# WTF is up with Wells Fargo mortgage people w.r.t. insurance? **URL:** \ **Category:** Factual Questions\ **Created:** [August 26, 2020, 5:29pm UTC](https://boards.straightdope.com/t/wtf-is-up-with-wells-fargo-mortgage-people-w-r-t-insurance/919077 "2020-08-26T17:29:04Z")\ **Posts on this page:** 19\ **Page:** 1
**Author:** ![bump](https://avatars.discourse-cdn.com/v4/letter/b/7c8e57/32.png) [@bump](https://boards.straightdope.com/u/bump)\ **Post date:** [August 26, 2020, 5:29pm UTC](https://boards.straightdope.com/t/wtf-is-up-with-wells-fargo-mortgage-people-w-r-t-insurance/919077/1 "2020-08-26T17:29:04Z")
So about 2 weeks ago, I get all the information from my homeowner’s insurance carrier telling me that it’s going to auto-renew, _just like it has for the past 13 years._ So I think “ok, good. I don’t have to worry about that.” Today I get a letter from Wells Fargo saying that they don’t show me with hazard insurance, and that if I don’t get my act together, they’re going to buy it for me. ??? So I look at my carrier’s page, and it shows auto-renewed, just like they said, and has Wells Fargo listed as the lender loss payable, just like I’d expect. So I download the policy documents, and go to the Wells Fargo site that they say I have to upload them to. Here’s where it gets weird. On that site IT SHOWS MY CURRENT POLICY listed as current, and everything is correct. Presumably from my carrier. But they STILL require me to upload “proof” in the form of a PDF that I just downloaded from my carrier. WTF? Somehow me downloading a PDF from the carrier is MORE verified than them getting it directly via some kind of B2B interface? What exactly did this prove or accomplish? Couldn’t they have worked that out behind the scenes? They already knew I have a current policy, so what purpose does the PDF serve? ---
**Author:** ![Vesicant](https://avatars.discourse-cdn.com/v4/letter/v/43a26b/32.png) [@Vesicant](https://boards.straightdope.com/u/Vesicant)\ **Post date:** [August 26, 2020, 6:52pm UTC](https://boards.straightdope.com/t/wtf-is-up-with-wells-fargo-mortgage-people-w-r-t-insurance/919077/2 "2020-08-26T18:52:51Z")
This page says they want the declarations page of your policy because “It tells us how much your home is covered for and gives us the details of your policy.” Perhaps the information Wells gets from your insurance carrier is limited to (e.g.) name, policy number, and effective dates for “privacy reasons” (the usual weasel excuse). > **[Frequently Asked Questions About Homeowners Insurance | Wells Fargo](https://www.wellsfargo.com/mortgage/manage-account/insurance/homeowners-insurance/faqs/)** > > Have questions about homeowners insurance? Our FAQs will help answer them. ---
**Author:** ![Omar\_Little](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/omar_little/32/269_2.png) [@Omar\_Little](https://boards.straightdope.com/u/Omar_Little)\ **Post date:** [August 26, 2020, 7:00pm UTC](https://boards.straightdope.com/t/wtf-is-up-with-wells-fargo-mortgage-people-w-r-t-insurance/919077/3 "2020-08-26T19:00:49Z")
Wells has a recent history of really fucking up with regard to simple customer relations issues. So don’t put it past them to have messed this up as well. I think they are on their 4th CEO in the past 4-5 years. ---
**Author:** ![TroutMan](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/troutman/32/6721_2.png) [@TroutMan](https://boards.straightdope.com/u/TroutMan)\ **Post date:** [August 26, 2020, 7:56pm UTC](https://boards.straightdope.com/t/wtf-is-up-with-wells-fargo-mortgage-people-w-r-t-insurance/919077/4 "2020-08-26T19:56:23Z")
It could be a timing issue - they sent out the notice before the update came from your carrier, and they didn’t automatically clear the flag that says your renewal is pending. ---
**Author:** ![bump](https://avatars.discourse-cdn.com/v4/letter/b/7c8e57/32.png) [@bump](https://boards.straightdope.com/u/bump)\ **Post date:** [August 26, 2020, 7:56pm UTC](https://boards.straightdope.com/t/wtf-is-up-with-wells-fargo-mortgage-people-w-r-t-insurance/919077/5 "2020-08-26T19:56:36Z")
Nope, they get the following: Carrier Policy # Effective dates Premium amounts payment due date paid date coverage amount deductible ---
**Author:** ![bump](https://avatars.discourse-cdn.com/v4/letter/b/7c8e57/32.png) [@bump](https://boards.straightdope.com/u/bump)\ **Post date:** [August 26, 2020, 7:57pm UTC](https://boards.straightdope.com/t/wtf-is-up-with-wells-fargo-mortgage-people-w-r-t-insurance/919077/6 "2020-08-26T19:57:09Z")
They sent it the day AFTER it renewed, according to the date on the letter. ---
**Author:** ![Rick\_Kitchen](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/rick_kitchen/32/522_2.png) [@Rick\_Kitchen](https://boards.straightdope.com/u/Rick_Kitchen)\ **Post date:** [August 26, 2020, 7:57pm UTC](https://boards.straightdope.com/t/wtf-is-up-with-wells-fargo-mortgage-people-w-r-t-insurance/919077/7 "2020-08-26T19:57:48Z")
Wells is shady. They’re paying off lots of fines for the crappy way they deal with their clients. Don’t let this go, make sure they recognize you have coverage. ---
**Author:** ![susan](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/susan/32/17537_2.png) [@susan](https://boards.straightdope.com/u/susan)\ **Post date:** [August 26, 2020, 8:06pm UTC](https://boards.straightdope.com/t/wtf-is-up-with-wells-fargo-mortgage-people-w-r-t-insurance/919077/8 "2020-08-26T20:06:44Z")
Call them, and then amuse yourself for 90 minutes as you wait on hold. It’s the only way (I speak from Bank of America experience). ---
**Author:** ![Vesicant](https://avatars.discourse-cdn.com/v4/letter/v/43a26b/32.png) [@Vesicant](https://boards.straightdope.com/u/Vesicant)\ **Post date:** [August 26, 2020, 8:08pm UTC](https://boards.straightdope.com/t/wtf-is-up-with-wells-fargo-mortgage-people-w-r-t-insurance/919077/9 "2020-08-26T20:08:19Z")
> [@bump](#): > > Nope, they get the following: > > Carrier > Policy # > Effective dates > Premium amounts > payment due date > paid date > coverage amount > deductible That list doesn’t include Interested Party, which is what Wells is really after. They want proof that you named them as an interested party. While I agree that Wells is generally a world-class pooch screwer, in this case it’s not unusual. When I’ve rented apartments or houses, the management always wanted a copy of my renter’s insurance declaration page so they could see that they were named as an interested party. ---
**Author:** ![TroutMan](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/troutman/32/6721_2.png) [@TroutMan](https://boards.straightdope.com/u/TroutMan)\ **Post date:** [August 26, 2020, 8:13pm UTC](https://boards.straightdope.com/t/wtf-is-up-with-wells-fargo-mortgage-people-w-r-t-insurance/919077/10 "2020-08-26T20:13:04Z")
> [@bump](#): > > They sent it the day AFTER it renewed, according to the date on the letter. Right, but the day WF’s system recorded it as renewed might not be the same, either because of delays on the carrier side or delays on WF’s side. > [@Vesicant](#): > > That list doesn’t include Interested Party, which is what Wells is really after. They want proof that you named them as an interested party. The fact that the renewal appeared in WF’s system is based on them being an interested party, so I don’t think that’s it. ---
**Author:** ![iamthewalrus\_3](https://avatars.discourse-cdn.com/v4/letter/i/258eb7/32.png) [@iamthewalrus\_3](https://boards.straightdope.com/u/iamthewalrus_3)\ **Post date:** [August 26, 2020, 8:37pm UTC](https://boards.straightdope.com/t/wtf-is-up-with-wells-fargo-mortgage-people-w-r-t-insurance/919077/11 "2020-08-26T20:37:04Z")
Possible it’s just a bug in an automailer of some kind. I’m sure no human reviewed the letter you received. A few months from now they’ll do an audit and you’ll get a “Sorry we mailed you this letter accidentally” letter (maybe). ---
**Author:** ![PoppaSan](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/poppasan/32/189_2.png) [@PoppaSan](https://boards.straightdope.com/u/PoppaSan)\ **Post date:** [August 27, 2020, 1:20am UTC](https://boards.straightdope.com/t/wtf-is-up-with-wells-fargo-mortgage-people-w-r-t-insurance/919077/12 "2020-08-27T01:20:38Z")
Every time my car insurance gets changed, I get such a notice from my bank, my wife gets one from hers, and my at home son gets one from his. I call my agent and they send the forms as needed to whoever yelled for them. ---
**Author:** ![bump](https://avatars.discourse-cdn.com/v4/letter/b/7c8e57/32.png) [@bump](https://boards.straightdope.com/u/bump)\ **Post date:** [August 27, 2020, 4:13am UTC](https://boards.straightdope.com/t/wtf-is-up-with-wells-fargo-mortgage-people-w-r-t-insurance/919077/13 "2020-08-27T04:13:42Z")
What’s got me torqued isn’t so much that they want to verify that information. It’s that they have the majority of that stuff directly from the carriers already. Why can’t they just get it directly, rather than put a pain in the ass hurdle in for the homeowners? Barring regulatory reasons, it’s just shit IT work/a shit way of doing business, and that irritates me. ---
**Author:** ![Spiderman](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/spiderman/32/230_2.png) [@Spiderman](https://boards.straightdope.com/u/Spiderman)\ **Post date:** [August 27, 2020, 1:28pm UTC](https://boards.straightdope.com/t/wtf-is-up-with-wells-fargo-mortgage-people-w-r-t-insurance/919077/14 "2020-08-27T13:28:17Z")
> [@bump](#): > > Today I get a letter from Wells Fargo saying that they don’t show me with hazard insurance, and that if I don’t get my act together, they’re going to buy it for me. ??? You’re missing the point. The above sentence states if you don’t take some action, they’re going to purchase insurance on your behalf, for which I guarantee you they’re getting some commission unless the insurance is thru a carrier that they otherwise have a financial interest in. Given what this organization has been caught doing the past few years this sounds like more of the same. ---
**Author:** ![bump](https://avatars.discourse-cdn.com/v4/letter/b/7c8e57/32.png) [@bump](https://boards.straightdope.com/u/bump)\ **Post date:** [August 27, 2020, 1:44pm UTC](https://boards.straightdope.com/t/wtf-is-up-with-wells-fargo-mortgage-people-w-r-t-insurance/919077/15 "2020-08-27T13:44:45Z")
May be… which is still a crappy way of doing business. ---
**Author:** ![Dewey\_Finn](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dewey_finn/32/4222_2.png) [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)\ **Post date:** [August 27, 2020, 1:54pm UTC](https://boards.straightdope.com/t/wtf-is-up-with-wells-fargo-mortgage-people-w-r-t-insurance/919077/16 "2020-08-27T13:54:19Z")
> [@Vesicant](#): > > When I’ve rented apartments or houses, the management always wanted a copy of my renter’s insurance declaration page so they could see that they were named as an interested party. Is that standard? I haven’t listed the building owner or management on my renter’s policy. My understanding is that the insurance is primarily to cover the stuff I own and the building owner has insurance to cover the building itself. ---
**Author:** ![Skywatcher](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/skywatcher/32/254_2.png) [@Skywatcher](https://boards.straightdope.com/u/Skywatcher)\ **Post date:** [August 27, 2020, 2:07pm UTC](https://boards.straightdope.com/t/wtf-is-up-with-wells-fargo-mortgage-people-w-r-t-insurance/919077/17 "2020-08-27T14:07:40Z")
> [@bump](#): > > So about 2 weeks ago, I get all the information from my homeowner’s insurance carrier telling me that it’s going to auto-renew, _just like it has for the past 13 years._ So I think “ok, good. I don’t have to worry about that.” > > Today I get a letter from Wells Fargo saying that they don’t show me with hazard insurance, and that if I don’t get my act together, they’re going to buy it for me. ??? > > So I look at my carrier’s page, and it shows auto-renewed, just like they said, and has Wells Fargo listed as the lender loss payable, just like I’d expect. At least your insurance was renewed. We had WF for a few months after refinancing; they let our existing insurance lapse before trying to sign us up with their preferred provider. That, combined with trying to hard-sell us on a home warranty from American Home Shield, prompted us to refinance again with someone else. After talking to our insurance provider to reactivate our policy. ---
**Author:** ![Vesicant](https://avatars.discourse-cdn.com/v4/letter/v/43a26b/32.png) [@Vesicant](https://boards.straightdope.com/u/Vesicant)\ **Post date:** [August 27, 2020, 5:48pm UTC](https://boards.straightdope.com/t/wtf-is-up-with-wells-fargo-mortgage-people-w-r-t-insurance/919077/18 "2020-08-27T17:48:14Z")
I don’t know if it’s standard, just my experience. You’re correct, it’s only for my stuff, not the building. I’m not sure what rights an ‘interested party’ gets as a result of being named, but I suspect that in this case, it’s about (1) lessening the chances that a renter might sue them for property loss or damage, and (2) the renter having personal liability coverage if someone is injured in the apartment or house. ---
**Author:** ![Rick\_Kitchen](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/rick_kitchen/32/522_2.png) [@Rick\_Kitchen](https://boards.straightdope.com/u/Rick_Kitchen)\ **Post date:** [August 27, 2020, 8:07pm UTC](https://boards.straightdope.com/t/wtf-is-up-with-wells-fargo-mortgage-people-w-r-t-insurance/919077/19 "2020-08-27T20:07:35Z")
> [@bump](#): > > a crappy way of doing business. Wells Fargo’s _modus operandi_