Consumer complaint received 2016-12-23
Company: WELLS FARGO & COMPANY
State: MA
Product: Mortgage
Sub-product: Reverse mortgage
Issue: Application, originator, mortgage broker

Complaint:
This is my dispute of the Wells Fargo Response. Tried to fill out the actual dispute form but system is not working properly right now. I will re-submit. 
An official FHA application is a " good faith estimate ''? It Is stated on the FHA application that if the lender is Knowingly providing false information it is punishable by a fine or imprisonment. XXXX XXXX do you expect anybody to believe that an ethical big bank would chance sending a GFE on an official U.S Goverment application Document. XXXX XXXX would like us to believe that the FHA would approve a GFE application. The information on the fraudulent FHA specifically word for word states : Note : FHA insures reverse mortgages for one-to-four family units under various provisions of section 255 of the National Housing Act ( Title, United States Code, Section 1715z-20 et seq ). 
I/We fully understand that it is a FEDERAL CRIME punishable by fine or imprisonment, or both, to KNOWINGLY make any false statements concerning any of the above FACTS as applicable under the provisions of title 18, United States Code, Section 1001, et seq. ) XXXX XXXX, if the FHA application is a Good Faith Estimate, then Wells Fargo employees should go to prison AND THE COMPANY SHOULD PAY A FINE because GFE is not considered FACTUAL. You 've admitted that you KNEW that the application WAS NOT FACTUAL and you still covered the scam by lying to solidify the fact that THE OFFICIAL FHA application is just a Good Faith ESTIMATE. It is indeed a FEDERAL CRIME to KNOWINGLY submit NON-FACTUAL INFORMATION on FHA Case Number XXXX XXXX. On the same appllication it states that I have {$.00} debt. Would over XXXX $ owed to creditors be considered a Good Faith Estimate? Amount of Mortgages and liens that I owe is {$.00} Now XXXX states that my ( XXXX ) was used to pay previous mortgages. The application then asks that tha Total liens and unpaid loan balances total {$.00} Good Faith Estimates? 
The U.S. Government has filed a civil suit against Wells Fargo for reckless underwriting and fraudulent loan certification for thousands of Federal Housing Administration-insured loans under FHA 's Direct Endorsement program. The loans in question ultimately defaulted, resulting in XXXX of dollars in insurance claims paid by FHA, the suit alleges. The loans in question do not include reverse mortgages. 

" As the complaint alleges, yet another major bank has engaged in a longstanding and reckless trifecta of deficient training, deficient underwriting and deficient disclosure, all while relying on the convenient backstop of government insurance, '' said XXXX U.S. Attorney XXXX XXXX. " As also alleged, Wells Fargo 's bonus incentive plan - rewarding employees based on the sheer number of loans approved - was an accelerant to a fire already burning, as quality repeatedly took a back seat to quantity. '' After underwriting and endorsing the loans in question, the suit alleges, Wells Fargo covered up the fact that the loans were defaulting. 


Wells Fargo falsified the FHA application for the exact same reason as I have explained. TO INSURE THE LOAN. Then pass it along to HUD as a legitimate FHA application. The information contained in the FHA application is legally binding since HUD uses that application to also make crucial decisions regarding a HECM. WELLS FARGO USED THE FHA APPLICATION TO GATHER MY NAME, SOCIAL SECURITY NUMBER, OUTSTANDING LIENS AND MORTGAGES AND MY OTHER PERSONAL FINANCIALS. 
Submitting a false government document : The False Claims Act ( 31 U.S.C. 3729-3733, also called the " XXXX XXXX '' ) is an American federal law that imposes liability on persons and companies ( typically federal contractors ) who defraud governmental programs. It is the federal Government 's primary litigation tool in combating fraud against the Government. 
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PLEASE SEE THE ATTACHMENT I HAVE PROVIDE

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