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Complaint Review: WELLS FARGO BANK, N.A. - Sioux City South Dakota

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  • Reported By: Michelle B. — Deep South United States
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  • WELLS FARGO BANK, N.A. Sioux City, South Dakota United States

WELLS FARGO BANK, N.A. Wells Fargo Bank Wells Fargo Home Mortgage WELLS FARGO BANK Violates CFPB Consent Order? CFPB Allowing It? Fannie Mae Profited? Sioux City South Dakota

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Wells Fargo signed a consent Order with CFPB in December 2022 agreeing to compensate Affected Consumers of their unfair and deceptive practices concerning mortgage holders, auto loan customers and account holders.

As directed by the CFPB - Consumer Financial Protection Bureau, I filed a complaint in regards to the unlawful foreclosure on my home in June 2016 by Wells Fargo Bank, N.A.


Wells Fargo Violates CFPB Consent Order?

CFPB Allowing It? Fannie Mae Profited?



I have filed two complaints through CFPB in regards to the December 2022 Consent Order between Wells Fargo Bank and the Consumer Financial Protection Bureau for wrongful foreclosure in June 2016 on a home I owned. After reading an article on CNBC in January this year, I knew my home should be included and immediately reached out to Wells Fargo Customer Service. The representative told me they had no idea what I was talking about and was not aware of any settlement. I then filed a complaint through CFPB as advised in the CNBC News article.


Consumer Financial Protection Bureau

Complaint ID: 230327-10704634 and 230121-10193188

Wells Fargo Mortgage Loan #: 0056367345


Property Address: State Highway 160, Hayden, AL 35079

After paying my Wells Fargo mortgage for 11 years, Wells Fargo illegally foreclosed on my home in June 2016. Wells Fargo was servicing my mortgage on behalf of Fannie Mae but failed to properly inform and/or advise me of my Right to Reinstatement.

Under Fannie Mae guidelines, a delinquent borrower has the right to reinstate their loan by paying all past due amounts, late fees, attorney fees, inspection fees etc. at any time up until the foreclosure, which I was prepared to do. But Wells Fargo failed to advise me of this for the 7 months leading up to the foreclosure sale.

Instead, in January 2016, they referred my mortgage to a foreclosure attorney in Birmingham, AL- Sirote & Permutt, PC who sent me an acceleration letter demanding the entire loan balance- $187,000 to cure the delinquency. Of course this was not viable and I believed I had no options other than to watch my home go to foreclosure.

When I filed my complaints through CFPB, I thought the CFPB would investigate but apparently they are allowing Wells Fargo to review the complaints filed through their system and determine if errors were made. Not surprisingly, Wells Fargo has determined they did nothing wrong. It's like the fox guarding the hen house and absolutely absurd this is being allowed.

Not only did Wells Fargo deny any wrongdoing, (why would they implicate themselves?) but now have the audacity to claim Fannie Mae is the one who profited from the foreclosure sale, totally dismissing the fact they did not properly/legally service my loan as they were paid by Fannie Mae to do. The only reason my home was foreclosed on was because of Wells Fargo's deceptive, unethical and unfair practices along with gross negligence and incompetence.

I did email Fannie Mae's legal department April 12, 2023 but never received a response. I do not know if Fannie Mae is aware of the past servicing failures of Wells Fargo, how many consumers were affected or if Fannie Mae profited from the post foreclosure sale of those homes. I also do not know if Wells Fargo is currently servicing loans on behalf of Fannie Mae.

It is my opinion, Wells Fargo is out of compliance with the CFPB Stipulation of Consent Order signed by Charles W.Scharf, Wells Fargo Bank CEO in December 2022.

In the order, Wells Fargo agreed to financially compensate those who were wrongfully (ILLEGALLY) foreclosed on. Instead, Wells Fargo is being allowed to decide if they will comply on a case by case basis. Clearly they are denying all claims for compensation.

Whats more egregious is the Wells Fargo Executive Office representatives refuse to give me any information or contact information about who is reviewing their claims on the CFPB side. Only stating its a third party and even Wells Fargo does not know who they are. This is unacceptable.

Facts of my case:


  • Wells Fargo failed to lawfully service my Fannie Mae insured loan according to established guidelines required for all Loan Servicers to follow.

  • Wells Fargo failed to advise me of my legal Right to Reinstatement as a Fannie Mae borrower, which would have required around $15,000 to fully reinstate the loan.

  • Wells Fargo referred my mortgage to a foreclosure attorney who sent an acceleration letter requiring the full loan balance of $187,000.


  • Wells Fargo illegally referred my home for foreclosure and are responsible for the loss of 11 years of mortgage payments, interest payments and ALL equity gains I have subsequently lost.

  • Wells Fargo's mistakes led to my wrongful and illegal foreclosure in June 2016 and fall under the CFPB Consent Order from December 2022.

  • Because of Wells Fargo's egregious and unlawful actions, I lost in excess of $100,000 in equity gains since the foreclosure sale in 2016. To replace that home with a comparable home in today's market would exceed $375,000.

It is time for Wells Fargo to right their wrongs. It is time for Wells Fargo's long history of corruption and profiteering to end and to compensate those they have harmed financially. Wells Fargo should compensate me immediately or be held in contempt for violating the CFPB Consent Order.

Michelle B.





US Attorney General Merrick Garland

Federal Reserve Chairman Jerome Powell

CFPB Director Rohit Chopra

US Treasury Secretary Janet Yellen

Iowa State Attorney General Brenna Bird

South Dakota State Attorney General Marty Jackley

Wells Fargo Bank CEO Charlie Scharf

Fannie Mae CEO Priscilla Almodovar




Bloomberg News

FOX Business













This report was posted on Ripoff Report on 03/27/2023 02:39 PM and is a permanent record located here: The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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