Puentes

Plaintiffs Julie and Kenneth Puentes appeal a summary judgment for defendant Wells Fargo Home Mortgage, Inc. (Wells Fargo), entered after the trial court determined that as a matter of law they cannot maintain their claim under California’s unfair competition law (UCL) (Bus. & Prof. Code, § 17200 et seq.). As the predicate act for their UCL claim, the Puenteses contend Wells Fargo’s calculation of interest due under their home mortgage on prepayment during a partial year breached the terms of the promissory note. They also contend the court erred by finding the matter is preempted by federal regulations. We affirm the judgment.

FACTUAL AND PROCEDURAL BACKGROUND

Wells Fargo is a nationwide mortgage lender. In mid-August 2002 Kenneth took out a conventional 30-year fixed-rate mortgage with Wells Fargo to secure a $274,000 loan. The promissory note was on a multistate uniform instrument approved by the Federal National Mortgage Association (known as Fannie Mae) and the Federal Home Loan Mortgage Corporation (known as Freddie Mac). The note provided, “Interest will be charged on unpaid principal until the full amount of Principal has been paid. I will pay interest at a…