Consumer complaint received 2019-05-21
Company: WELLS FARGO & COMPANY
State: NY
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Problem with a credit reporting company's investigation into an existing problem
Sub-issue: Their investigation did not fix an error on your report

Complaint:
Once again Im submitting my ongoing complaint with Wells Fargo as a follow up to my last formal submission filed on XX/XX/XXXX. 

Complaint being that back in XXXX I was told that I did in fact qualify for a home modification, but instead of a modification that was designed to keep me in my home I was instead offered a very destructive loan modification as it left all the negative amortization terms and conditions in place while placing all unpaid payments totaling {$12000.00} at the time to the back of the loan with a required {$2500.00} paid upon acceptance of the so call loan modification, which by accepting waived all my legal rights to hold Wells Fargo responsible for supporting such a predatory loan known as the now outlawed Pick-A-Payment loan. 

When I ask Wells Fargo why they never investigated my compliant with any seriousness, since not once has Well Fargo specialists ever ask me for my then XXXX loan modification financial disclosure documents to see if my then loan to debt ratio was miscalculated or in error, they responded by saying that I didnt meet their criteria that warranted a change to the original Pick-A-Payment note terms. When I asked why no one ever bothered to show me how my mod request financial expenditure data failed to meet the required modification standards that wells Fargo used to determine who qualifies and for what type of loan modification? I was explained to me by Wells Fargos specialist that it was proprietary information, so basically I was to take their word that their investigation found no errors and in compliance Upon pressing their specialist I was told that as reported previously my loan to debt ratio did not warrant a better loan modification as it was determined that I could afford to pay my loan obligations at the time and the modification that was offered to me was simply a courtesy huh, Wells Fargo was throwing me a bone? So basically I was being told that all of my financial troubles and hardship was all made up and a bunch of XXXX I was also informed that a modification is based on income to mortgage loan debt and all other debts were not part of the equation More lies!!! Modifications are based on what is called FRONTS & BACKS See below for an example of how a modification is really calculated.

As an example - Debt to Income Ratios HAMP uses a waterfall of modifications with the goal to get the mortgage payment to less  than 41 %, but not under 31 % of the monthly gross income of the borrower. This is the Front End Debt to Income Ratio ( Front End DTI ). The mortgage payment, plus all other installment payments and debt payments must not equal more than 55 % of the monthly gross income of the borrower. This is called the Back End Debt to Income Ratio ( Back End DTI ). If a borrower is over 55 %, they are required to obtain HUD-approved counseling. 

Please keep in mind that I already know Wells Fargo is not conducting a fair and comprehensive investigation into my compliant as again I already know that in XXXX when I submitted my loan modification my front end was 48.0 % and my rear was up to 61.0 % due to my efforts to utilize my dwindling credit to make ends meet. Aside from the fact that the loan at hand that was in the center of a multi-million dollar class action suit that ultimately was settled by Wells Fargo in order to sweep all unjust and destructive Pick-a-Payment loans under the carpet, the facts show that I was treated very unfairly and in total contrast to Wells Fargos ten page Testimony of XXXX XXXX, Operation Manager, Wells Fargo Home Mortgage Servicing. '' With that said and with evidence on hand I will continue my discourse with Wells Fargo and go to all lengths that our justice system allows until a fair and reasonable mediation is reached.

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 explanation