Consumer complaint received 2015-05-19
Product: Mortgage — Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account — 
Company: WELLS FARGO & COMPANY (FL)

As of XXXX XXXX, XXXX. The base price on my home plan in my subdivision is {$290000.00}. The identical Lot that my house sits on is {$20000.00}. This is the same amount as the appraisal that RELs valuation, through Wells Fargo valued my house for, back in XXXX. I have an additional {$28000.00} in upgrades, and a {$31000.00} screened in pool. This ( with simple math ) puts my house at {$370000.00}. 

Please see the below synopsis of what has transpired with Wells Fargo since XXXX of XXXX. 
I purchased my house as new construction on XXXX/XXXX/XXXX. It is XXXX. 

Since the beginning of XXXX XXXX A wells Fargo Mortgage specialist has been informing me in e-mail that I need to get my own appraisal and it must show at 80 % LTV in order to remove my PMI. 

Once I got the appraisal ( which put me at 67 % LTV ) the same employee told me to call the customer service to submit it. 
Customer service informed me they do not accept appraisals from anyone other than their own appraiser, RELS Valuation. 
I fought this for days to no avail. I already paid for XXXX appraisal based on the information provided from Wells Fargo, I could not afford, nor should I have to, pay for another XXXX. 

In XXXX I filed a complaint with the consumer Financial Protection Bureau. They forwarded the complaint to the main Wells Fargo Mortgage office, and just like that Wells Fargo Agreed to pay for the price of the RELS appraisal. 

The appraisal was ordered and came back in {$47000.00} below the appraisal I had done. This put my LTV at 78 %. But Wells now wants the LTV to be 75 %??? 

I have disputed the appraisal from RELS XXXX times, and each time it has been denied. The instructions on the appraisal dispute form are to : Provide relevant XXXX XXXX XXXX from comparable sales that exhibit similar characteristics when compared to my property Data from relevant sales that are located within close proximity Data from relevant sales sold within the last 6 months, but prior to the appraisal done by RELS Valuation Comparables can not have been used by RELS in their appraisal The first attempt was denied because I sent too many comparables? - Nowhere in the letter did it say I was limited in what I could send? 
The second attempt was denied because I used new construction? - Nowhere in the letter did it say I could not use new construction, and since mine was new construction, that could not fit any better into the definition of comparable. Additionally, RELS use new construction for XXXX of the XXXX comparables they looked at in their XXXX appraisal? 
The XXXX denial was over the phone with my wife, ( I have not received the official letter yet ). She was told that we did not use comparable houses with the same upgrades??? 
I used houses within XXXX of mine and the same room and bathroom counts. XXXX used XXXX house that was almost XXXX and another that was only XXXX, then making their own adjustments for a final price? They can not compare my upgrades to houses they have not been in. 

I have had a XXXX additional phone calls ( recorded by Wells Fargo ) where they state they understand my issue and will re-review, only to send me a form letter 30 days later stating there is no new info to review. In XXXX of my phone calls, XXXX XXXX XXXX even went so far to say Wells Fargo is not in practice of forwarding calls to supervisors. I called and spoke with someone XXXX minutes later who informed me he was absolutely wrong. I asked, and was ensured both of these conversations were being recorded. 

Basically, Wells Fargo and XXXX were never intending to change their opinion on the appraisal, but made me look like a fool in making me jump through these hoops anyway. This seems the very definition of " bad faith ''!