Product: Mortgage

Commencing in XX/XX/XXXX, with the purchase of our home, we pay {$360.00} in Property Mortgage Insurance ( PMI ) for our property located at XXXX XXXX  XXXX XXXX, XXXX, CA XXXX. Property values in our area have increased significantly since that time and we inquired about the possibility of having the PMI removed from our monthly obligation. In XX/XX/XXXX, we had the home appraised with our lender. At that time, the home was appraised at {$400000.00}. That figure was less than needed to remove the PMI. While I disagreed with the value, as did any objective review of our property by rival mortgage lenders, XXXX, etc., we decided to wait some time, continue our timely payments and try again in the future. Recently, I contacted Wells Fargo Home Mortgage and inquired about the process. I was informed that the home would need to be subjected to an inspection and Broker 's Price Opinion ( BPO ) by a licensed realtor. I could not pick the realtor, Wells Fargo reserved that option. I was told that the BPO would have to find the property value at approximately {$420000.00}, or {$150.00} per square foot. A cursory review of our area establishes that comparable homes are well above the {$150.00} per square foot amount. On XX/XX/XXXX a realtor named named XXXX XXXX from XXXX XXXX XXXX inspected our property. At that time, on several occasions, he told us that the home would " easily '' appraise for more than {$420000.00}. In fact, he said he would list the home at {$500000.00} if it was for sale. Inexplicably, in his final report he listed the property at {$400000.00}. {$500.00} less than the appraisal conducted some 17 months earlier! When I contacted XXXX and demanded an explanation, he said that Wells Fargo rejected his higher appraisals three separate times, all of which were more than {$420000.00}. He said it was clear that they would only accept an appraisal for less than the {$420000.00} so that is what he submitted. Here is a list of the comparable homes in the area that he provided : ADDRESS/ Square Footage SALE PRICE/ $ per square foot Date of Sale XXXX XXXX XXXX XXXX, XXXX, CA XXXX XXXX XXXX $ XXXX $ XXXX Square Foot XX/XX/XXXX XXXX XXXX XXXX XXXX, XXXX XXXX CA XXXX XXXX XXXX $ XXXX $ XXXX Square Foot XX/XX/XXXX XXXX XXXX XXXX, XXXX, CA XXXX XXXX XXXX $ XXXX $ XXXX Square Foot XX/XX/XXXX XXXX XXXX XXXX XXXX, XXXX, CA XXXX XXXX XXXX $ XXXX $ XXXX Square Foot XX/XX/XXXX XXXX XXXX XXXX, XXXX, CA XXXX XXXX XXXX $ XXXX $ XXXX Square Foot XX/XX/XXXX XXXX XXXX XXXX XXXX, XXXX, CA XXXX XXXX XXXX $ XXXX $ XXXX Square Foot XX/XX/XXXX XXXX XXXX XXXX, XXXX, CA XXXX XXXX XXXX $ XXXX $ XXXX Square Foot XX/XX/XXXX XXXX XXXX XXXX, XXXX, CA XXXX XXXX XXXX $ XXXX $ XXXX Square Foot XX/XX/XXXX XXXX XXXX XXXX, XXXX XXXX CA XXXX XXXX XXXX $ XXXX $ XXXX Square Foot XX/XX/XXXX XXXX XXXX XXXX XXXX, XXXX, CA XXXX XXXX XXXX $ XXXX $ XXXX Square Foot XX/XX/XXXX XXXX XXXX XXXX, XXXX, CA XXXX XXXX XXXX $ XXXX $ XXXX Square Foot XX/XX/XXXX XXXX XXXX XXXX, XXXX, CA XXXX XXXX XXXX $ XXXX $ XXXX Square Foot XX/XX/XXXX XXXX La XXXX XXXX, XXXX, CA XXXX XXXX XXXX $ XXXX $ XXXX Square XXXX XX/XX/XXXX XXXX XXXX, XXXX, CA XXXX XXXX XXXX $ XXXX $ XXXX Square Foot XX/XX/XXXX XXXX XXXX XXXX XXXX, XXXX, CA XXXX XXXX XXXX $ XXXX $ XXXX Square Foot XX/XX/XXXX The average per square foot price is {$190.00} per square foot, much higher than the {$150.00} per square foot price needed to remove the PMI XXXX I challenge anyone to find a comparable home in this region, indeed in the entire state of California, that has lessened in value over the last 17 months. There is absolutely no such property anywhere in our area. The appraisal process was an obvious sham by Wells Fargo and I demand that they take off the PMI dating back to the date of the appraisal.