Wells Fargo Is Denying “Making Home Affordable“ Applicants

Based on the questionnaire on Making Home Affordable - Home Affordable Refinance I am eligible for refinancing, however Wells Fargo has rejected my request to refinance; they said they did so because I am paying PMI. They said they have added additional eligibility requirements (on top of government requirements) which does not make sense at all because apparently this program was designed for those people who cannot refinance because they do not have 20 % (or more) equity in their homes. By creating conditions like this effectively Wells Fargo has eliminated millions of people from the program which originally were supposed to benefit from it. The funny thing is that afterwards someone from Wells Fargo contacted me and offered “regular” refinancing, which of course means paying several thousand dollars as closing costs! Unfortunately Wells Fargo has refused to make these additional requirements publicly known (their related web site does not mention anything regarding this at all; see https://www.wellsfargo.com/mortgage/.../stabilityplan)

I have a few questions and appreciate if someone could answer:
1- Is Wells Fargo allowed to add additional eligibility criteria such as this one?
2- Is there any where in the Government (related to this program) that I can complain about this?

I had the same experience, except the representative tried to tell me that the unwritten PMI policy was a Obama Admin's regulation to the program which is totally untrue. I emailed them a link proving this and have heard nothing back as of yet.
Maybe since Wells Fargo is attempting to give the TARP funds back to the gov't, they are stalling this program because they won't need to paticipate if they take no gov't money......I don't know, just a theory.

OK Folks You have been mis informed. Wells Fargo will be offering the HARP prorgam to borrowers who have pmi. It is just not available yet. The program is being rolled out in phases. The easiest to roll out would be the loans that do not have pmi. That's what is now available. Later will come loans with PMI. The reason I would guess is that if PMI is involved, there is one more party to the transaction (the PMI company) that needs to be brought into the loop to determine what the particular requirements will be . Also there are software programing requirements that need to be dealt with to originate these loans.

I don't think Wells Fargo is interested in refinancing these loans, as all they do is give their customers reasons why the loans can't be refinanced. Even if you meet all the govt and additional Wells Fargo requirements, they still try to refinance you through their regular loans where one is required to pay all the closing costs plus.
These companies through their greediness managed to drag down the US Economy as a whole, took the Tax Payers money, and yet are still unwilling to help the people of this country.

I am very impatiently waiting for my HARP refinance to go through. While we do not outright pay PMI, when we originally got our mortgage (not through Wells Fargo but later sold to them), we took a higher rate to avoid the PMI. Now we learn that it essentially is the same thing. I have been told by my Wells Fargo contact that they are rolling this out in phases and the systems have not yet been updated, etc. He has all my paperwork and has provided me with their good faith estimate, etc. so it seems to be a waiting game at this point to see if (and when) they actually roll it out.

The Wells Fargo guy has been extremely helpful and explained everything, so hopefully the company will roll this out before long. He thought it would be the first week in May which didn't happen so who knows how much longer.

Originally Posted by Unregistered OK Folks You have been mis informed. Wells Fargo will be offering the HARP prorgam to borrowers who have pmi. It is just not available yet. The program is being rolled out in phases. The easiest to roll out would be the loans that do not have pmi. That's what is now available. Later will come loans with PMI. The reason I would guess is that if PMI is involved, there is one more party to the transaction (the PMI company) that needs to be brought into the loop to determine what the particular requirements will be . Also there are software programing requirements that need to be dealt with to originate these loans.

NO NOT MISINFORMED, I have called Wells Fargo since March and have been denied to even apply for the program, they have gave me 5 different reasons, 1. they are not doing FHA loans, 2. That Ginnie Mae is not Participating 3. Wells itsself have chosen not to modify FHA 4. Ginnie Mae will not accept mine investor guidelines 5. they have put me on a forbearance plan so i dont need it ,
See today I finally got the answer, what it is is Wells will not look at you for a modification until you are ready almost to foreclosure, when your loan finally gets in front of loss mitigation, why would they want to do that, because if they put me on a plan catch me up, then when my information entered well it says my loan is good, taken care of, im on track or will be, so that means I am not in default or imm default, that is the answer, i have called an asked so many times they have red flagged me, so in other words the only way for modification is when they are gona foreclose and a loss person gets your loan to see of any last resort. That is a crock and I have and am going on TV, newspaper, freakn HLN anywhere I can to show what they are doing. So now i will fax my things to loss mitigation and i will be getting foreclosure papers while they are looking at it, well what they dont know is I have nothing else to lose and I tried and begged before it got to this point, I will stay until the sheriff kicks me out and oh well i cant help if i dont feel like cleaning up and my kids are messy and friends all over the house, my point is I have begged and tried and they would not look until i just waited on papers for foreclosure, and i just wanted to be looked at, why cant Obama make them look before default, if you work there previous post then you tell me, I am right if i accept forbearance or hud partial, then my loan is took care of and they say and make it no need, caz then my loan is still theirs, no mod., no need im caught up. now am I right yes i am, i can tell u the whole truth with hand bible.

Originally Posted by Unregistered I am very impatiently waiting for my HARP refinance to go through. While we do not outright pay PMI, when we originally got our mortgage (not through Wells Fargo but later sold to them), we took a higher rate to avoid the PMI. Now we learn that it essentially is the same thing. I have been told by my Wells Fargo contact that they are rolling this out in phases and the systems have not yet been updated, etc. He has all my paperwork and has provided me with their good faith estimate, etc. so it seems to be a waiting game at this point to see if (and when) they actually roll it out. The Wells Fargo guy has been extremely helpful and explained everything, so hopefully the company will roll this out before long. He thought it would be the first week in May which didn't happen so who knows how much longer.

Rolled out in the 1st of may>??? YEAH RIGHT! They told me the 1st of june!!

I just got off the phone with Bob, a mortgage consultant at Wells Fargo. I am current on my payments, and I took a higher interest rate of 6.5% in 2007 to avoid PMI (the PMI applied is lender paid PMI). Bob told me that Wells Fargo is not able to refinance or modify any loans with PMI - this seems to me to be an attempt to not modify my mortgage & keep the higher payment in effect. So it seems that Wells Fargo will not modify any mortgages, and you must be on the brink of foreclosure in order to get mortgage relief. I plan on closing my Wells account & refinance my mortgage in a couple of years after this mess is over. Wells Fargo YOU SUCK

I applied the Home Affordable Refinance program over 2 months ago with Wells Fargo. After submitting paperwork three times, having over a dozen phone calls and explaining every time that I was applying for the "Refinance" not the "Modification", I was finally told I was in the "wrong system". After talking with the "right" people, I was told that since I had Lender paid PMI that I was not eligible per the Obama plan requirements. When I explained to them, that that was not the case, the rep said it was that their software needed to be updated to handle the new requirements. I don't even know who to complain to. I can refinance through QuickenLoans and others, but have to end up paying PMI, which makes my total payment around the same as what I have now. However, if Wells Fargo doesn't come though, I may refinance anyway and keep the same payment, just to get away from them. I don't even know who to complain to on this. Is there a government agency that will listen?

Originally Posted by Unregistered I just got off the phone with Bob, a mortgage consultant at Wells Fargo. I am current on my payments, and I took a higher interest rate of 6.5% in 2007 to avoid PMI (the PMI applied is lender paid PMI). Bob told me that Wells Fargo is not able to refinance or modify any loans with PMI - this seems to me to be an attempt to not modify my mortgage & keep the higher payment in effect. So it seems that Wells Fargo will not modify any mortgages, and you must be on the brink of foreclosure in order to get mortgage relief. I plan on closing my Wells account & refinance my mortgage in a couple of years after this mess is over. Wells Fargo YOU SUCK

I had a very similar experience with a WF rep named Adam today. He told me that it states in the actual government bill that you cannot qualify for the MHA refinance plan if you currently have PMI on your loan. He further stated that the plan is meant to help people who only owed 80% of the value of their home. What!!!???? Then why offer a program that goes to 105% LTV? Last month I was told that the systems were not in place to handle loans with PMI and just wait. Who in the government will take care of making WF do the right thing and why is WF getting away with this lying?