Consumer complaint received 2018-03-08
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: WELLS FARGO & COMPANY (FL)

I purchased my home in XX/XX/XXXX and financed my mortgage with Wells Fargo. At the time of purchase my home appraised for a value grater then the contract purchase amount. My property is in an area where the real-estate values have been on a steady increase for many years. Early XX/XX/XXXX we contacted Wells Fargo to find out the process to have the PMI cancelled from the mortgage. Since our purchase we installed an oversized screened salt water pool/with a pebble finish and solar heat. We also had California closet systems installed and built in entertainment cabinets, and mud room bench, etc. Wells Fargo mailed us the instructions to begin the PMI removal process. We chose their option where we sent them {$100.00} and they hire a company to complete a XXXX. I mailed Wells Fargo my check for {$100.00} and they sent out XXXX XXXX XXXX XXXX XXXX. to complete the XXXX on XX/XX/XXXX. The Real Estate Broker never came to our home. The Broker 's photographer, XXXX, was sent to take pictures to send to the Broker to make a valuation of my home. I found this strange as how could a professional make an opinion of value without seeing my home, it's improvements, etc.? On XX/XX/XXXX I called Wells Fargo to see where we stood with the process. I was advised that the XXXX was received and the value was {$370000.00}, {$7700.00} less than our original purchase price. This Broker also had the incorrect square footage of our home listed ( off by more than 200 sq. ft ). To add insult to injury this Broker did not compare our home to comparable homes which they're many he could have chosen. The Wells Fargo agent that emailed me the XXXX report gave me instructions on how to dispute the ridiculous value he placed on our home. We were instructed to fax our dispute to XXXX which we did that same evening. We received a call from XXXX ( Extension XXXX ) with Wells Fargo on XX/XX/XXXX and she stated that she had received our dispute letter, but she said this is not enough to begin the dispute process ( as we were instructed ) but she'd have to mail us another form to be filled out to begin the process. Not right! So, I'm writing to the CFPB for help. As the consumer it seems that the Lender who is paying a Broker on my behalf has done so in the banks favor. I say this knowing my home  should have been valued at a minimum of {$440000.00}. There are many comparable sales this Broker could have used and yet he chose to use properties that are like comparing apples to oranges when he had plenty of apples to compare to apples. What I want from this letter is Wells Fargo to 1.  Refund me my {$100.00} for the fraud XXXX, and 2. have a new evaluation of value done for my home by a competent Broker at their expense, or 3. Remove the PMI from our mortgage effective XX/XX/XXXX. I know Wells Fargo is a huge bank and holds a lot of power to do whatever they want but consumers such as myself should not have to be damaged by their irresponsible practices ( such as what I've described in this letter of this big bank hiring an unqualified company to value my home at my expense. ) In addition to asking for the help of the CFPB. Im also writing a formal complaint for said Broker with XXXX. Attached you will find my original dispute letter to Wells Fargo and list of improvements made to our home, after purchase.