Wells Fargo & Company Mortgage Complaint

FHA mortgage Application, originator, mortgage broker

Wells Fargo & Company Mortgage department,

FHA mortgage Application, originator, mortgage broker Colorado

I was evaluating Wells Fargo Home Mortgage to determine if I would like to utilize them as a provider of my mortgage for a home purchase. The Home Mortgage Consultant told me that a Conventional Loan was cheaper than a FHA Loan, saying that the PMI was " way higher '' on a FHA Loan. I asked him to show me the math via an Amortization Schedule for a Conventional Loan and a FHA Loan. Other mortgage companies were able to send me a document for each loan type generated from a system they utilized. This Home Mortgage Consultant sent me - links to pre-populated variables at -, - for a Conventional Loan, the other for a FHA Loan. The variables can be changed on the site instantly. When asked to back-up the amount of PMI being factored into each table, the Home Mortgage Consultant was unable to back it up. Though the - other mortgage lenders had different amounts of PMI on the Conventional Loan, the quote from Wells Fargo was arbitrary and from a third-party website that can be manipulated. The numbers can easily be changed to make - option seem better than another without any accountability.

Wells Fargo & Company customer in Colorado
Dec 14, 2016

* Source: CFPB Complaint Database

Wells Fargo & Company response to complaint:
Closed with explanation

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