Wells Fargo Escrow
So I’ve had Wells Fargo for my mortgage for around a year and a half. This month they’re pulling some bullshit claiming they re-evaluated my account and think I have a shortage on my escrow (I don’t whatsoever). I’ve called their customer service 4 times, this last call the rep I spoke with said “yeah, you definitely don’t have a shortage and your payment shouldn’t be adjusting”. I think my property is probably at 20% paid off value by now with the raising property value in my town but I’m sketched out by the fact they require you to pay $550 for a Wells Fargo appraisal of your home. Anyone know if they have any legal obligation to charge the correct amount for my escrow? Right now it looks like I’d end up overpaying by approx. $2000 this year. Still isn’t corrected after that last call (rep said it’d show correct after 24 hours) TL;DR: Wells Fargo sucks and I would highly advise avoiding them at all costs for a first time homeowner mortgage
I’m not a fan but same thing happened to me and it ended up being legit. They are required to re-analyze your escrow account once a year and it’s pretty regulated. https://www.wellsfargo.com/mortgage/manage-account/escrow/statement-tour
They may be screwing you on the details, but escrow changing happens.
I seem to recall there being something about not letting the account have a zero balance after making a tax payment so they have to pad the amount a bit. Don't remember specifics. I've had mine adjusted a couple times over the last few years as well.
It’s legitimate. Our house value went up, so our taxes went up = increased escrow amount. You can fight the value of your house (based on what your county’s assessor thinks) by gathering comps and such from the area - just Google how to do this.
Yeah, I’ve dug into this down to talking with my town hall to find out if our assessment or taxes changed. Nothing changed lol
Be persistent with them, escalate it to higher authority people and you will get the adjustment done ✅ They are slow but will have to fix it. Escrow adjustment is common but if your county assessor doc shows your home value as what you have then you will win
Maybe don’t do an escrow account with them and just pay your property taxes directly?
Lol definitely would if that was an option without paying $550
They usually don’t give that option lot of times, depends on loan term/product and property etc
That’s why I opted out of escrow and pay my own taxes
Update: decided to refi despite it being an ARM loan since it’ll be fixed for 10 years which is probably longer than I’ll keep this house and they guaranteed no forced escrow bullshit
Wells Fargo are crooks. News at 11.
There’s a huge Reddit thread of people getting fucked like this