Consumer complaint received 2016-06-03
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: WELLS FARGO & COMPANY (NE)

XX/XX/XXXX The Consumer Financial Protection Bureau will need to change its name to the Corporate Financial Protection Bureau. Their website touts : " We are on your side. We are the Consumer Financial Protection Bureau, a government agency that makes SURE banks, lenders, and other financial companies treat you fairly. '' LOL I filed a complaint CN XXXX previously. Apparently all WFHM mortgage or any company must do is " respond '' -- send you a letter. 
WFHM invited my brother and I to seek refinancing on a property XXXX XXXX by XXXX XXXX stating the interest rate of 7 ; 58 % was high. We made the point we had previously attempted to refinance the property and all we got out the the experience was the cost of an appraisal. XXXX XXXX said if WFHM does not refinance the property WFHM would pay for the appraisal. My brother presented a previous appraisal of the property completed by XXXX in XX/XX/XXXX with a appraised value of {$520000.00}. 

XXXX stated in her response we had refused to remove a stove from the basement of the house. No letter to that effect was EVER sent by WFHM. Would you remove a stove if you loan payment would go down {$1000.00} a month? We were told we had refused to additional closing cost which would have been necessary to complete the loan. Again no letter was ever sent by WFHM. They have no record of the letter, unless they made one up. And they do NOT have our declining of any such offers since they were NEVER made. 
XXXX XXXX sent a letter and stated she would respond by XX/XX/XXXX. Then XXXX XXXX sent another letter saying it would be XX/XX/XXXX. She stated " We will be addressing the new items listed below : Appraisal Concerns, Request fo complete you application, Request for compensations, late mortgage payment -this was reported by WFHM even though the payment was made 2 days before due date. 

As per XXXX XXXX, the Executive Resolution Specialist letter -- '' Appraisal concerns -- To meet regulatory guidelines the appraisal needs to be completed by an independent third party without affiliations to the consumer or the lender. This helps ensure the appraisal is a neutral assessment of the property 's value. WFHM contactedXXXX, XXXX, a neutral, 3rd party, vendor who ordered your appraisal. XXXX which has a special arm to deal only with WFHM mortgages? Is neutral?? We received all the information qualified financially-I was told just my Social Security income was itself sufficient to ensure the financing. XXXX XXXX, who completed the appraisal work is rife with misrepresentations and false statements. I have sent this information to CFPB by mail since it is too large to add to the complaint. XXXX and his appraisal have been reported to the XXXX XXXX and XXXX. XXXX said he is so overwhelmed with cases it will be XXXX before he will be able to examine the issues. One of the issues is WFHM underwriting review committee " requested '' XXXX XXXX to lower his {$450.00} appraisal by {$20000.00}. This was confirmed to me XX/XX/XXXX at XXXX CST by XXXX XXXX? XXXX supervisor. Does this sound like a neutral third party appraisal. It is evident there were significant pressures applied to XXXX XXXX to present such erroneous piece of work, And " low appraisal valuation was given as the reason for the loan being denied. It appears WFHM is determined to NOT refinance this property which they hold in their portfolio at 7.58 %. to the now reason market rate of 3.75 %. I am not sure how high up this directive has been given down to employees, but their work product testifies this must be the case. 
WFHM alleges a XXXX unit was created, by the addition of a " kitchen ''. This property had a freezer removed from the basement, no appliances were added to " crea