WellsFargo Dealer Services & WellsFargo Mortgage ,wellsfargodealerservices.com/, wellsfargo.com/mortgage/ Theft by Wells Fargo SpringFeild Ohio Nationwide

 I gathered all my proof of insurance together and had an attorney send in my proof via mail. Wells Fargo has started to refund my money. What gets me is why did it take a lawyer? I have since sold off my car and financed a new car with a new lender. I plan on moving my home loan to a new lender as well. I am just waiting for all my money to be refunded. Best advice I could give to any consumer out there is, Wells Fargo will bend over for a loan however will not deliver if they owe you without being strong armed.

It is not enough to just have "Insurance", you need to have the right type of insurance.

When you finance a home or car, the lien/title holder has minimum requirements for the type of insurance you must carry. If you do not meet their minimums(even if you "have" insurance) they may be allowed to put in forced-placed  insurance for the difference.

For example with your car. Most lenders require "Full Coverage" that is Liability and Comprehenive/Collision. They also have
a minimum dedictible. For example if they require a minimum dictuctible of $500 and your policy is for $1000 then you have NOT met the minimum requirements.

For your house, if say your policy covers up to 250K but your house is worth 500K they may require insurance for the difference. If you are in a flood zone and do not carry flood insurance again you may not meet their minimum requirements.

In additon the lenders will often require you list them as the "Loss payee" on the policy. If you don't do this again as far as the lender is concenrned you don't have the appropriate insurance to protect THEM. Rembmer it is THEIR money that is at stake until you satisfy the loan.

I am not defending them I am not saying they are right. I am just saying that it is best to first make sure you have the MINIMUM that they require as it may be as simple as that. Where if it turnes out you don;'t have the minimum required no amount of complaints to the Insurance Commissioner is going to fix this.

So I would first contact them to find out what the minimums are, and then contact your insurance carrier to verify you have the minimums.  If everything checks-out...then file the complaints.

Gather all of your documentation together and report Wells Fargo to the insurance commissioner for your state. Also report them to the CFPB.  Make two complaints - one showing they are not accepting your homeowners insurance and the other your auto insurance. You may need an attorney to help you if the insurance commissioner can't help. Rest assured, if it is happening to you, it is probably happening to other consumers of Wells Fargo. 

By the way, the insurance placed by WF on your home is called "forced placed" insurance and is a huge profit center for the bank. The idea is suppose to protect the collateral in the case of an uninsured homeowner. However, many lenders have discovered that this is one way to make extra revenue by forcing insurance (on which they receive a portion of the proceeds) on homeowners that already have homeowners insurance.  Make sure to follow through with your complaints and a potential lawsuit. If you can prove they have charged you for their insurance when you are already covered (and paid) and you notified them, you may be eligible for damages.  Speak to a good real estate litigation attorney.