Consumer complaint received 2016-10-06
Company: WELLS FARGO & COMPANY
State: OR
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
Timeline and Documentation XX/XX/XXXX-I Contacted Wells Fargo Home Mortgage ( WF ) to find out my options to remove PMI and to add a co-borrower. 
XXXX XXXX was our WF Mortgage Consultant. He told us that we did not quite meet the requirement of XXXX % LTV to entirely remove PMI through a refinance. 
We stated that it did n't make financial sense to incur thousands of dollars in costs to refinance unless we were able to remove the PMI. 
XXXX XXXX estimated that we would reach XXXX % LTV XX/XX/XXXX or XX/XX/XXXX. 
We told XXXX XXXX that we would revisit the option to refinance XX/XX/XXXX to ensure that PMI was removed as that was the main goal of the refinance. 
He stated that the lender was required to automatically remove the PMI when the loan reached XXXX % LTV under the Home Owner 's Protection Act ( HPA ). 
Additionally, he stated that under the HPA the borrower could request that the lender remove PMI when the LTV reach XXXX %. 
XXXX XXXX said that if we proceeded with the refinance in XX/XX/XXXX, that we could place a call to the lender when the loan reached XXXX % LTV to request WF remove the PMI. 
I asked about additional fees and costs associated with the request to remove PMI and he stated that there should n't be any because the Lender can use the appraisal from the XX/XX/XXXX refinance. 
XXXX XXXX counseled us on mortgage interest rates and how they were going up. He said we should take advantage while the rates were historically low. 
He recommended that we proceed with the appraisal and if the appraisal did n't come in high enough to allow for the refinance to go through that we would get a refund. 
XXXX XXXX also stated that if we had any trouble when the time came to remove the PMI to contact him for help. 
We proceeded as XXXX XXXX recommended XX/XX/XXXX-The appraised value came in at {$400000.00} ( XXXX % LTV ) We questioned the need for PMI and were assured by XXXX XXXX that we could call and have it removed when we hit XXXX % LTV on XX/XX/XXXX. 
We reviewed our documents including the amortization schedules carefully. 
XX/XX/XXXX-The refinance closed XX/XX/XXXX-The loan was transferred to XXXX Exhibit XXXX I reviewed my escrow account monthly to ensure we were on track to meet the 80 % XXXX requirement by XXXX. 
XXXX-I contacted WF customer service to request that they remove the PMI. 
I was told that we were not eligible until the loan reached XXXX % LTV. I pushed back citing the Lender 's required to remove PMI at XXXX % LTV but that the borrower can request it be removed at XXXX % LTV pursuant to the HPA. 
I was then told that I would need to obtain another appraisal for {$550.00} or pay {$8000.00} to reduce LTV to XXXX %. 
We do meet all other requirements. 
XX/XX/XXXX XXXX from WF XX/XX/XXXX-I contacted XXXX XXXX, our WF Mortgage Consultant requesting his help. 
He stated it was up to the Lender 's insurance customer service team to " dictate '' what can be done. 
Again he referred me to the section of the HPA that lists the requirements of moving PMI. 
XX/XX/XXXX-I called WF insurance customer service again. I asked for my call to be escalated to someone who could help me. I was transferred to the first line resolution specialist. 
The first line resolution specialist repeated the canned response that I heard from the WF insurance customer service representative. 
I asked that my call be escalated. 
I was transferred to XXXX XXXX, Sr. Resolution Specialist. 
Received her voicemail and left a detailed message XX/XX/XXXX XXXX XXXX returned my call and repeated the same canned information as I previously heard on XX/XX/XXXX and XX/XX/XXXX I asked that my call be escalated. 
I was transferred to XXXX XXXX, Executive Mortgage Specialist. 
XX/XX/XXXX-I spoke with XXXX XXXX and was told I would receive a response by XX/XX/XXXX. 
No response. 
PAYMENTS ARE CURRENT. NEVER LATE

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