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Original review updated by user Oct 21, 2020

I had a FHA loan with them and was paying Mortgage Insurance Premium for years. I finally reached the criteria to have it removed, it was 78% LTV and 5 years of payments and no late payments.

However, I wasn't monitoring when I would reach that cutoff. I called one day to inquiry about rates for a re-fi, and happened to ask about the MIP. Turns out I qualified to have it removed, and they removed it. But I found out I qualified to have it removed about 2 years earlier.

They apparently sent me a letter stating I would have to request them to stop automatically charging me the extra ~$150 dollars a month. I have been paperless with them for years, and also had automatic payments setup. I didn't see this letter. But my complaint is why do they need to ask my permission to stop paying extra??

I called them multiple times, and even called HUD as they own the loan for an FHA. HUD said all Wells had to do was change the date when I met my requirement and HUD would refund my money. The money isn't even Wells. But after getting a lawyer involved, and having someone from Corporate involved, they still wouldn't budge on the fact that I didn't respond sooner asking for them to stop charging me extra.

I estimate I paid over $2600 of extra insurance. A representative from Corporate called me and said Wells can't change the date they requested it, with no good explanation as to why they can't change it. That does not align with the information I received from two HUD representatives. Even the Wells representative couldn't find in the original loan paperwork where it says I would have to request MIP payment to be stopped.

And even if it's there, how is that fair? I just know I had to reach about 80% LTV, and didn't realize the 5 years. But I met it unwillingly, and Wells kept charging me.

Just because I didn't see a letter they sent me that said they need my permission to stop charging me extra for insurance.

I have been a customer since 1997 when they were Wachovia. I'm done with them, pulling all my accounts (car loan, mortgage, checking and saving).

User's recommendation: Get your loan elsewhere.

Product or Service Mentioned: Wells Fargo Home Loan.

Monetary Loss: $2600.

Preferred solution: Full refund.

Wells Fargo Pros: Easy transfer between account, Easy bill pay.

Wells Fargo Cons: Unfair business practice, Delayed response time.

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