Consumer complaint received 2024-03-05 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Private mortgage insurance (PMI)
Company: WELLS FARGO & COMPANY
State: NC

Complaint narrative:
Last XX/XX/XXXX, I spoke with my Wells Fargo Rep about removing PMI from my mortgage payment as I knew my LTV ratio was low enough to remove it. ( I'm a previous XXXX XXXX XXXX XXXX XXXX. ) I purchased the home on XX/XX/XXXX. In XX/XX/XXXX I received the requested form to remove the PMI, read all through the instructions and sent the signed document with a {$150.00} check to the Wells Fargo PMI Department address of the form on XX/XX/XXXX. About a month later I was told I was submitting the form too soon. The Wells Fargo employee called me and said the mortgage loan had to be over two ( 2 ) years old. I was furious as there was no where in the documentation that I received that said the mortgage had to be over two years old nor was it any part of the conversation when initial speaking with a Wells Fargo employee about this process. I felt my hands were tied and I agreed to cancel the process and my {$150.00} was returned. 

I then waited until after XX/XX/XXXX to re-submit the form andf resubmitted the form on XX/XX/XXXX with another {$150.00} check to have my PMI removed from my mortgage. Then I got super busy. It wasn't until last week that I realized I had heard nothing and the check had been cashed. 

I called Wells Fargo 's PMI Department on XXXX and after speaking with a woman who had no clue, I asked to speak to her superior. She put me on the phone to a very helpful you man who researched the situation while I was on the phone. To his and my surprise the {$150.00} check was posted to PRINCIPAL. hTere was no other record of the PMI removal request. The form I sent in in XXXX had been submitted with the form and the check stapled to the form. I was outraged. Why is Wells Fargo 's staff so incompetent. I agreed to leave the {$150.00} as a principal payment as the Wells Fargo man helping me said it would be a mess to get that reversed. 

Shortly I then received in the mail and via email all the info to start all over again. 
Please remember this has been going on since XX/XX/XXXX. It's now XX/XX/XXXX! 

I sent a letter this week, XX/XX/XXXX, explaining all of the above with another {$150.00} check and that if I did not receive a response within two weeks with a full refund of my PMI payments since XX/XX/XXXX and the removal of PMI from my mortgage payments, I would contact you. 

I do not believe that the policy of Wells Fargo is to require the mortgage holder to wait for over two years before they can apply for the removal of PMI from the mortgage because everyone I spoke with since has denied any knowledge of this policy and this requirement was no where on the initial and previous documentation I received regarding requesting this PMI removal. 

I also do not believe they will get it done right ( 3rd attempt ) without youri intervention.

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