Wells Fargo & Company Mortgage Complaint

FHA mortgage Loan servicing, payments, escrow account

Wells Fargo & Company Mortgage department,

FHA mortgage Loan servicing, payments, escrow account Pennsylvania

In -/-/- I got a mortgage through Wells Fargo Home Mortgage, it was an FHA loan, and paid on time every month. In -/-/- I received a call from a - -, a loan - for Wells Fargo, stating that because of my excellent payment history I have the opportunity to refinance my loan at a lower interest rate. My payment would not change by much, about $20.00, but the interest rate would go down almost - %. Now my interest rate was not that high to begin with but I figured I would take advantage of it. - did I know that they were taking advantage of me. - - - failed to tell me was that in -/-/- FHA changed their laws and the PMI would now remain on my loan for the life of the loan. Unlike my original loan in -/-/- where my PMI would have come off of my loan after I have a certain amount of equity in the home. He NEVER informed me of this and I did not find out about it until I called in - - to see when the PMI would drop off and the man I spoke to

pay the PMI for the life of the loan. That is an extra $15000.00 in Wells Fargo 's pocket because they just happen to leave that information out when requesting I refinance. I have contacted the company and spoke to a - who proceeded to tell me she understands my frustration but there is nothing she can do. I can not believe that they withheld such an important piece of information for a loan and proceed to tell me they can not do anything about it. I can see why they do n't want to do anything about it since they just screwed me out of an extra $15000.00 for their pockets.

Wells Fargo & Company customer in Pennsylvania
Dec 20, 2016

* Source: CFPB Complaint Database

Wells Fargo & Company response to complaint:
Closed with explanation

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