Consumer complaint received 2021-04-13
Company: WELLS FARGO & COMPANY
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
XXXX XXXX : WELLS FARGO LOAN ( XXXX ) ~XX/XX/XXXX LOAN ( XXXX XXXX XXXX : FRAUDULENT WELLS FARGO/HSBC INVESTORS/SPECIALIZED LOAN SERVICING INVESTORS HOME RETENTION GUIDELINES I contracted a 30 year mortgage loan of {$540000.00} with Wells Fargo in XXXX guaranteed by the United States Government agency XXXX XXXX XXXX XXXX to purchase a house in New XXXX XXXX NY XXXX. 
In XXXX, Wells Fargo secretly sold my mortgage to a private Investors, XXXX without informing me ; until XXXX when I came to find out from Court Documents from Wells Fargo. 
I protested then, and was informed by Wells Fargo that it would not affect me adversely and was the usual practice in the industry. Wells Fargo elected to keep the role of Loan Servicer, after selling my loan to XXXX Investors. 
The borrower discovered recently that Wells Fargo unilaterally sold my loan to XXXX Investors so as to remove the XXXX Government agency, XXXX XXXX XXXX guarantee that protect me against hostile predatory practices, without informing the borrower, and benefit from the CARES ACT and other provisions to alleviate the sufferings of Americans due to the Pandemic. 
The borrower would have elected to refinance the loan from another lender with the cover of the US government guarantee through XXXX XXXX XXXX and benefit from the CARES Act XXXX para. XXXX of Exhibit ) In XX/XX/XXXX, Wells Fargo transferred the loan servicing, to XXXX XXXXXX/XX/XXXX( SLS ). Wells Fargo also transferred my application for loan modification to SLS. 
XX/XX/XXXX approved a strange retention program, which added a new balloon loan of {$380000.00} to the existing mortgage ( bringing the total loan to {>= $1,000,000} compared to the original loan of {$540000.00} ; and recall {$520000.00} had already been paid by the borrower towards the repayment of the mortgage ) as a condition for signing and extending the loan repayment from 30 years to 40 years. 
The borrower could not sign the so called approved retention program ; without the removal of the additional loan of {$380000.00}. 
In view of this anomaly, the borrower raised a petition to CFPB in XXXX, XXXX. 
In the response to CFPB dated XXXX XXXX, XXXX XXXX see Exhibit attached ), paragraph 7, XXXX stated that : 1 ) The Cares Act and other applicable United States Acts to protect consumers are not applicable to this loan, because it is no longer owned or guaranteed by a government entity- XXXX XXXX XXXX XXXX It is now governed by the Investors Guidelines-XX/XX/XXXX XXXX, XXXX XXXX, as Trustee for XXXX XXXX XXXXXX/XX/XXXXXXXX XXXX, Series XXXX. 

2 ) The XXXX Investors guidelines have their tailor made modification that does not consider income or expenses in the review process unknown to the borrower. Meanwhile the borrower was made to submit their documentation on income and expenses in the loan modification application.

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