Wells Fargo Mortgage Complaint

Wells Fargo Mortgage department,

FHA mortgage Loan servicing, payments, escrow account New Jersey

RE : Wells Fargo Home Loans - and - -, - - -, - NJ - Loan # - TO WHOM IT MAY CONCERN : This serves as a Notice of Error as enacted by Consumer Financial Protection Bureau effective -/-/-. We applied for a modification with our Servicer, Wells Fargo -/-/-. We worked with a certified HUD Housing Counselor named - -, - - -, - -, NJ. We worked with - - to provide Wells Fargo with a hardship letter, and all our documents that provide evidence we have the income to support modification mortgage payments. Despite our eligibility for a modification, Wells Fargo denied our loan modification request. Wells Fargo sent us a letter, dated -/-/-, that stated we were denied, but they failed to provide a reason for the denial, as specified in the CFPB Modification Rules : 1. ) Denial of a loan


2. ) Net Present Value ( NPV ) Test : If an NPV test is the basis for a denial, a servicer must provide the borrower the inputs used in the NPV test. 3. ) Investor Requirements : If an investor requirement is the basis for a denial, a servicer must describe the investor requirements ( simply stating that an investor requirement exists is insufficient ). 4. ) Waterfalls : Servicers may follow investor " waterfalls '' to determine eligibility for particular loss mitigation options but must explain the existence of the waterfall as the basis for the denial of any loan modification option. We filed an appeal within the 30 days which was prepared and submitted by - - to Wells Fargo. Wells Faro denied our appeal, and once again we did not receive a detailed reason for the denial, pursuant to the CFPB regulations. We are disappointed that Wells Fargo continues to violate the CFPB Servicer Modification Rules. This is our family home and we have the income to support reduced mortgage payments. Please provide us with the level of detail required pursuant to the Rules so that we can address any perceived deficiencies. Thank you. Sincerely, - - - -