Wells Fargo & Company Mortgage Complaint

Wells Fargo & Company Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account California

Our home loan was originated with Wells Fargo on -/-/- with PMI. In -/-/-, we submitted a request for PMI removal and received a letter instructing us of the various options. We decided to complete an appraisal and paid the fee out of pocket, but the value came in low. We filed an appraisal dispute and our claim was not approved. Recently, we inquired in -/-/- to remove the PMI given our home has appreciated. We were sent a letter with the same options. We decided once again to pay for the appraisal. The reported value showed we are now under the 80 % loan to value and can remove the PMI. Two weeks later, we received a letter stating we can not remove the PMI since the LTV must be 75 % or lower. This requirement was never disclosed in writing nor communicated to us during the process. Furthermore, had this been disclosed, we would not have proceeded with the 2nd appraisal. We are very frustrated with WF and feel utterly helpless. We believe they are dishonest, breach of contract, failure to disclose, and poor customer service.