So we just got a letter and a refund of our excessive PMI from Wells Fargo Home Mortgage. The gist of it was that they neglected to include all of the PMI cancellation options when we asked. They provided a refund and interest of the excess PMI payments from the date they gave incorrect information until either the date that they provided the correct information (never) or the data that we were no longer required to carry PMI.
I wonder if they finally got hit with a class action for this particular scam or if they just had to issue refunds as part of a settlement for their other abuses. I guess I'm happy that we got the refund eventually, but I wish there was better enforcement of the consumer laws in general.
We received one as well. Crazy to think that this stemmed from almost 6 years ago when we tried to have PMI removed.
ReplyDeleteCongrats! Did you complain about your PMI as well, or did you just get a check? I think we compained to WFHM, the executives at WFHM, and some government oversight agencies. So I definitely had a request in. Curious how many others received a refund, and if they also complained in the past.
DeleteI complained and escalated, just like you did from the posts below. I called and asked for an accounting of check and a member of their executive team has to call me back because nobody knows how those numbers were calculated (or even that the check was generated and issued).
DeleteKnowing this line of business well, this move is cheaper than the alternative, which I can only assume was a risk identified at how Wells Fargo cheated customers out of PMI premiums for policies that, below 80% LTV, would never actually payout.
I got a letter for the same thing on March 15th, 2019! I originally inquired about dropping my PMI in the same time range as you, my home value was less than 80%, and they told me I would have to get a new appraisal. They didn't tell me that it would be free, and it looks like it might be illegal to charge for it, but I dropped the argument at the time, because I was not going to pay for a new appraisal. I got a check for $761.14, for a PMI refund, and a letter stating the same you thing posted up there. I think the all Congressional oversight and asset capping has forced them to review all their old records, but I imagine the refunds are only for instances they have a written record of the inquiry. I had an old letter that WF sent regarding the original inquiry, that I literally just tossed a few months ago.
ReplyDeleteWow. I was the same way. I just cleaned out my digital files a few months ago and told myself to let it go. It must have beena condition as part of a settlement for one of the many wrongs Wells Fargo has been busted for. I only wish that there were penalties that go to the consumers stacked on top of the refunds. Ibet it was only for the written complaints also. Why would they go out of there way to do the right thing now?
DeletePerhaps they were scared of blowback from their poor review in Congress? https://www.wsj.com/articles/wells-fargo-ceo-faces-aggressive-questions-from-congress-11552408186 I assure you its not guilt, they have only changed policies due to oversight, and even public outrage didn't stop the problems. Every day there was a new scandal. I started banking with them because they bought my bank, Wachovia. Then they upped all minimum balances across the board, and started charging fees for everything.
DeleteHah! I received my check from WFHM today, and the first thing I thought of was this blog. I originally found your blog way back in 2012, got my PMI removed in early 2013 after countless phone calls, letters, and complaints (I left a comment here about it too!). 6 years later this check shows up!!! Clearly someone lit a fire under their butts!
ReplyDeleteI fought and fought to have our PMI removed after numerous requests and contacting the BBB, WellsFargo finally removed the PMI as I had specific letters and dates from various employees of WF, but they held firm that they were still not incorrect, but doing it out of customer interest (yeah right). Years later 2019, I received a $3000 dollar refund check for over paid PMI and accrued interest. Guess I was correct after all!
ReplyDelete