Consumer complaint received 2023-03-20
Company: WELLS FARGO & COMPANY
State: AZ
Product: Mortgage
Sub-product: FHA mortgage
Issue: Trouble during payment process

Complaint:
On XX/XX/XXXX, I submitted a complaint to the Consumer Financial Protection Bureau, Complaint # XXXX against Wells Fargo Bank for not providing me with the applicable documentation to drop my PMI on my loan. 

On XX/XX/XXXX, a month later I received a call from XXXX XXXX who refused to disclose his last name saying he was from Wells Fargo Executive Office ( Phone : XXXX ) and that the PMI paperwork was mailed to my address on XX/XX/XXXX. I indicated to XXXX that I had not received anything in the mail from Wells Fargo relating to the PMI being dropped and that I have USPS informed mail delivery. He said, we mailed it to your bankruptcy attorney on XX/XX/XXXX. Wells Fargo knows that my Bankruptcy had been Discharged as of XX/XX/XXXX and that any notification pertaining to my mortgage should be mailed directly to me. Wells Fargo reacted to my Consumer Financial Protection Bureau Complaint instead of providing me with the PMI paperwork that I requested in XX/XX/XXXX to have it dropped. They did this intentionally and with malice in accordance with my previous allegations made in my original CFBP Complaint XXXX. 

I received in the mail on XX/XX/XXXX via XXXX XXXX paperwork from Wells Fargo a Mortgage Insurance deletion letter ( see attached ) stating the following : " We've enclosed the packet we sent you dated XX/XX/XXXX, which outlines your options for deleting PMI. Unfortunately, the account has not reached 80 % loan-to-value ratio ( LTV ) based on the original value of the property. If you wish to request PMI deletion based on a new value, please complete the attached valuation order form and return it to us. '' Obviously, I requested from the very beginning PMI deletion based on the current market value, why would I contact my lender for a deletion based on an original loan value? ( rhetorical question ). This is how Wells Fargo attempted to justify to the CFPB that there was no wrong doing on their part with my initial request to drop PMI based on the current value of my home, yet they refused to send it until the CFPB got involved. 

Enclosed in the package that was sent to me on page 2 of 9, Wells Fargo provided information about XXXX XXXX utilizing the Automated Valuation Model ( AVM ) at no cost to the customer. On page 3 of 9, Wells Fargo included the following with regards to my property, " The Property Valuation showed a property value of {$460000.00}. '' This is according to their records. My mortgage balance is approximately {$290000.00}, which makes my loan-to-value according to their records 64 % LTV. Wells Fargo included a copy of Property Valuation Order Form stating they needed to get a Brokers Price Opinion in order to consider dropping the PMI from my loan. The cost of this was {$190.00} to 'Determine a new value without significant improvements '. I thought this was an excessive approach to requesting removal of my PMI. I complied with their request for a BPO ( Broker 's Price Opinion ) sending them the form and the check for {$190.00}. Wells Fargo received this on XX/XX/XXXX. 

The stipulations for meeting the requirements according to Wells Fargo Bank on page 5 of 9 to " Cancel PMI using a new property value were : -No outstanding payment amounts. 
-No 30-day late payment amounts in the past 12 months.

-No 60-day late payment amounts in the past 34 months.

-This option used a new property valuation to determine the LTV ratio.

-Send us the enclosed order form to have a valuation completed.

-The property needs to be valued at {$390000.00} or more. This will bring the LTV ratio to 75.00 %. '' I meet every one of these parameters to have my PMI dropped. 

On page 7 of 9, Wells Fargo details the timelines for completion of the evaluation to take place. On XX/XX/XXXX, I received a call from XXXX XXXX, a real estate agent from XXXX XXXX, AZ with XXXX XXXX to come out and walk through my property to take pictures. On XX/XX/XXXX, XXXX came to my home at approximately XXXX after parking his vehicle in my neighbors driveway for 10 minutes. XXXX informed my wife and I that he just broke his XXXX year old camera and couldn't take any pictures of the house. I suggested he utilize his cell phone for pictures. He literally walked to 2 bedrooms and took pictures, skipping another 3 rooms of the house. I informed XXXX that my home is even valued with my homeowners insurance carrier XXXX for {$440000.00} without considering any upgrades and improvements. My home is made of brick and mortar, not a manufactured home, it's fully upgraded from the floors to the kitchen, bathrooms and more. He mentioned that his Broker 's Price Opinion will be based completely on comparable sales. I live on XXXX acres, in a XXXX sq. ft. house with a {$24000.00} barn. 

I contacted XXXX XXXX on XX/XX/XXXX to ask whether he had submitted his inspection report to Wells Fargo Bank and they said that they would not accept his pictures. I contacted Wells Fargo to ask the status of my PMI being dropped and they said that I would receive something in the mail. 

I firmly and wholeheartedly believe that Wells Fargo is retaliating against me for my EEOC Complaint and their actions further confirm my belief. I also believe that Wells Fargo Bank is making every effort to delay my request in hopes that my property value will diminish as justification for not approving PMI deletion. Wells Fargo is also evasive in not answering any of my questions when calling customer service regarding an update, saying that I'll receive something in the mail. 

If they are doing this to me and they are not claiming their actions as retaliatory or discriminate, then they must be doing this to all of their 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