Consumer complaint received 2023-07-24
Company: LoanCare, LLC
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I am writing to formally complain and claim about the denial of my request for the removal of Private Mortgage Insurance ( PMI ) on my mortgage account with LOANCARE As a responsible borrower, I have diligently met all the necessary criteria for PMI removal, as outlined in the Homeowners Protection Act ( HPA ) and the terms of my mortgage agreement. Despite this, I was informed on XX/XX/XXXX  that my request for PMI removal has been denied AGAIN after 6 years in a row demanding this removal on the grounds of late payment last 6 months and XXXX 80 % due to XXXX stop payment this company raised mortgage payment and loan without notice, agreement or any legal reason to do so.. 

However, I strongly believe that this denial is unjustified for the following reasons : Meeting Loan-to-Value ( XXXX ) Requirement : According to the terms of my mortgage agreement and the HPA guidelines, I am eligible to have PMI removed once my loan-to-value ( XXXX ) ratio reaches 80 % or less XXXX As of XX/XX/, my XXXX ratio is LOWERS 70 %, which satisfies the requirement for PMI removal. 

Timely Payment History : I have consistently made on-time mortgage payments for. My timely payments have contributed significantly to the reduction of my outstanding principal balance and subsequently, my XXXX ratio. 

No History of Default : There is no history of default, or any other significant negative events related to my mortgage account. I have demonstrated financial responsibility and commitment to fulfilling my obligations as a borrower. 

Home Value Appreciation : The value of my property has appreciated considerably since I obtained the mortgage. This appreciation, coupled with my regular mortgage payments, has contributed to the reduction in my XXXX ratio. 

Given these reasons, I am confident that I have met all the criteria necessary for PMI removal, and I request that LOANCARE reconsiders its decision and promptly removes the PMI from my mortgage payments. 

In accordance with the HPA, I expect a written response to this complaint within 30 days from the date of receipt of this letter. Your response should provide a detailed explanation for the initial denial and the steps taken to rectify this situation. Additionally, I expect a clear timeline for the PMI removal and the subsequent adjustment of my mortgage payments. 

Please direct all communication related to this complaint to the address provided. I am prepared to provide any additional documentation or information necessary to support my claim for PMI removal. 

Failure to address this complaint in a timely and satisfactory manner may prompt me to seek appropriate legal recourse and report this matter to the relevant regulatory authorities. 

Thank you for your immediate attention to this matter. I trust that you will uphold your commitment to fair and responsible lending practices by resolving this issue promptly. 

Sincerely,

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation