After only 7 months with Wells Fargo Home Mortgage, I received a phone call that my account was seriously delinquent and if I didn't make a payment over the phone, it would go to collections. Knowing my account was NOT delinquent, I simply opened up my online banking access and proceeded to go through every single payment that was made to Wells Fargo. Each payment was paid prior to the due date and had been either paid online or via check; 5 of the 7 payments had included additional funds to be applied to the principal. After 47 minutes on the phone with Employee ID #BGC, I was told, "It's fine, this happens sometimes" but she was unable to tell me WHAT happened. Apparently, each of the the additional principal amounts were applied toward the following month's payment so when they received the next month's payment, they decided to only apply a portion of it to that month and do nothing with the rest of it. One of the checks I had written (which clearly they had cashed because it went through my bank very quickly) had not even been posted to my account. BGC assured me that it had been corrected; however, when logging into my account tonight, I see that it still shows a past due and multiple split payments. I have asked for an email to provide proof that it was their error but now I wonder if that's going to happen either.
My recommendation to all of you is to avoid Wells Fargo Home Mortgage (if you have a choice, which rarely happens these days) and if they do end up buying your loan, make sure you keep very good records! If you happen to speak to Employee ID #BGC, make sure you record the conversation because she obviously didn't do what she said she was going to do.
Obviously, this is how they can afford to buy all these mortgages--because they are not applying people's payments to their loan.
Product or Service Mentioned: Wells Fargo Mortgage.