A few years ago I was heavily solicited by a Wells Fargo mortgage consultant, XXXX XXXX, to refinance a rental property I own in XXXX. I explained to her on several occasions that I had no interest due to the changes in mortgage insurance ( 1.2 to 1.55 % for the life of the loan vs XXXX until the loan reached XXXX loan to value ). She continued to aggressively pursue me stating that I can do a streamline FHA and not change my MI. Stating, " There are a lot of people who are n't familiar with this guideline since there is very few people fit the criteria. '' On multiple occasions I explained to her that I do n't like surprises and to fully disclose. She specifically told me that there were no gotchas and once I reached XXXX loan to value I could call Wells Fargo and drop the mortgage insurance. 

A couple months ago I reached out to Wells Fargo to drop the MI and they told me that when I refinanced my loan that the time period in which I would be required to keep mortgage insurance was extended by 5 years. Thus, costing me XXXX of dollars. I have been fighting with them for months and they are unwilling to help until I threatened to contact you, CFPB. 

Here is my complaint:1 ) Had they fully disclosed the timeframe in which I had to keep MI I would have been able to make more informed decision. Likely would have written a check to get the loan to XXXX to prevent this or forgo the loan entirely. 

2 ) My original loan was with Wells Fargo and my refinance was also with Wells Fargo and mortgages are a very complicated financial instrument. How can we allow firms like this to do predatory soliciting that is n't in the best interest of the consumer especially post 2008? The mortgage consultant had access to my old mortgage and knowingly convinced me to refinance even though it was n't in my best interest - thats should be fraud. 

I have email that I have kept regarding this conversation with the Wells Fargo 's, XXXX XXXX, if needed. 
