Wells Fargo & Company Mortgage Complaint

Wells Fargo & Company Mortgage department,

Conventional adjustable mortgage (ARM) Loan servicing, payments, escrow account Oregon

I have had a mortgage with Wells Fargo for several years. Every month I pay more than the minimum amount. It always applied the additional payment to principal until this Spring. It then started applying the extra amount to later payments, collecting interest in advance and not applying the additional amount to principal. I have written letters, and now with each payment I tell them in writing to apply the extra payment to principal. They finally corrected their errors last month after several phone calls and letters. This month they did it again, even though I included a letter expressing telling them to apply the extra payment to principal. It is clear to me that several months ago it changed its software to misapply extra principal payments so as to collect more interest and so as to reduce principal more slowly than they should. I have had numerous conversations and written communications. They have even written me and said they have not done anything wrong. See the attached letter. It is obvious that this letter makes no sense. It admits being told how to apply the funds, and that they refused to apply the funds to principal. I am very familiar, of course, with the fact that Wells Fargo has been caught cheating with regard to opening accounts. This is just another unethical practice. Since it was a change this Spring, and since I now include a letter with each payment telling them exactly what to do and since they refuse to do it unless I spend a lot of time on the phone with them, I am confident that they are extracting small amounts from millions of people. I am also confident that this type of change in the software had to be approved at the very top. - - has to have approved this behavior. It is one type of intentional misconduct after another with this bank, and I have a large position in its stock.