Thread regarding Wells Fargo & Co. layoffs

1,600 customers say Wells Fargo paused their mortgage payments without their consent

https://www.nbcnews.com/business/personal-finance/1-600-customers-say-wells-fargo-paused-their-mortgage-payments-n1241620

Yes- this is an update on old news.

I’m wondering if anyone here has Internal knowledge that could provide insight?

From my perspective, which is only from the media, it is yet another F up on Wells Fargo’s part. Stemming from manager(s) not being fully knowledgeable about the departments they are in charge of. And it must be the same up the chain of command in the LOB, because I’m sure the idea had to be escalated and approved. And it was probably run past some Compliance guy that gave the nod. This is where people should lose their job, IMO. We can’t continue to claim ignorance regarding the business we are in. I don’t know WHY, but I’m dumbfounded once again! Would appreciate your thoughts.

by Anonymous
| 1483 views | | 8 replies (last October 3, 2020) | Reply
Post ID: @OP+17dx69nd
Comment! It's anonymous!

8 replies (most recent on top)

prob people who need forbearance; a company should never make that choice for any customers

by Anonymous
| | Reply
Post ID: @2hrh+17dx69nd

@1xd
All customers accrue interest if they have a loan. These customers were bankrupt. The bank was trying to help customers right when this virus pandemic started. Saying the bank was trying to make money off this is off the mark. Your not making money off people who are dead broke, your in a salvage operation at that point and your trying to help them in any manner possible.

by Anonymous
| | Reply
Post ID: @1bzr+17dx69nd

Does customers accrue interest during the forbearance period (they pay more interest than anticipated)? Does this "accidentally" benefit WF?

by Anonymous
| | Reply
Post ID: @1xdq+17dx69nd

Personally, I’m not agreeing with the trend here that “poor Wells Fargo” keeps getting kicked when they’re down after our history of fraud, scandal and lack of internal controls. There are rules and regulations we are supposed to be aware of and have deep knowledge of. Anything less than reflects our incompetence. We put 1600 customer’s mortgage payments on hold without contacting them first.

Something is very wrong here, and I am not surprised when new problems keep popping up.

But I do appreciate the input and position of @kvp. We have terrible systems in our department as well. Not even a Wells Fargo internal system, but from a vendor. Everything is a manual “work-around” trying to get it to work with our internal outdated systems. It’s all so half-assed, it’s amazing we don’t have more problems too.

by Anonymous
| | Reply
Post ID: @1cjs+17dx69nd

We take about 40 courses a year, we're brainwashed. If in doubt do what sounds right.

by Anonymous
| | Reply
Post ID: @qbu+17dx69nd

I’m in the home lending dept. It wouldn’t surprise me if the whole unwanted forbearance debacle was caused by misusing or not understanding one of our many internal softwares. Most of the systems we use are over complicated, bug ridden trash and half the people I work with don’t know how to use the necessary programs to do their jobs.

Or as the other person said, a hyperactive response to anyone who inquired about payment suspension. We get so little guidance on these ever-changing “COVID-19 policies” it may have been caused by a few teams interpreting the rules wrong.

by Anonymous
| | Reply
Post ID: @kvp+17dx69nd

Oh my! I certainly wasn’t expecting the response below 🙄 !

by Anonymous
| | Reply
Post ID: @rrv+17dx69nd

If anything this is hyper active trying to do the right thing. WF gets kicked no matter what.

by Anonymous
| | Reply
Post ID: @qkn+17dx69nd

Post a reply

: