Consumer complaint received 2020-08-19
Company: WELLS FARGO & COMPANY
State: PA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
1. Termination of private mortgage insurance 2. Mortgage assistance 1.  Mortgagor requested cancellation or Termination of Private mortgage insurance ( PMI ) in a timely matter. 
a. Wells Fargo ( mortgagee ) denied mortgagee PMI to termination when requested b. Wells Fargo ( mortgagee ) remediation is interest of {$27.00}. Mortgagor avers Any servicer, mortgagee, or mortgage insurer that violates a provision of this chapter shall be liable to each mortgagor to whom the violation relates for under sec. 4709 Civil Liability. 
We provided remediation to you in the amount of {$300.00}, and of that amount, {$280.00} was for all of the PMI premiums disbursed from the escrow account from XX/XX/XXXX, through XX/XX/XXXX. As we provided insufficient information about all PMI cancellation options to you on XX/XX/XXXX, we included an additional {$27.00} of interest for the loss of the use of those funds. Five PMI premiums were disbursed during this time at {$56.00} a month as the PMI was originally cancelled effective XX/XX/XXXX. ( Wells Fargo ). 

2. Upon Wells Fargo admitting wrong doing with PMI Cancellation mortgagor decided to revisited denial of Timely Principal Reduction Request. Mortgagor during the summer XXXX requested principal reduction because home value was underwater. Wells Fargo customer service representative stated, during a phone conversation, mortgagor was not eligible for Obama Plan and mortgagor home value was {$90000.00}. 
a. Wells Fargo stated that case was handled properly and that mortgagor failed to return all of the required documentation in order to complete the process. Wells Fargo after further research of phone conversations arrived at phone conversation between mortgagor and Wells Fargo to reduce Mortgagor interest rate from 6.5 percent to 4.25 percent. 
b. Mortgage request a copy Homeowner Assistance Application Wells Fargo claimed to mail to mortgagor and mortgagor failed to fill-out and return. 
c. Wells Fargo customer service representative stated, during a phone conversation, mortgagor was not eligible for Obama Plan and mortgagor home value was {$90000.00} could not be found. Mortgagor believes the phone conversation will substantiate or establish bias, profiling and denial of opportunity for principal reduction remedy now what should have been done then. 
d. Mortgagor requested transcripts of conversation exchanges between mortgagor and Wells Fargo that concluded Wells Fargo reducing Mortgagor interest rate from 6.5 percent to 4.25 percent. Mortgagor was told that only by court order can phone conversation be rendered by Wells Fargo to mortgagor. Mortgagor is requesting permission the Agency for phone conversation under the authority of the Freedom of Information Act. 
Additionally, that you stated that you spoke with several Wells Faro team members between XXXX and XXXX requesting a principal reduction as your house was under water. We've determined your account was handled properly and no corrections are needed as no error has occurred. We'd like to provide you with more information about our resolution. 
At the time, we were offering Homeowner Assistance programs that may have offered principal reductions. However, based on our research you did apply for Homeowners Assistance on XX/XX/XXXX, but that you did not return all of the required documentation in order to complete the process. We apologize for any confusion you experienced with Home Preservation Process. ( Wells Fargo )

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