Replies to This Discussion

Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on January 8, 2012 at 10:49am

Certainly you need to escalate. This is definitely a violation of the OCC and FR consent decree dated April 13, 2011. This needs to be filed in a formal complaint to the OCC and FR. You can do that on-line at the respective web sites. The OCC is really good about reacting to these complaints

The following are regulated by the OCC 

2597 Wells Fargo Bank Northwest, National Association Ogden UT 13718 688079
11668 Wells Fargo Bank South Central, National Association Houston TX 5146 2362458
1 Wells Fargo Bank, National Association Sioux Falls SD 3511 451965
23201 Wells Fargo Delaware Trust Company, National Association Wilmington DE 34465 2531991
21099 Wells Fargo Financial National Bank Las Vegas NV 27389 1225761

File a consumer complaint

http://occ.treas.gov/topics/dispute-resolution/consumer-complaints/...

There is also a toll free telephone number. (800) 613-6743

Permalink Reply by Katherine Muhs on January 8, 2012 at 10:59am

I'd start by escalating the file and follow up relentlessly. Good luck!

Permalink Reply by Kim Eisen on January 8, 2012 at 2:07pm

Hi Denis,  I would just file with OCC at least someone should contact them from the dept or threaten to. Couples things I read on this site was one person got a VP and threatened to contact/file with OCC and got things taken care of swiftly and another did file and OCC called and things gotten taken care of.

One word of caution in looking over the Consent Order of 4-13-11 that most of the major banks received (not just Wells), it was asking them for a 'plan' of action to address issues and how they are going to handle things, etc plus other things as well.  So no real violation of consent order if they didn't do something for your buyer as they did provide plans of actions to the OCC (ps. I am not an attorney, just my take). 

Now, the funny thing is that the OCC's Interim Status Report in Nov 11, states that they got the 'plans' of action and other things they wanted, but COULD NOT relay those because of 'confidential' information contained therein.  Which means we don't know JACK about what each companies plans are.  That's not to say they aren't getting on the stick and who knows may even have asked for delays, etc.  

If there was a violation, it would probably be with the 'plan of action' that Wells submitted, but again, we don't know what that is, do we? ; )))

I've included a link to Wells consent order and under Article IX, which is interesting to me, especially ((m) policies and procedures to ensure that foreclosure, Loss Mitigation, and loan modification documents provided to borrowers and third parties are appropriately maintained and tracked, and that borrowers generally will not be required to resubmit the same documented information that has already been provided, and that borrowers are notified promptly of the need for additional information) yet, there is foreclosure information in there about them having an information system where loss mitigation, loan modification and the foreclosure departments have one information system where everything on one file can be seen by your contact person, if you/your clients submit a claim or mention it to your negotiator or the VP.  But, there's also foreclosure language in there too, you'll want to read up on.   Have fun, be bold, take a breath, life will be good ; )

OCC Consent Order 4-13-11 http://www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-47...

OCC Interim Status Report 11-11 http://www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-13...

Permalink Reply by Denis Greatens on January 17, 2012 at 7:08pm

Follow up:  I filed the complaint with OCC on January 9th.  On January 13th They reassigned my file to a new processor.  Fingers crossed!

Permalink Reply by Denis Greatens on February 22, 2012 at 4:37pm

O.K.  There is light at the end of the tunnel.  After the file was resigned it took about a week to move the file from Document Collection and then straight through to acceptance.  At this point we are set to close on this property in six days!  

Thank YOU!  for the support and suggestions. 

Permalink Reply by Ken Bailey on February 24, 2012 at 9:41am

Thank you for the follow up on this Denis--very helpful to see the favorable end results.