Wells Fargo is not meeting the needs of the community by taking advantage of the customer relationship. They offer predatory loan products through their Direct Deposit Advance product with an annual percentage rate of 180%. Their mortgage servicing practices are doing harm to our communities. Housing Counselors across the state have found issues including, but not limited to:
1) Denying permanent modifications after 5 on time trial modification payments
2) Refusing to provide full documentation for a loan modification after taking years to approve it
3) Proceeding to hearings despite loss mitigation requests
4) Failing to provide timely and accurate reinstatement quotes
5) Being difficult to communicate with and being non-responsive to borrowers and authorized third parties
The OCC needs to take these items into account when evaluating the CRA performance of Wells Fargo Bank and ensure that Wells Fargo is following the laws and settlement guidelines to adequately serve the needs of the community.