Consumer complaint received 2019-11-11
Company: WELLS FARGO & COMPANY
State: IN
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I have a home mortgage with Wells Fargo Home Mortgage. When I took out the original loan on XX/XX/XXXX, I did not have 20 % principal paid, so I had to pay Private Mortgage Insurance ( PMI ). The original value of my home at closing was XXXX. I would have been able to cancel PMI when my principal balance was XXXX or less. 
When I was approaching the 80 % mark, I called Wells Fargo to get information about how I was to go about cancelling the PMI when I would later reach 80 % principal balance on my mortgage. I called on XX/XX/XXXX. When I called they gave me faulty information on a few things. They told me I could not request to cancel the PMI when 20 % principal was paid. I insisted that I could do this by contacting them in writing. They told me I couldnt do this according to the terms of my mortgage. I would have to pay 22 % principal and then have to call them to cancel. They also informed me erroneously that the 22 % principal was based on the current value of my home, not the original price, and that my home had depreciated. Therefore I would have to pay an even greater amount in order to reach 22 % principal paid. I thought this was incorrect ( along with having to pay 22 % instead of 20 % ) and asked to speak to a supervisor, but got the same erroneous information. I was told if I disagreed with their determination of the monetary value of my home, I would have to hire a professional to make an assessment and give documentation of my homes current value. 
The next year as the threshold was approaching, I called Wells Fargo on these dates : XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX. I also received a call from Wells Fargo Home Mortgage on XX/XX/XXXX. In these calls I asked for more information about how much of my principal was paid and when I could cancel PMI. I felt I needed to call because they had arbitrary figures on the value of my home and I wasnt sure when I could cancel. Wells Fargo Home Mortgage repeatedly gave me the same faulty information described above. 
They cancelled my PMI in XX/XX/XXXX. I reached 80 % principal paid on XX/XX/XXXX. Because Wells Fargo Home Mortgage gave me incorrect information, I paid PMI unnecessarily for 10 months, ( XXXX to XX/XX/XXXX ) amounting to {$970.00}. ( I was later reimbursed for one month PMI = {$97.00}, so the amount currently owed me is {$870.00}. 
I received a letter from Wells Fargo Home Mortgage dated XX/XX/XXXX. Enclosed was a refund for one month of PMI, explaining that they had given me incorrect information. I spoke with Wells Fargo Home Mortgage on XX/XX/XXXX ( twice ) asking for more information on the refund and explaining that I was owed more PMI payments. I called back and insisted that I had been given incorrect information much earlier than they stated and was owed a greater refund on XX/XX/XXXX ( twice ). 
I received a follow up letter dated XX/XX/XXXX stating they were correct in the refund amount, not acknowledging that I had in fact contacted them and was given incorrect information earlier than XX/XX/XXXX. I contacted Wells Fargo Home Mortgage again on XX/XX/XXXX ( spoke with XXXX XXXX ) and again told them that I had called earlier than XX/XX/XXXX and was given incorrect information during those phone calls in XXXX and XXXX ; therefore, I was owed a greater reimbursement. I was refused compensation. 
On XX/XX/XXXX, I called Wells Fargo Home Mortgage and spoke with XXXX. I was able to get the dates I had called in XXXX and XXXX. I was unable to get this information in previous calls. XXXX sounded nervous when she gave me this information and I worry that she suffered reprisal for doing so. The specific dates of calls in XXXX and XXXX I mentioned above were given to me during this phone call. 
On XX/XX/XXXX, I wrote Wells Fargo Home Mortgage a letter asking for the dates and recordings of my phone calls to Wells Fargo Home Mortgage during XXXX and XXXX. I received a letter back dated XX/XX/XXXX stating that they would not provide this information. 
Wells Fargo Home Mortgage has repeatedly denied my requests for information and compensation in this matter. I am due a refund of {$870.00} plus interest. I would greatly appreciate your assistance in this matter. 
Also, I do not think I am the only consumer who has been mistreated, misinformed, and subsequently lost money due to the acts of Wells Fargo Home Mortgage. I would like to respectfully request an investigation into these activities for all mortgages held by Wells Fargo Home Mortgage in order to help and protect other past, current, and future customers.

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