Consumer complaint received 2018-02-27
Company: WELLS FARGO & COMPANY
State: GA
Product: Mortgage
Sub-product: FHA mortgage
Issue: Trouble during payment process

Complaint:
In XX/XX/XXXX, I purchased my home, a brand new build, for $ XXXX. I did not put enough down to avoid mortgage insurance and I understood that I would pay that until my loan to value ratio allowed me to drop the coverage. I have ALWAYS been timely with my payments, I have always paid more than the minimum required payments, I make a considerable income, my credit score is very good and my personal finance balance sheet is impeccable. 

In XX/XX/XXXX, I took advantage of the decreasing interest rate environment and refinanced. It was done under the HARP program which I guess I didn't totally understand because when the " refi '' was done, the home value used for my place was $ XXXX! Not being an expert on mortgages, I never asked nor was it ever explained to me that my PMI would now be linked to that value going forward. So, for the last year, I have been battling with Wells Fargo, who had purchased my loan for servicing to drop the PMI because I owe only $ XXXX on a place that is easily worth what I paid for it and probably, based on recent similar home sales, worth $ XXXX. Wells Fargo has been intransigent about negotiating the loan to value numbers and claims that I would have to A ) Pay my loan down to $ XXXX, B ) continue paying the PMI or C ) Use THEIR appraiser in hopes of getting a valuation of at least $ XXXX ( which represents a loan to value ratio of 78 %. $ XXXX is 78 % of {$140.00} ). Not only do I believe their decision to be terribly unjust and unreasonable, ( please understand that I am still flawless on my payments and I pay $ XXXX/month on a $ XXXX/mnth note. Please also note that I keep a checking account at Wells Fargo for anywhere between $ XXXX and $ XXXX so they should have NO concern for my ability to pay my mortgage!!! ) they are being difficult to work with now that I have, without better choice, acquiesced to going with option C. I have asked several times to be given the name and number of the appraising party and they claim they can't give that info to me over the phone. WHAT??? They have promised me resolution and callbacks to which I never receive. Secondly, they have not sent me the paperwork with said information so that I may begin the appraisal process and I continue to pay for mortgage insurance that for all that I have mentioned, any logical and practically minded person knows is NOT necessary. $ XXXX/mnth of my hard earned money being wasted due to unjust and poor policies and service. 

So, in closing, I would hope that some rational, intelligent person could look at this situation and see that PMI is not needed without me having to pay for an appraiser. If that isn't a possible outcome due to nonsensical policies and mandates that do nothing more than pad the bill and fleece the customer, then I suppose a contingency plan would need to be decided on and hopefully handled expeditiously so that I don't continue spending {$98.00} per month on an unnecessary expense. 

In regards to supporting documents, Wells Fargo has ALL supporting documents and they are VERY well aware of this entire scenario. At this point, my name is probably well known throughout their loan servicing department. HA! 

What really troubles me, is that there are probably thousands of home owners facing the same challenge that maybe aren't as astute and knowledgeable. Another example of consumers being taken advantage of. 

Thank you in advance for your time, efforts and consideration.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with monetary relief