Consumer complaint received 2016-01-14
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
From conference calls XX/XX/XXXX,XX/XX/XXXX,XX/XX/XXXX, it became clear - because Wells mentioned it -- Wells ran a 3rd appraisal they never told us about, once again drive-by though I requested many times an on-site appraisal. I need to see this appraisal and I have 30 days to examine and/or dispute it - not only under Dodd-Frank, but the FCRA Fair Credit Reporting Act { 15 U.S.C. 1681 } as outlined by the Comptroller of the Currency, Administrator of National Banks holds that if adverse action was taken against the consumer, the consumer has 60 days from discovery of this information to " obtain and examine the details of the negative information so that if erroneous, the consumer can correct it. '' Adverse action is defined as " an action in connection with an account that is adverse to the consumer 's interests. '' Furthermore, Section 615 ( b ) ( 1 ) states that if the adverse action taken was based on information obtained from a third party ( such as a third party appraiser ) then this information must be provided to the consumer within a reasonable period of time. That being said, please send me this third appraisal you mentioned on our phone call as required by law. 
( 3 ) But perhaps the most surprising and unfortunate revelation from our last phone call was Wells mention of the possibility of a " partial reinstatement '' for an amount less than our full arrears - proving that, all along, going back to my XXXX offers to bring the loan current in XXXX payments before we even entered the mod process - Wells can and does accept payment arrangements - as mentioned in their Notice of Default - they just do n't offer these arrangements in a timely manner because it is their preference ( more profitable ) for Wells to foreclose. 
Further problems with Wells servicing include asking me to enumerate my concerns with their modification, then leaving me a subsequent phone message - about a whole new raft of items ( pay stubs, etc ) they would like to see from me, " moving forward. '' The problem with this is they are picking and choosing which banking laws they 're going to comply with and which not as they go along, what the deadlines are and even if there are any, asking me to jump through hoops they are arbitrarily creating, when in fact there is much federal and state law that defines how you should have handled my modification already and should be handling it now. 
Under the Real Estate Settlement Procedures Act ( RESPA ) as administered by the Department of Housing & Urban Development, Wells has established a " pattern of non-compliance, '' for which there are civil penalties. This is Title 12 Chapter 27 US Code 2605 section F " pattern of non-compliance. '' By pattern of non-compliance I mean every step of the way, Wells has not abided by how Dodd-Frank demands a modification must be run -- the consumer 's right to see and dispute my NPV data inputs, my right to dispute your shoddy drive-by appraisals, and so forth. As recently as XX/XX/XXXX, the Wells servicing associate XXXX XXXX said in a recorded phone conversation : " Why do we need to re-run your NPV with the corrected inputs - it 's not going to make a difference so long as there 's equity in your home you 'll never get modified anyway. '' This is like saying " we 're not going to read this guy his XXXX XXXX because we 've already decided the verdict. '' But Dodd-Frank is the law, I have numerous times requested my NPV be re-run with my thorough appraisal, and Wells has yet to comply. However they have established a very thorough pattern of non-compliance. Last thing : Wells put an underwriter on the phone with me who said, " We DID our job, got you your keys and got you in your house. '' I had to point out I never applied for a Wells loan, my loan was XXXX, but it 's a good indicator of how little Wells servicers actually understand or care.

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with explanation