to the -/-/- payment : Date, Description, Amount, Balance -/-/- PMT REVERSAL $0.00 $88000.00 -/-/- PMT REVERSAL $91.00 $88000.00 -/-/- APPLIED FUNDS ( Details ) - $91.00 $88000.00 -/-/- PRINCIPAL PMT ( Details ) $91.00 $88000.00 -/-/- PRINCIPAL PMT ( Details ) $280.00 $88000.00 -/-/- PAYMENT ( Details ) $810.00 $89000.00 After looking at these items, I see several mistakes and I am no banking consultant or mortgage analyst but I found it odd that the items do not match my Excel workbook which tracks my payments, as well as my outstanding balance, to include some other details. If I recall, I think that WFC is the largest holder of residential mortgage loans and would think that they would be able to correctly determine the outstanding balance of my loan. Maybe they are trying to make an arbitrage profit? I do n't think that it is fair that I have to watch my account to determine that there are mistakes being made. In summary, on -/-/- my required payment was -. Effectively, my payment on -/-/- was -, the same as it is showing for the current month, due -/-/-. WFC calculated my payment as - for -/-/-. In doing so, the outstanding balance is incorrect. I have not viewed the escrow account for discrepancies but imagine that there may be some.