Wells Fargo Misunderstands the Meaning of “Single” Point of Contact

I can’t believe Wells Fargo is still pretending that it actually implemented its “single point of contact” program back in June 2010.

Wells Fargo Home Mortgage executives are still lying to Congress that WF borrowers seeking loan mods have had the luxury of working with just one person all this time. And it seems our elected officials are still buying the lies … or, rather, selling out to them.

“One important lesson we have learned is that the home preservation and foreclosure process is complex and intimidating and can be difficult for customers to fully understand. We needed to provide more consistent and predictable service to our customers so they can be realistic about their options. We had to improve communication. Understanding this, Wells Fargo adopted a Single Point of Contact model for customers who are pursuing a loan modification or working with us to sell their home and avoid foreclosure. Almost two years ago, in June 2010, we began assigning one home preservation specialist to work with a customer on a modification from beginning to end. The Single Point of Contact model has reaped significant benefits for our customers and Wells Fargo by building a one-to-one relationship with customers in default.”

Testimony of Joe Ohayon, Community Relations Manager
Wells Fargo Home Mortgage Servicing
before the Committee on Oversight and Government Reform,
U.S. House of Representatives
March 19, 201

I was assigned my first home preservation specialist in June 2010. Problem is, since then I’ve had a total of 16 “single” points of contact!

Yes, in my case, apparently “single” means “sixteen.” And that doesn’t count the dozens of customer service queue people I have talked with, along with the folks who answer the phone in what used to be simple the “Office of the President” but has been renamed the Office of Executive Complaints or some such. At one point, way last summer, I counted that I had taken notes on phone contacts with 55 different Wells Fargo employees. It has to be closer to 70 now.

Somebody please explain to Wells Fargo and its legislative lackeys that “single” generally refers to one (1).

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