I purchased a home XX/XX/XXXX. Leading up to the process XX/XX/XXXX I talked to a few lenders. I work in XXXX and am very familiar with the mortgage/home buying process. I was interested in a conventional XXXX fixed mortgage for which I would make a 5 % down payment. I selected Wells Fargo. 
Because of my down payment amount, I knew I would be subject to private mortgage insurance ( PMI ). I was always told by the mortgage banker at Wells Fargo that after XXXX years I would be able to eliminate mortgage insurance if I could show that I had at least 20 % equity ( Loan-to-value ratio of 80 % or lower ). 
XXXX years elapsed and I went to get an appraisal. Wells Fargo then notified me that I would need to have 25 % XXXX. When I asked why it was not 20 % as had been told to me before and during loan closing, they said that it had changed to 25 % because of the pool of mortgage backed securities the loan was sold to. 
Of course I then called Wells Fargo to ask what was stated regarding PMI in my loan agreement. They said that the ability to eliminate PMI based on increased market value was not in writing, since it could change post-closing. I think it was inappropriate that this fact was not disclosed to me at any point during the mortgage process. 
While I understand that as part of the mortgage process I consented to the resale of my loan post closing, I think it is inappropriate that I was negatively affected economically because of the party that Wells Fargo had decided to sell my loan to. My mortgage insurance was {$250.00} per month and I was always told that if market values increased I would be able to get the PMI removed after 24 months and having reached 20 % equity. If the fact that it could change without my consent had been disclosed I would have sought a lender that would have maintained the requirement of 20 % equity for early PMI removal. I spoke to my XXXX and he had never heard of the 20 % equity requirement changing to 25 % equity post closing of the loan. 
My loan balance when I got the appraisal was approximately {$300000.00} and the appraised value was {$410000.00} XXXX I had 24.6 % equity ). I was required to make a paydown of {$1800.00} on my loan. While I was able to remove PMI with a paydown I could afford - I know this might be happening to other Wells Fargo clients and I think they should receive compensation if a loan resale decision affects them economically. 
