Consumer complaint received 2016-11-22
Company: WELLS FARGO & COMPANY
State: FL
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Settlement process and costs

Complaint:
I refinanced my loan in XX/XX/XXXX with Wells Fargo, who is the same mortgage company that I used when I purchased my home in XX/XX/XXXX. Because I had made my payments on time and did n't walk from my underwater house like most others, I was eligible for the harp program. I went through the process and refinanced at an interest rate of 4.625 %, which was 1 % higher then the market rate at the time. My loan XXXX told me that the HARP program carried higher rates because of the risk premiums due to the home being underwater. I was also told by the loan XXXX that I had to use Wells Fargo for the refinance because only the current mortgage holder could refinance under the HARP program, so, I had no ability to shop. The refinance still made sense financially at the time so I proceeded. I received a call recently from that same loan XXXX informing me how low rates are and offering to refinance me. When I explained to him that he already refinanced me under the HARP program and that my understanding was that we could not again he indicated that he never used that program for me, rather, he used an internal program that wells fargo created that was similar to harp. He must have forgotten all of the lies he told me originally. I explained to him that my home is still underwater so a normal refinance would not work unless they had a similar program they could refinance me. He agreed and said they do not have any programs that could refi me if I am still underwater and that HARP could not either because my new loan was originated after XX/XX/XXXX. So, I was misled and deceived to believe at the time of my refinance in XX/XX/XXXX that I was refinancing under the government program HARP and had no ability to shop so had to take what they were giving me only to find out that it was a made up program so wells fargo could make as much interest on me as possible. I am a business man and understand the importance of maximizing your profit, however, This program was created for those who were doing right thing and making their payments on time, despite the fact their home was over 100 % underwater, to help make things affordable. I could have just as easily walked away like most other did and stick them with my house that is still underwater by XXXX. But still, I was offered a rate of 1 % over the market rate at that time and am now stuck in this loan because of their deceiving practices because I am still underwater. This program was to help the American consumer but wells fargo still found a way to take advantage of me. I have dwindled most of my savings to keep up with the payments and am simply asking for Wells Fargo to do the right thing and refinance me ( not modify ) at a 3.625 % rate, which is the rate I should have been offered and closed at in XX/XX/XXXX. If they were able to refinance me before under a program they made up that was similar to harp, then they should be able to do the same to make this situation right

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